Chief Financial Officer
Senior executive with 17 years of leadership experience
PROFILE
· Proven ability to attract capital, closing 11 major financing deals of over $10 million each, totaling $219 million; includes public equity offerings, private equity, convertible and subordinated debt, lines of credit and term bank facilities.
· Supervised all accounting and treasury functions including public reporting, audit, tax, general ledger, cost accounting, budgeting and mergers and acquisitions. During 11-year term with public company (nyse/hii) displayed integrity evidenced by no material adjustments or significant SEC comments on any external reporting.
· Partner with other senior management focused on business needs. Examples include developing real-time management reporting, improving field documentation and billing which resulted in $22 million of additional revenues, and implementing inventory and scheduling systems that reduced equipment service costs over 20%.
· Outstanding communicator with successful track record in attracting analyst interest and building relations with the street. Managed road shows, quarterly investor conferences, and daily interaction with analysts. Realized 16% compound annual return for investors over tenure with public company, over 300% return in final two years.
EXPERIENCE
U.S. HealthWorks, Inc., Atlanta Georgia - $220 million occupational health provider delivering services through chain of nationwide sites with locations in 21 states.
Executive Vice President of Business Operations 2002 - Present
Chief Financial Officer 1999 - 2002
Retained together with new CEO to initiate turn around efforts, resulting in 520% increase in EBITDA in first fiscal year, 38% in year two and 15% in year three, while growing revenues from $80 million to $210 million during tenure. Created equity value, positioning the Company to complete a $45 million equity transaction and close an acquisition in April 2001 which doubled the Company’s revenue base and number of clinics. Directed the successful integration of all financial and administrative aspects of acquisition, meeting or exceeding original cost, timing and strategic value projections. As EVP of Business Operations focused on operational aspects of business services and drove same store revenue per visit improvements of 10.1%, or $22.4 million, through operational initiatives in areas of staffing, physician direction, process flow, systems design and clinical operations in first year in this position.
Ron Clark Page 2
U.S. HealthWorks, Inc., continued
· Raised $55 million of equity capital and $42 million of new debt from existing and new sources during tight capital market
· Completed acquisition of HealthSouth occupational medicine division that included 105 clinics and over $110 million in annual net revenue
· Designed information reporting which provided mission critical data to field operations and executive personnel resulting in better understanding of margin drivers, with clinic margins increasing from 23% to 30% from 1999 to 2003
· Directed completion of past due audits and tax returns outstanding from 1997 and 1998
· Demonstrated leadership by attracting and retaining key senior personnel from prior organizations creating an experienced, cohesive and deep management team
· Realized improvements through Business Operations including a 10% increase in revenue per visit, improved compliance and standardization of operational practices
· Developed strategic plan combining operational, financial and business services objectives in a single document used by Board and management to guide company through difficult economic period
Healthfield, Inc, Atlanta Georgia - $80 million home health organization with professional services, equipment distribution, transportation and facility-based business units
Chief Financial Officer 1997- 1999
Responsible for all accounting, finance and billing services for the organization. Worked with CEO and COO in lobbying efforts to fight reimbursement component of the BBA of 1997.
· Worked closely with cost report consultants to prepare Medicare schedules
· Secured financing that provided funding to make $18 million strategic acquisition in very difficult business and capital environments
· Successfully presented to key congressmen on BBA of 97 payment issues, helping convince many in Washington that the BBA of 97 needed reform
· Financed and installed new integrated information technology system that linked intake, scheduling, billing and financial functions previously unsynchronized
Financial Consultant - Provided consulting services to acquirer of former company
Acquisition Litigation Expert 1997
Retained by HealthSouth as a consultant to facilitate the merger of Health Images including financial, operational and human resource conversions of systems and processes. Later represented HealthSouth in arbitration proceeding inherited from Health Images related to acquired operations. Lead business resource working with five-person legal team, including the managing partner of Paul, Hastings, Janofsky and Walker, pursing this arbitration action.
Ron Clark Page 3
Health Images, Inc., Atlanta, Georgia (NYSE/HII) - $130 million owner-operator of diagnostic imaging facilities which also manufactured and serviced proprietary line of equipment
Chief Financial Officer 1994 to 1997
Controller 1990 to 1994
Engineering Divisional Controller 1986 to 1990
Worked with CEO to drive significant returns to investors, including the successful negotiation of a merger agreement with HealthSouth Corp. (NYSE/HRC) that provided a $210 million liquidity event for Health Images’ shareholders. Responsibilities include general ledger and cost accounting, management information systems, medical billing, partnership accounting, equipment sales and service accounts receivable, and purchasing. Financial leader in the successful acquisition of MedAlliance, Inc. (NASDAQ/MDAL) in April of 1995, which increased Health Images’ revenue base by 70% and patient volumes by 130%.
· Prepared all SEC financial reports for 10Q, 10K, 8K filings and related MD&A text timely without significant comments or restatements
· Successfully completed two public equity offerings raising $42,000,000
· Finalized debt placements and major bank facilities for acquisitions and liability restructuring totaling over $60 million
· Directly communicated with Wall Street through financial analysts conferences, equity road shows, and routine shareholder relations
· Consistently met or exceeded street estimates for earnings, resulting in lucrative sale of Company in 1997. Shareholder returns were 16% over life of company, and over 300% from 1995 to 1997.
· Experienced in successful acquisitions from buyer and seller perspective in private and public transactions, including highly accretive acquisition of public competitor (NASD/MDAL ) in 1995.
· Efficiently and effectively managed complex financial, operational and information systems encompassing medical billing, manufacturing and equipment servicing units
· Reengineered accounting, inventory, and service scheduling systems, resulting in service expense savings of 20%. Total service costs were 60% lower than outside vendor fees, reducing breakeven points by 2 – 3 patients per day for each the company’s clinics.
EDUCATION
Kennesaw State University, Marietta, Georgia
B.S. in Accounting, 1989
Masters of Business Administration, Coles College of Business, 1997
· Self-financed education, completing all coursework while working full-time |
