Management Human Resources
Resume:
BRUCE C. HAYDEN, CPA, CIA
Leesburg, VA 20176
SUMMARY EMPLOYMENT EXPERIENCE
**** ** *******: Various Health Care, IT industries, Aviation Services
(Home Health,, Home Infusion, Healthcare Staffing, Anatomic
Pathology, Clinical Diagnostics, Pharmaceutical Software Applications
and Technical Consulting, IT Hardware / Software, Urgent Care, Airline
Services) in an Executive Management capacity; primarily responsible
for development, implementation, and success of strategic and tactical
financial and operational initiatives. Direct functional oversight
includes:
Accounting & finance ( Private Equity; Board of Directors
Managed care contracting ( Shared services /back office
Merger & acquisition / divestiture ( Internal controls / Sarbanes-
Oxley
Cash management / treasury ( Internal audit
Policy & procedure functions ( New product development
Organization infrastructure ( SEC / financial reporting
Investor relations ( Board of directors planning
Information systems ( Contractual negotiations
HR, Purchasing, Legal, Facilities ( Medical reimbursement
Significant areas of focus include:
earnings performance / shareholder value
negotiation and due diligence of acquisitions
strategic planning, budgeting models and performance analysis
legal and reimbursement organizational structure; regulatory structure
managed care and other third-party management contracts
initiation and negotiation of all major equity and debt financings
troubled / turnaround situations
responsible for strategic direction, oversight and project management for
the review and implementation of management information systems
development of company-wide policies and procedures
Sarbanes Oxley 404 internal controls
SEC reporting
managed all third-party audits with public accounting firms and fiscal
intermediaries
internal audit focus on operational review of systems and processes with
emphasis towards automation and operating efficiencies
oversight of procurement and human recourses functions
development and responsibility for investor relations
1983 to 1991: Public accounting as Sr. Audit Manager. Responsible for
all audit engagements and interpretation / implementation of
professional standards. Provided auditing and accounting, management
consulting and tax related services to over 350 clients, both
privately and publicly held domestic and foreign operations. Other
services include IPO's, SEC reporting, business valuation, Medicare
regulations and client litigation support, mergers and acquisitions.
Audit clients included:
( home health agencies ( medical billing / finance (
rehab
IT firms ( physician practices ( wholesalers
financial institutions ( real state ( urgent care
( pharmaceutical ( manufacturers
SPECIFIC PRIVATE INDUSTRY EXPERIENCE (1992 - current)
Swissport USA, Inc. - EVP, CFO of North, Central and South America,
responsible for over $600mm in revenues. Swissport is a provider of
aviation services (ground handling, cargo, fueling, and maintenance)
on a worldwide basis. Improved EBIT from a net loss in 2007 to over
$22mm profit in 2009. Implemented monthly rolling forecasts, daily key
indicators reporting, and monthly KPI's for all countries. Closed
multi-million dollar finance and operating lease requirements to
compliment major capex budget. Eliminated audit adjustments (50+ in
2006) to none in 2007, 2008 and 2009. Standardized all policies and
procedures. Also managed IT department and completed entire
restructure and virtualization in 2009. (October 2007 - present)
Compensation:
Interim / Special Assignment CFO positions - out-of-state CFO
positions held with healthcare staffing, home infusion and urgent care
centers. Responsibilities include turnaround efforts, public filings,
fiscal budgeting and financial planning, private equity negotiations
and capital raise, staffing infrastructure, consolidated tax planning,
legal liaison, etc.; $40 - $200mm revenue base companies (July 2005 to
October 2007)
NextCare, Inc. 35+ locations, Urgent care provider based in
Arizona. (September 2005 - September 2006) Main goal was to
acquire equity capital and seek refinancing of over $10mm in
debt; responsibilities included traditional CFO duties,
purchasing, IT, merger and acquisition, denovo planning and
modeling.
American Infusion New Jersey based Home Infusion provider
(October 2006 - July 2007) Recruited by Flexpoint Partners, a
private equity group based in Chicago. Goal was to use American
Infusion as a platform to roll-up home infusion provides on the
East Coast. One acquisition candidate was significantly larger
than American Infusion and a merger was executed. The larger
company retained management subsequent to the merger.
Xybernaut Corporation (NASDAQ:XYBR) - Sr. VP, CFO, hired effective
October, 2004. Xybernaut provides hardware and software solutions both
domestically and internationally related to mobile computing devices,
including wearable components. Responsibilities include traditional
CFO duties, IR, legal, human resources, management information
systems, facilities management, and Board of Directors planning /
coordination. Current major objectives included Sarbanes-Oxley 404
certification, 2005 budget and operating plan, 10K filing, company-
wide policies and procedures manual / implementation process,
consolidation of benefit plans among all US subsidiaries,
international tax planning, and IR roadshow / conference
participation. During my first month at Xybernaut, I was responsible
for an $8.5mm private investment (PIPE) in December, 2004 and the
related S-3 filing. The Company has historically experienced
significant losses, and I was hired to assist in significant
turnaround efforts. (October 2004 to July 2005)
Galt Associates, Inc. - Sr. VP, CFO, hired effective December 2001.
Galt Associates provides IT product and technical consulting services
related to drug safety / drug profiling / risk management and has
contractual relationships with 24 of the top 25 Pharma companies, both
domestic and international. The Company is privately held and
completed its initial series "A" equity investment. Currently
responsible for all finance and accounting, US and international M&A
activity, management information systems, legal, facilities
management, human resources and quality assurance functions. During my
three-year tenure revenues have increased 90%, while the Company has
turned profitable. Implemented perpetual contract pricing model with
full validation of Vendor Specific Objective Evidence (VSOE) related
to GAAP SOP 97-2, Accounting for Software Revenues Recognition.
