Human Resources Accounting

EDWARD J. NEWETT, JR., CPA, CGMA

**** ***** ***** *****, ******* Park, PA 15101

Phone 610-***-**** *******@*******.***

SENIOR FINANCIAL EXECUTIVE

Senior Financial Executive with corporate vision and a history of distinguished leadership and management as the CFO of several large Health Care Organizations in both the non-profit and for-profit sectors. Results oriented with broad experience in all aspects of financial management and administration. Core competencies include:

Team Leadership & Collaboration / Financial Accounting & Reporting / Treasury & Cash Management / Budget Preparation & Management/ Mergers & Acquisitions / Due Diligence/ Feasibility Studies / Strategic Planning & Implementation / / IT Systems / Investments & Financial Planning / Financial Modeling & Analysis / Restructuring & Valuation / Interpersonal Communication

PROFESSIONAL EXPERIENCE:

Vincentian Collaborative System, Pittsburgh, PA January 2011 – September 2017

Vincentian Collaborative System is a Faith Based Non-profit Healthcare Organization that is comprised of (2) Continuing Care Retirement Communities (3) Skilled Nursing Facilities; (2) Personal Care Homes; (64) Independent Living housing units; (2) Child Day Care facilities; a Rehab Services Company; a Charitable Foundation; and a Management Services Company.

VICE PRESIDENT AND CHIEF FINANCIAL OFFICER

Planned, directed, and coordinated all financial administration, general accounting, purchasing, business services, contracting, tax filings, treasury, and financial reporting.

Supervised and directed finance, accounting, business office, payroll, IT systems, purchasing, human resources, budgeting, and resident assessment departments’ managers.

Prepared and directed the organizations operating budget.

Negotiated contracts with professionals, managed care organizations, and insurance carriers.

Advised the President/CEO and the Board of Directors with respect to financial reporting, capital planning and financial growth.

Oversaw the preparation of financial statements, tax returns, and cost reports.

Managed internal audit activity and acted as primary contact with independent auditors.

Performed in-depth financial analysis and feasibility studies including pro forma, capital acquisition, and what-if scenarios of operational decisions.

SELECTED ACCOMPLISHMENTS:

Negotiated $56 Million Tax Free financing for bond debt retirement and new construction.

Successfully negotiated 3 Letters of Credit to secure financing for a $35 Million Bond Issue

Established $1 Million Line of Credit for operations.

Coordinated the installation of new accounting systems integrating General Ledger software with Electronic Health Records resulting in annual increased revenues in excess of $85,000 through efficiencies in billing and accounts receivable.

Implemented new admission policies and procedures which resulted in an estimated annual increase in revenues in excess of $1.5 million through better payer mix and census.

Developed new Community based staffing model for Skilled Nursing Facilities which resulted in increased resident satisfaction and a cost savings in excess of $850,000.

Was instrumental to the addition of a new 90 unit Independent living Community which upon completion is estimated to generate an additional $1.2 million in annual net revenues.

EDWARD J. NEWETT, JR., CPA, CGMA

Dialysis Corporation of America, Camp Hill, PA 2006 – 2010

Dialysis Corporation of America was a publicly traded corporation that specializes in providing Dialysis treatment services at 46 locations in 7 states in the USA.

SENIOR DIRECTOR OF REIMBURSEMENT & FINANCE

Directed and supervised finance, accounts payable, billings and collections, contracting, and IT systems managers, for 46 facilities.

Oversaw monthly close process, (billing, je postings, account reconciliations, and collections).

Negotiated contracts with professionals, managed care organizations, and insurance carriers.

Prepared and directed a $120 Million operating budget.

Performed treasury functions, cash management, investments, and financial planning.

Served on the Corporate Compliance Committee.

Insured compliance with Sarbanes Oxley and other regulatory requirements of the SEC.

Performed Due Diligence for Mergers & Acquisitions.

SELECTED ACCOMPLISHMENTS:

Established a contract management department and implemented procedures, including a computerized tickler system, to ensure that all contracts are reviewed annually and related fee schedules are updated resulting in an annual increase in revenues in excess of $1.6 million.

Coordinated the installation of a new computer system (HII/TIME) that integrates clinical services with billing and collections resulting in efficiencies in billing and AR.

Successfully appealed payment rate disputes and audit adjustments, resulting in savings in excess of $865,000.

Increased cash flow by reorganizing the Billing and Collection Departments which resulted in operational efficiencies including a decrease in Days of Service Outstanding (DSO) by 28%.

Was instrumental to the successful growth of the organization through Mergers and Acquisitions and the addition of new start up facilities which increased the number of Dialysis Facilities by 70% from 27 to 46 over a four year period.

Premier Health Care Resources (PHR), Plymouth Mtg., PA 1993 -2006

PHR is a management consulting company that provides full time management employees at client facilities. Through PHR I was assigned as the CFO at Fair Acres Geriatric Center which is comprised of 5 Skilled Nursing Facilities with a bed compliment of 908; 2 pharmacies; and a proprietary gift shop.

CHIEF FINANCIAL OFFICER

Planned, directed, and coordinated all financial administration, general accounting, purchasing, business services, contracting, tax filings, and financial reporting.

Supervised and directed finance, accounting, business office, payroll, IT systems, purchasing, human resources, and resident assessment departments’ managers.

Oversaw monthly close process, (billing, je postings, account reconciliations, and collections).

Prepared and directed an $81 million operating budget.

Negotiated contracts with professionals, managed care organizations, and insurance carriers.

Advised the Facility Administrator, County Executive Director, and County Council with respect to financial reporting, capital planning and financial growth.

Prepared financial statements and cost reports in accordance with GAAP.

Managed internal audit activity and was primary contact with independent auditors.

