SENIOR FINANCIAL EXECUTIVE
Hands on strategic business-oriented Financial Executive with 25+ years of experience in all key aspects of financial management. Results-oriented manager with excellent interpersonal skills and sound business and financial judgment. Accomplished in designing and implementing planning and budgeting processes, financial reporting controls and in-depth analysis of financial and business objectives. Effective in identifying cost management opportunities through technology and redesign of financial processes. Built high quality finance team in both large corporate setting and medium size company.
Areas of Specialty:
• Financial Reporting & Accounting Operations
• Analysis & Planning
• Budgeting & Cash Flow Optimization
• Treasury
• Investor Relations
• Cost Reduction Initiatives
• Financial Strategies
• Redesign of Accounting Processes
• Systems Implementations
• Capital Raising
Effectively presents to Board of Directors, regulatory groups, investors and rating agencies. Strong assessor of risk and opportunity.
TITLEDGE GROUP / TITLEDGE INSURANCE COMPANY OF NEW YORK 2004 - 2008
Chief Financial Officer
Chief Financial Officer of a large title insurance agency and underwriter located in Staten Island, New York. Corporate Treasurer of Titledge Insurance Company of New York, a title insurance company licensed in April 2007. Developed professional finance and accounting function from an accounting department with only rudimentary controls in a rapidly expanding business. Spearheaded effort to obtain an insurance license for the company and obtained investment grade financial rating for Titledge Insurance Company from Demotech and Lace Financial. Developed department level budgeting and real time financial forecasting for the company. Obtained $1.5 million term loan at low interest rate. Developed business valuation models used to recruit outside investors to the company.
SELECTED ACCOMPLISHMENTS
Implemented Microsoft Solomon accounting system and automated key processes: premium remittances, positive pay, bank reconciliations. Savings in terms of reduced labor between $50-$75,000 per year. Implementation of the accounting system allowed the company to increase the number of ventures and production arrangements, thereby substantially increasing company revenues.
Implemented controls over tax escrow payments on real estate closings, saving the company $100,000 - $150,000 per year.
Developed a costing model which allowed the company to develop more efficient pricing, increasing revenues by approximately $500,000 per year.
Recruited regional accounting firm and was able to reconstruct cash basis financials in order to obtain audited financial statements for the company. Developed accounting principles for the company to comply with GAAP and statutory accounting requirements.
Terminated existing copier leases and negotiated new deal for improved service and annual cost savings of $50-$75,000.
Reduced healthcare costs by 10% ($50,000) by redesigning benefits and passing along more costs to employees.
Established 401k for the company and obtained low cost long term disability and life insurance for all company employees.
Consolidated banking relationships for greater efficiency and improved controls.
HEALTH INSURANCE PLAN OF GREATER NEW YORK 1992 - 2004
Vice President and Corporate Controller 1998 - 2004
Vice President and Corporate Controller of a $3 billion HMO system in New York, with responsibility for all financial operations during a highly turbulent and competitive “turnaround” within the healthcare industry. Directed day-to-day financial operations, control systems, and all regulatory compliance reporting. Assisted Provider Contracting with a major strategy redirection, transforming company from an old line group model HMO to a mixed model delivery system. Achieved strong contributions to the company’s bottom line at a time of capital surplus strain.
Expanded responsibilities include Treasury, Leasing Analysis, and Acquisition Due Diligence. Managed a team of approximately 15 CPAs and MBAs with a staff totaling 140 people.
SELECTED ACCOMPLISHMENTS:
Organizational Leadership
Developed a detailed product line profitability reporting system, which was used as a tool to identify where marketing resources should be directed and which market segments should be exited, thereby maximizing profitability.
Developed budgeting and financial forecasting capability for the company.
Spearheaded the development of the company’s Medicare reconciliation unit, which collected over $128 Million in Medicare special status premiums from 1998 to 2004.
Re-engineered workflows in billing department for more timely billing and account reconciliation which significantly improved cash flows.
Assisted CFO with a $75 million private placement offering in 1997.
Regularly delivered financial presentations to rating agencies and regulators.
Improved the productivity and quality of the finance department and operations; professional staff promoted throughout the organization.
Controller 1997-1998
Associate Controller 1993-1996
Assistant Controller 1992-1993
Managing Rapid Change
Developed a market based professional capitation model which locked in a minimum profit margin. This was a significant step in allowing HIP to expand its physician network from 3,000 physicians in a center-based delivery system to 13,000 physicians in a mixed model. Assisted Provider Contracting in reducing medical and hospital costs by $65 million annually by shifting risk and overhead cost to providers.
Implemented provider capitation system to comply with provider payment methodologies, permitting provider payments based on premium groupings.
Led cost reduction initiatives, resulting in 10% reduction in management and union head count; instituted departmental spending targets.
Treasury and Financial Reporting and Controls
Enhanced controls over cash management by consolidating banking relationships, instituting controlled disbursement accounts and EDI with banks
Continually improved controls and efficiency of department through automation: electronic account reconciliation; capitation system; document imaging.
Upgraded systems; selected and implemented the Peoplesoft financial suite of products in 9 months. This significantly improved timeliness and quality of financial reporting.
Significantly improved the quality of Statutory and GAAP reporting. Revised financial reporting presentations to provide more meaningful information to the Board of HIP and affiliates.
CITICORP GLOBAL INSURANCE DIVISION, New York, NY 1987-1992
Vice President
Directed monthly management financial reporting for the Division, comprised of various core businesses and insurance start-ups, including: financial guaranty insurance, political risk and insurance brokerage. Other responsibilities included: review of major expenditure proposals for insurance acquisitions/start-ups; assistance in preparation of annual budgets and quarterly forecasts; regulatory reporting.
DELOITTE AND TOUCHE LLP, New York, NY 1984-1987
Manager
Supervisor in charge of annual audits and special projects for diversified clients which included property and casualty, life and health insurance companies and major retailers. Audit responsibilities included examination of accounting records and internal controls and financial report preparation; training and evaluating audit staff.
PROFESSIONAL STATUS
Certified Public Accountant, New York
EDUCATION
B.S. Accounting, Brooklyn College, 1979
The Wharton School Executive Education Program – “Creating Value through Financial Management” |
