Thomas Hannon
Executive Vice President and Chief Financial Officer
Long Grove, IL
Senior financial executive with over 25 years of progressive experience in healthcare services, distribution and manufacturing. Extensive accomplishments in all aspects of financial management including strategic planning, financial analysis, corporate development matters, accounting, treasury, SEC reporting, auditing and business planning and analysis. Results oriented with demonstrated ability to design, develop and effectively implement plans, systems and programs to improve operations and create a customer focus. Excellent problem solving, negotiation and communication skills with ability to formulate clear strategies and align key resources to deliver results. Effective in both large and small high growth operating environments.
Work Experience
Executive Vice President and Chief Financial Officer
2008 to 2010
Coral Springs, FL 2008-2010
A $25M, 200 employee healthcare services company focused on next generation chronic care management solutions. The products in the portfolio range from complex case management to wellness programs serving Medicare/Medicaid, large health insurance providers, third party administrators, and self insured employers.
Executive Vice President and Chief Financial Officer
Responsible for all financial operations including billing reimbursement (Medicare/Medicaid), customer analytical reporting and analysis, information technology, customer pricing and contracting, real estate management and legal functions.
• Developed and executed a plan to overhaul and consolidate company operations; integrated existing products and services to improve company profitability.
• Successfully took the company private in early 2009, refocusing the company on business operations and removing the financial burden of being a public company.
• In coordination with the CEO and clinical leadership team, developed the next generation of coordinated care solutions offering programs that integrate technology and data exchange resulting in all healthcare partners delivering quality and effective care by working together to lower health care costs.
• Successfully renegotiated the companys bank debt during a time of unprecedented economic conditions and a desire of banks to minimize risk.
• Along with the CEO, proactively managed the relationships with outside investors, potential investors, board members, investment bankers, commercial bankers, outside counsel and public accountants.
• Played a key role in board meetings and shareholder relations activities for the company including leadership for the audit committee meetings.
• Evaluated several strategic acquisitions and business combinations to align the companys current healthcare service offerings with technology solutions consistent with the companys long term strategic plan.
Chief Financial Officer
2006 to 2008
Buffalo Grove, IL and Caesarea, Israel 2006-2008
A global medical technology company that designs, develops, manufactures and markets non-invasive aesthetic laser treatment systems. The products in the portfolio feature multiple energy sources, including laser, intense pulsed light and radiofrequency, that can be used for a broad range of aesthetic applications. Alma markets its products in 64 countries and is gaining market share in the highly competitive high growth aesthetic medical device industry.
Chief Financial Officer
Leadership and management for finance, information technology and business development functions for worldwide operations.
• Directed the successful filing of the companys S-1 registration statement by navigating prior period accounting issues and special audit requirements related to company acquisitions.
• Led the design and implementation of new information technology system (SAP) with the goal of improved operational and financial reporting consistent with the overall preparation associated with being a public company.
• Along with the CEO, drove 40% revenue growth and maintained 30% EBITDA margins while adding significant expenses associated with preparation for the public offering.
• Hired the appropriate finance team and transitioned all of the corporate accounting and financial reporting to the US from Israel.
• Successfully transitioned the financial audit to the US Deloitte team to focus the company on a NASDAQ S-1 filing. In addition, hired SOX implementation consultants to support 404 compliance initiatives.
• Led the investment banker selection process with a balance of related industry knowledge, analyst coverage, knowledge of the company and strength of investment bank syndicate.
• Directed the audit process over a disputed royalty license agreement leading to saving the company over $2 million in current and future royalty payments.
Executive Vice President and Chief Financial Officer
2001 to 2006
Rosemont, IL 2001-2006
A leading provider of disease management, information technology and analytical services designed to improve the health, productivity and wellness of its participants while reducing their health care costs. From its proprietary IT systems platform, CorSolutions covered over 1.1 million lives with its broad service offering including 54 of the most prevalent chronic conditions. Founded in 1994, CorSoluitons has emerged as one of the largest independent providers of comprehensive health services, including disease management, health risk assessments, productivity management and wellness management. The companys major customers include large health plans, self insured employers, Medicare and Medicaid.
Executive Vice President and Chief Financial Officer
Full oversight of all finance and accounting functions for a 500 headcount corporation with processing and customer service centers in 4 locations. This includes leadership of customer pricing, customer analytical reporting and analysis, real estate management and legal contracting of customer agreements.
• Led the extensive auction process for the successful sale of CorSolutions to Matria Healthcare. The transaction resulted in a $445 million cash deal with a 12.3 EBITDA multiple and minimal closing contingencies.
• Established financial turnaround and restructuring strategies resulting in the Companys earnings performance moving from a $19 million operating loss in 2001 to $36.3 million of positive EBITDA in 2005. Revenue grew from $66 to $130 million during the same period.
• Partnering with the CEO and leadership team, designed pricing strategies, customer profitability models, operational models, contracting strategies and business restructuring plans to improve the profitability of the company.
• Renegotiated several of the companys significant business contracts resulting in strong profit margins and enhanced long term relationships with customers and vendors.
