Financial Reporting Senior Manager
Resume:
MICHAEL L. MINNAUGH Hummelstown, PA *****
Email: *************@*****.***
SUMMARY:
A seasoned finance professional with a track record improving financial performance and leading accounting departments. Managed an operating budget of $161M Penn State Health and generated $47M in gross profit from implementing retail pricing strategies at Rite Aid. COMPETENCIES:
● Financial Reporting ● Fundraising ● Accounting
● Controllership ● Financial Planning & Analysis ● P&L Management
● Process Improvement ● Leadership ● Strategic Planning PROFESSIONAL EXPERIENCE:
Satuarius Strategic Consulting - Fractional CFO March 2023 – Present
● Streamlined client accounting processes, tax compliance, strategic planning and external reporting.
● Developed new financial analyses including 13 week cash flow forecast, projected P&L outlook, and KPI dashboards.
● Lead fundraising and exit planning strategies of multiple startups and private companies.
● Implemented new client ERPs including Infor Cloudsuite, Netsuite and Intacct.
● Strategic partner to all client company financial reporting, growth initiatives, and cash flow optimization.
● Lead financial due diligence and valuation of client companies.
● Client industries include, but are not limited to, healthcare, e-commerce, technology, manufacturing, SaaS and REIT.
CVS Health (April 2021-March 2024)
Senior Manager, Finance December 2021 – March 2024
● Generated $13 million annual savings through technology driven business improvements.
● Built out financial framework, governance, and deployment of venture SaaS products.
● Constructed the financial due diligence and models for all SaaS products and tech enabled ventures.
● Responsible for a 5-year cumulative, $900 million savings target for the Technology Driven Digitalization workstream.
● Managed a $4 billion Information Technology department budget.
● Lead the consolidated month end, quarter end, and year end close processes for the Information Technology department.
● FP&A lead and business partner to EVP and CIO.
● Mentored, set goals, and reviewed all work of a team of three. Senior Manager, Finance (Aetna) April 2021 – December 2021
● Managed and owned Aetna Commercial market Key Accounts P&L and budget of $20 billion.
● Spearheaded the development and implementation of new financial metrics for Aetna commercial segment salesforce teams, resulting in a 12% increase in productivity.
● Commercial Key Account FP&A lead for all actual, forecast, and strategic planning cycles.
● Primary financial business partner to the EVP of Aetna Key Accounts.
● Mentored, set goals, and reviewed all work of a team of three. PENN STATE HEALTH (June 2014-March 2021)
Head of FP&A June 2017 – March 2021
● Managed planning for a 1,400-bed health system with a $161M annual operating and $125 million capital budget.
● Primary FP&A liaison of all consolidated entities and service lines for the executive team.
● Orchestrated the entity wide budget, forecast, and strategic planning cycles.
● Lead the month end and year end consolidated close processes.
● Oversaw the preparation of the income statement, balance sheet, and statement of cash flows.
● Prepared M&A financial due diligence for two new, 100+ bed community hospitals and 10+ practice sites.
● Lead and onboarded all hospitals and practice sites M&A integrations.
● Financial liaison to third party financial audit firms during year end audit.
● Provided recommendations to senior leadership on financial and non-financial targets and goals.
● Prepared and reviewed financial reports for board of directors’ presentations.
● Directed finance staff in annual operating, capital, and utilization budget development.
● Finance business process owner during Infor Cloud Suite ERP implementation.
● Managed implementation of ERP Infor Cloud suite budgeting module, reporting, security hierarchy, and analytics.
● Mentored, set goals, and reviewed all work of a team of four. Senior Financial Analyst February 2016 – June 2017
● Assembled and prepared all fiscal year ending budget projections and forecasts.
● Prepared the month end and year end income statement, balance sheet and statement of cash flows.
● Developed new variance analysis reporting for enterprise CFO.
● Consolidated all entity budgets, forecasts, and actual financial statements for the executive team.
● Prepare and review financial reports for board of directors’ presentations.
● Perform financial review of all service line operating and capital budgets.
● Provided leadership with recommendations for the needs of all new and current employees based on budgeting and financial constraints.
Financial Analyst June 2014 – February 2016
● Aided in the discovery and potential collection of $2 million resulting from insurance payers not adhering to their contractual agreements.
● Provided strategic counsel to the Managed Care Officer for all payer contract negotiations.
● Managed all balance sheet reporting and consolidation.
● Developed and improved current and new financial reporting for the Director of Finance and Financial Liaisons.
● Created new financial KPIs for the departments of Pediatrics, Anesthesia, and Emergency Medicine.
● Streamlined current financial reporting processes for Patient Financial Services, Revenue Cycle Support, and Customer Service.
● Created new forecasting metrics to track and accelerate the collection of cash from third party payers. RITE AID CORPORATION – Financial Analyst April 2011 – June 2014
● Responsible for the generation of over $47 million in gross profit by evaluating retail pricing strategies and its effects on sales from managed health companies.
● Managed and owned a $14 billion Pharmacy department budget as the FP&A lead to the EVP of Pharmacy Services.
● Generated $5 million in gross profit and forecasted an annual gross profit of $6 million from modifications to the RX Savings Card.
● Spearheaded financial reporting modification with the Data Warehouse and Accounting departments on Compound drug reporting resulting in the discovery of $2.5 million in previously unreported annual gross profit.
● Developed Pharmacy budget targets for vendor income generated by the Brand and Generic buyers.
● Prepared monthly, quarterly, and annual actual versus budget and forecast analyses for Pharmacy executive leadership.
● Forecast and track all sales and gross profit generated from pharmaceutical sales and managed health companies.
● Work interdependently with the Finance department to prepare all Brand and Generic pharmaceutical budgets and financial statements.
EDUCATION PROFICIENT SKILLS
● Pennsylvania State University ● Microsoft Suite ● Netsuite
● Master of Business Administration ● SAP/S4 HANA ● Quickbooks
● Bachelor of Science in Management ● Hyperion/Essbase ● Lawson/Infor
● Bachelor of Science in Finance ● Tableau ● Sage Intacct
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