Primarily responsible for all major contractual negotiations with
major US and International clients. Closed $2.5mm line-of-credit with
Silicon Valley Bank. Implemented monthly operations review process as
a pre-cursor to final month-end financial statement closing process.
Responsible for the implementation of complex accounting system (Great
Plains) to allow for multi-level analysis of revenues / costs by
department, product-line, specific-project, and client analysis, in
addition to reporting systems and internal controls. Implemented
company-wide policies and procedures and human resource policies /
manual. Responsible for bi-monthly Board of Directors meeting
materials (financial and operations performance). (December 2001 to
September, 2004)
UroCor, Inc. (NASDAQ:UCOR) - Sr. VP, CFO, Secretary and Treasurer with
five direct functional reports and approximately135 indirect. Major
focus included investor relations, operational infrastructure and
performance metrics analysis, earnings performance and accelerated
cash collections, as the Company previously experienced significant
bad debt problems. In two years collections increased for all aging
categories up to 60%, while increasing in the aggregate over 50%.
DSO's were reduced from 160 to 75 days, second lowest in the entire
laboratory industry. Negotiated managed care contracts for over 300
payer sources. Prepared financial and operations performance summaries
for Board of Directors meetings. Positive earnings trends achieved
over last six quarters; stock price increase of 350%. Additional
responsibilities included investor relations, completed ongoing "road
show" presentations at major industry conferences such as CSFB, UBS
Warburg, Roth Capital Partners, US Bancorp Piper Jaffray, in addition
to over 500 "one-on-one" meetings with current or potential investors
in key investor markets such as New York, Boston, Houston, Dallas, San
Francisco, San Diego, etc. Worked with IR firms / maintained analysts
relationships in addition to completing an Internet IR site. Initiated
the Company's stock repurchase plan, effecting the purchase of 1.7mm
shares in the open market, at an average weighted price of $4.50;
final merger price was in excess of $17.50. Directed the due
diligence and selection process for new core applications programs in
addition to oversight of the implementation and conversion process.
Established flexible budgeting process and monthly operating reviews
with all management functions. Increased gross margins by over 30%
through price increases and cost management; also increased average
revenue per client and on a specimen basis over 70% through pricing
and client retention objectives. Responsible for the settlement of
outstanding governmental litigation, which existed prior to my
employment at Urocor. Selected investment banker (US Bancorp Piper
Jaffray) and primarily responsible for the negotiations and merger
transaction between Urocor and Dianon, which culminated in November
2001 at a total value of $200mm. The transaction represented the
highest valuation ever within the laboratory industry (more than 2x
higher than any industry transaction). (April 1999 - November 2001
Medshares, Inc. - CFO, EVP Financial Operations with eight direct
functional reports, over 75 indirect. During 5+ year tenure, the
Company grew from $40mm to over $300mm, and was the largest private,
4th overall in the homecare industry (over 200 locations nationwide).
Initiated management contract concept in 1994, which exceeded $15mm in
first year revenues and 40% gross margin. Identified prospects, made
contacts, negotiated and closed $25mm debt financing with DVI, Inc.
(November, 1997), and $34 / $55mm with NCFE (April / October, 1998).
Developed private placement memorandum and presented equity
opportunity to several institutional and private investors. Financings
were critical to the turnaround of the Company (1994 - 1999, excluding
1996
Columbia / HCA (NYSE:COL) - CFO of Columbia Homecare Group, second
largest homecare provider nationally ($1.5 billion revenues).
Responsible for developing and implementing strategic initiatives to
over 550 provider locations nationwide. Developed "best practices"
financial and operational tools and designed communication /
implementation process through 35 division CFO's. Responsible for
financial approval of all development, merger and acquisition
activity, accumulating over $80mm in transactions. Began divestiture
process of entire division due Company decision to exit the homecare
business (1996)
First American Homecare - Chief Internal Audit Director, largest
privately held and 2nd overall in the homecare industry ($400mm+
revenues). Directly responsible for entire company reorganization /
cost reduction project in anticipation of prospective payment system.
Consolidated, automated, and eliminated certain functions which
resulted in $66mm or 17% reduction of average cost per visit. (1992 -
1994)
SPECIFIC PUBLIC ACCOUNTING EXPERIENCE (1983 - 1992)
BDO Seidman - Audit manager, primarily focused on financial
institutions and healthcare providers. IPO / SEC experience with
financial institutions and securities brokers. Responsible for
quarterly and annual review / writing of SEC documents (10K, 10Q, S-1,
etc.) of publicly held clients.
Adams & Yarbrough - Predecessor firm to the Virginia operations of BDO
Seidman. Former E&Y partners started local firm in Richmond, Va. and
subsequently merged. Similar audit client experience as above, in
addition to several other industries.
EDUCATION
BS Business Administration / Accounting, East Carolina University.
Over 1,200 hours of continuing education.
CERTIFICATIONS
Certified Public Accountant; Certified Internal Auditor
MEMBERSHIPS AND BOARD POSITIONS
American Institute of Certified Public Accountants; VA Society of CPA
Institute of Internal Auditors
Healthcare Financial Management Association; Health Care Compliance
Association
Board of Directors, Swissport Holding, Inc.
Board of Directors, Hallmark Aviation
Board of Directors, New Age Security Services, Inc.
Board of Directors, Oklahoma Workforce Development Committee
Board of Directors, Prostate Services of America
Board of Directors, J.D. McCarty Center
Contact this candidate