Cfo / Corporate Compliance Officer
Community Memorial Hospital And Redfield Clinic
* Reduced A/R days from 78 to 55 days, while cutting self pay balances more than in half, and reducing total A/R by 34%.* Balanced GL balance sheet accounts to individual applications, resolved a $66,000 long standing error, and established procedures for balancing GL accounts on a regular schedule.* Increased cash from $525,000 to over $2,400,000. Segregated restricted funds into individual accounts for accountability and tracking.* From the increased cash, I paid the hospitals $950,000 dormant balance on our line of credit, and paid all A/P accounts current.* Produced the hospital’s first department level budget, working with all department leaders, and created individual department reports for better accountability.* Initiated the 340 B drug program, resulting in approximately $200,000 profit annually..* Corrected hospital financial statements by writing off $772,500 in A/R balances, representing bad debt accounts that had been left on the books for the last several years.* Completed a fixed asset inventory identifying assets no longer owned or in service, and removed $1,255,000 from our depreciation schedule.* Refinanced our $7,200,000 hospital bond, lowering interest obligation, eliminating future balloon payment.* Successfully improved cash flow, financial operations and procedures to have auditor’s note stating Hospital's viability and continued operation is questionable, removed from our audit.* Initiated our name change with the IRS to correct an error that had been a problem for over ten years.