Performed in-depth financial analysis and feasibility studies including pro forma, capital acquisition, and what-if scenarios of operational decisions.

Implemented the facilities Corporate Compliance Program.

EDWARD J. NEWETT, JR., CPA, CGMA

SELECTED ACCOMPLISHMENTS:

Established in-house billing procedures for Ancillary services (i.e. Rehab Therapies, Enteral Feeding, Wound Care Program, and Glucose Testing) resulting in increased annual revenues in excess of $850,000.

Implemented new admission policies and procedures resulting in annual increased revenues in excess of $4 million.

Coordinated the consolidation of 2 Pharmacies to streamline operations and reduce expenses resulting in an annual savings in excess of $140,000.

Coordinated the installation of a new accounting system converting from an AS400 mainframe to a PC network using Compudata software which resulted in efficiencies in billing and AR.

Oversaw implementation of new payroll system for 1,200 employees using SAP software.

Developed and coordinated project to establish an in-house laundry operation. Recouped capital cost of $1.2 million within 3 years and total savings to date are in excess of $4.8 million.

Increased cash flow by more than $1.4 million by successfully appealing interim rates.

Developed and coordinated project to increase facility’s Case Mix Index which resulted in an annual increase in revenues in excess of $5 million.

Oversaw the installation and implementation of a computerized Care Tracking system throughout the facilities 29 nursing stations to ensure that residents Activities of Daily Living were accurately documented. The System cost of $300,000 was recaptured within the first year of operation and has resulted in estimated annual additional revenues in excess of $500,000.

Diversified Health Services (DHS), Plymouth Mtg., PA 1985 – 1993

DHS is a management consulting company providing full time management employees at client facilities. Through DHS I was assigned to the following facilities:

Cedarbrook Nursing Homes – 1986 – 1993 Consisted of 2 Skilled Nursing Facilities with 821 beds; two 8 bed personal care homes; a pharmacy; and a proprietary gift shop.

Camden County Health Services Center - 1985 – 1986

Consisted of a 500 bed psychiatric hospital; 122 bed skilled nursing facility; a 159 bed

Intermediate care nursing facility; and a 35 unit medical day care center.

CHIEF FINANCIAL OFFICER

Planned, directed and coordinated all financial administration, general accounting, purchasing, and patient business services.

Directed accounting, data processing, payroll, purchasing, and human resources departments’ managers.

Managed the Physician Practice for the Cedarbrook Nursing Facilities.

Prepared and directed operating budgets ranging from $26 million through $39 million.

Prepared financial statements and cost reports in accordance with GAAP.

Coordinated the project of installing new computer systems.

Advised the Administrator, County Executive Director, and the Board of Commissioners with respect to financial reporting, capital planning and financial growth.

SELECTED ACCOMPLISHMENTS:

Coordinated the consolidation of 2 nursing facilities to maximize allowable revenues under the PA Case Mix Payment system, increasing annual revenues by more than $2.5 million.

Represented the nursing homes before state and federal government agencies and successfully appealed audit adjustments, resulting in savings in excess of $1.5 million.

Increased cash flow by more than $1.6 million by successfully appealing interim rates.

Consolidated facility operations resulting in net savings of more than $1.2 million.

EDWARD J. NEWETT, JR., CPA, CGMA

Implemented and managed an in-house Physician Practice which resulted in improved patient care and an increase in annual revenues in excess of $400,000.

Performed comprehensive studies and analysis of operational problems and developed and

implemented corrective actions.

New Jersey State Dept. of Health / Div of Planning & Resources Dev., Trenton, NJ 1980 - 1985

ANALYST 1982 - 1985

Directed and performed detailed reviews and analysis of all financial elements and statistics used to establish payment rates for hospitals in New Jersey.

Acquired an in-depth knowledge of the New Jersey Diagnosis-Related Groups (DRG) Reimbursement System, including rate-setting techniques, procedural and methodological regulations, and appeal strategies.

Designed audit programs and coordinated audits of New Jersey hospitals.

Provided technical assistance to Hospital Rate Setting Analysts.

Represented the NJ State Dept. of Health before the Hospital Rate Setting Commission.

AUDITOR 1980 – 1982

Performed fiscal audits on Agencies, (Hospitals, Municipalities, Colleges, Clinics, etc.) that received State and/or Federal grants. Evaluated grantee’s accounting systems and internal controls.

Supervised audit team.

Conducted conferences with grantees and there legal representatives.

Provided technical assistance to grantees in the proper accounting, management, and fiscal

reporting that is necessary for State and Federal grant funds.

PROFESSIONAL LICENSE:

Certified Public Accountant – Commonwealth of Pennsylvania

EDUCATION:

Bachelor of Science in Commerce - Accounting Major, Rider University, Lawrenceville, NJ, 1980

PROFESSIONAL MEMBERSHIPS:

AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS

PENNSYLVANIA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS

Member of the Long Term Care Committee

Member of the Legislation Committee

Member of the Board of Trustees, PIC PAC

PENNSYLVANIA ASSOCIATION OF COUNTY AFFILIATED HOMES

Chairman of the Fiscal Management Committee

Member of the Executive Committee

MEDICAL ASSISTANCE ADVISORY COMMITTEE

Chairman of the Long Term Care Subcommittee

HEALTHCARE FINANCIAL MANAGEMENT ASSOCIATION

Member of the Long Term Care Reimbursement Committee

SPEAKING ENGAGEMENTS:

Frequent speaker at conferences for the Pennsylvania Association of County Affiliated Homes.

Provided training seminars at Corporation Annual meetings.

Served as Chairman for the PICPA Annual Health Care Conference.

Provided training seminars for Centers for Professional Education, Inc. (CPE, Inc.) that were accredited for continuing education for CPA’s and Attorneys.

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