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Medical Accounting

Location:
Rockaway, New Jersey, United States
Posted:
November 12, 2018

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Resume:

Cy Hammond

Rockaway, NJ ***** 203-***-**** ac7oap@r.postjobfree.com

Senior Finance & Operations Executive

Growth Strategies / Corporate Finance / P&L / Performance Improvement / Risk / Biotech & Healthcare

Sales & Marketing / IT & Systems / Startup / SEC Compliance / M&A / Exit Strategy / Team Building

A broad business and leadership background with many accomplishments in the chemical, biotechnology, healthcare and consumer electronics industries. Strong experience in development of growth strategies, leading M&A, managing in highly-leveraged situations and delivering profits. A creative problem-solver, skilled in analysis, planning and performance improvement to build revenues and drive shareholder value. Can contribute by:

Formulating and executing strategic growth plans

Leading change to improve efficiency and profitability

Strengthening financial reporting and cost controls

Developing and executing profitable exit strategies.

Energetic, highly-analytical & hardworking. A strong leader who fosters individual performance by setting goals, challenging team members and recognizing personal achievement. BA degree in Accounting & Finance from Loyola University Maryland. Additional professional training includes Xerox Interpersonal Skills, GE Management Practices and the AMA President’s Course. Extensive European and Far East travel experience.

Selected Accomplishments

Sourced and negotiated $40M replacement line of credit. Cambridge Funding’s asset-based lender (ABL) was exiting that line of business. Working with the CEO and others, identified a replacement ABL source. With outside counsel, negotiated new $40M line, providing continuity and stability for growing medical funding business.

New cash flow projection model quickly builds portfolio to $5M. Cambridge found opportunity in funding numerous portfolios of “aged” medical receivables. Developed new model to predict future cash flows and establish profitable pricing structure. Back testing proved concept and portfolio grew from zero to $5M+ in assets in months.

Increased pre-settlement funding 600% in nine months. ABL funder was struggling to raise sufficient capital to support Cambridge’s borrowing needs. Negotiated new ABL funding deal that supported a 600% increase in pre-settlement funding. Ensured sharply increased company profits on the settlement of cases in the coming months.

Delivered 28% return on equity from sale of company portfolio. Pre-settlement funding was under legal and legislative pressure in many jurisdictions. Working with the CEO, identified a buyer for Cambridge’s entire pre-settlement portfolio. Final agreement netted 28% return for equity holders and a back-end distribution in four years.

Planned and executed several private placements to raise more than $138M. NCT monthly burn rate was unsustainable. Lack of Wall Street appetite for 2nd public offering, had leadership turn elsewhere for needed capital. Led preparation and filing of multiple SEC registration statements, leading to successful private placements.

Played key role in development and growth of startup NCT Group. At inception, company had scant systems, controls or processes. Took the lead in installing accounting systems, IT infrastructure, legal and IP functions along with HR and other structures. Structure was key as revenues grew from less than $1M to $12M+ in five years.

Career History

CFO & COO, Cambridge Medical Funding Group II LLC, 2012-Present. A specialty financial services firm providing insurance claim advances to medical providers. Developed growth strategies, designed innovative financial models and negotiated with lenders. Regulatory climate causing discontinuance.

CFO & VP Operations, Cambridge Management Group LLC, 2010-2011. Predecessor of Cambridge Medical Funding. Responsible for corporate finance, controls & reporting, IT, legal, risk management, HR and treasury. Planned and executed exit strategy. Principal, Hammond Associates, an independent consulting firm, 2008-2010.

SVP, Chief Financial Officer & Director, NCT Group, 1990-2008. International manufacturer and marketer of hardware and software for the media, communications and technology markets. Reported to the Chairman/CEO with responsibility for all finance & accounting functions. CFO and Director for multiple NCT subsidiaries.

Earlier: Served as Treasurer, Director-Finance and Secretary for Alcolac, Inc., a specialty chemical manufacturer. Prior experience with W.R. Grace in a series of increasingly responsible positions in finance.



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