• Negotiated a significant increase in the companys bank credit facility from $16 million to $50 million with more favorable terms and a significant improvement in the quality of lenders in the facility.
• In early 2002, secured the final private equity financing for the company.
• Managed and developed relationships with outside constituents including investors, investors, board members, investment bankers, commercial bankers, outside counsel and public accountants. Responsible for board audit committee and shareholder relations.
• Initiated and provided leadership to the companys efforts for Sarbanes-Oxley 404 compliance.
• In alignment with the companys proprietary IT healthcare services platform, directed the selection and implementation of a new enterprise information technology platform for the company (Peoplesoft) which improved productivity and scalability for customer requirements and assisted with the 404 compliance efforts.
• With support from the leadership team, oversaw and developed the long-range strategic plans for the business. Coordinated the planning process throughout the company, gaining active participation of the key members of management.
• Recruited and developed a professional, aggressive, and adaptable finance team, continually upgraded financial talent, and restructured the organization to provide superior customer service to the companys leadership team and field personnel.
Controller
1998 to 2001
Oak Park, IL 1998-2001
A leading healthcare service provider of dialysis and blood treatment services with 80 locations and 6,600 patients in 13 states. Approximately 80% of the companys revenues are derived from Medicare and Medicaid. Company grew from $130 to $250 million in revenues during tenure. Company has SEC reporting requirements related to outstanding public debt.
Controller
Direct financial operations for the Dialysis Services Division generating 90% of total company revenues. Key member of the senior management team with regular interface to the Board of Directors, vendors, and physicians. Directed a staff of 40 professionals. Reported to CFO with a significant dotted line responsibility to COO.
• Participated in the requisite due diligence, financial analysis, and integration of 15 key acquisitions valued at more than $80 million.
• Evaluated and supported 10 new facility developments with $30 million of new revenue opportunity to further expand market share and profitability in existing markets.
• Prepared the company for an initial public equity offering by stabilizing earnings, cashflow, and business processes.
• Led and restructured billing reimbursement processes to standardize Medicare and Medicaid reimbursement processes leading to $15 million in cashflow improvement.
• Instituted accounting systems and restructured business support processes. Developed concise financial reporting to focus managers on implementing changes to areas with the most significant impact. Process resulted in expense reduction initiatives of more than $5 million.
• Established and implemented a short-term and long range planning process for the company which increased the consistency, credibility, and predictability of future earnings.
• Implemented operational/information technology support systems which are responsive to both company and industry challenges.
• Functioned as interim COO for 4 months while position was in transition.
• Served as key member of the negotiation, acquisition, and transition team for the successful sale of Everest to Fresenius Medical Care.
Director of Treasury Operations
1996 to 1998
Managed Treasury activities to ensure optimal position for Baxter in: worldwide cash flow forecasting, start up and ongoing management of Shared Services Center, banking services and pricing negotiations, monitoring bank financial strength, daily cash management operations, Puerto Rico investment and dividend strategy, and banking relationships. Reported to Corporate Treasurer.
• Designed, developed, and placed into operation a Shared Services Center for Baxter. This involved business case and project workplan development across multiple disciplines and resulted in a new culture, accountability, and team spirit among a group of 50 employees.
• Managed $500 million of investments held in Baxters Puerto Rican subsidiary. Participated on teams to develop tax and treasury strategy in Puerto Rico to maximize economic return during a time of significant legislative change.
• Led the area through a significant spin-off of more than half of Baxters US cash operations and the implementation of a new Treasury Management system for the company.
Director of Finance, US
1994 to 1996
Led the Finance function for a $1 billion business entity. Responsible for all traditional financial planning, forecasting, and reporting activities. Senior management team was charged to improve profitability, restructure contracts to maximize returns, implement a "disciplined management process", drive cash flow improvement, and enhance financial education and awareness among all region employees. Reported to Region President/GM.
• Led an effort to rationalize the financial, operational, and customer implications of consolidating facilities and inventory breadth. The effort resulted in the closure of two facilities and elimination of more than 1,000 redundant product codes providing the company with expense and inventory savings of $6.5 million.
• Successfully negotiated numerous customer and vendor contracts. Worked closely with the sales team to structure all financial elements of contracts to determine economic feasibility and ensure maximum profitability.
• Enhanced financial education/awareness of Account Management, Distribution Representatives, and operational teams through formal/informal training sessions focusing on profitable growth, cash flow, and account profitability/EVA(economic value added).
Manager of Accounting Services
1989 to 1994
Senior Financial Analyst
1988 to 1989
Managed a Corporate Accounting department that included financial reporting, consolidations, GAAP reporting, financial support for various functional areas, and coordination with SEC reporting. Coordinated the preparation of monthly corporate financial statements and month-end close process. Managed a staff of 10. Reported to Assistant Corporate Controller.
Senior Auditor
1985 to 1988
Supervised all phases of audit engagements culminating in the presentation of audited financial statements and internal control recommendations to client management. Industries audited included: manufacturing, insurance, healthcare, and financial services.
Education
BS in Accountancy
May 1985
June 1983 to 1984
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