An innovative leader with expertise in management, financing, mergers, restructuring, and capital formation.
- Leading authority in capital growth and asset restructuring of large-scale, domestic and international ventures; current and former clients include leading integrated healthcare systems, real estate investment firms, and major commercial and residential property development projects.
- Pioneer in health system financial management, with expertise in restructuring assets, procuring and developing revenue streams and profit growth, and integrating multi-faceted mergers and acquisitions.
- Extensive background includes lengthy tenure as Chief Financial Officer of one of the largest health systems in the United States; designed practices resulting in the first ever investment-grade rating for a healthcare system in the challenging New York State market.
PROFESSIONAL EXPERIENCE
THE WERTHEIM GROUP LLC Healthcare consulting, financing, and capital formation.
PRESIDENT AND FOUNDER
- Business Challenge: To develop and implement efficient strategies to raise funds for healthcare clients, and others, for capital expansion, operations, and physician networks.
- Actions and Results:
o Successful restructuring and leveraging of non-core hospital real estate assets, including one project that generated over $750 million for client health system in emerging market.
o Designed strategies to underwrite debt through conduits and healthcare hedge funds, allowing one client to continue major capital improvement project, including office buildings valued at $250 million.
o Developed asset-recovery analysis resulting in identifying and documenting significant assets that were claimed and recovered by client in bankruptcy proceedings.
o Identified method utilizing a 501(3)(c) conduit, allowing a client to resolve existing debt covenant issues and proceed with construction of medical research campus.
o Current engagements include: refinancing of two major Puerto Rican hospitals under volatile market conditions unique to the island, and refinancing of portfolio of real estate assets in Brooklyn, NY for non- profit emerging from bankruptcy.
THE MOUNT SINAI HOSPITAL AND THE MOUNT SINAI SCHOOL OF MEDICINE NY, NY 1976-1998; 2001-2002 A tertiary care, academic medical center with 1,200 beds.
The Hospital, one of the largest in the United States, generated over $900 million in annual revenue. The School of Medicine generated $700 million in revenue, including the faculty practice. The School and Hospital merged with New York University Hospital and School of Medicine in 1998 but broke apart in 2001 after disputes arose between the schools of medicine.
SENIOR VICE PRESIDENT FOR NEW INITIATIVES (2001-2002)
- Business Challenge: To generate operating capital in order to support new programs including faculty and scientists’ salaries, at both the Hospital and School.
- Actions and Results: Identified and separated non-core assets which were successfully financed though taxable and tax-exempt programs totaling $189 million.
CHIEF FINANCIAL OFFICER (1988-1998)
- Business Challenge: Protect and improve the financial condition of the Hospital and School, enabling them to continue in their medical excellence, successfully compete, and expand in the future.
- Actions and Results: A leader in the negotiations and merger of two major New York City hospital centers. Negotiated favorable purchase terms of primary care hospital, Western Queens Community Hospital. o Developed and implemented a new financial planning system enabling the Hospital and School to accomplish a $650 million expansion program. Successfully negotiated the acquisition of two large physician groups and two major medical office buildings with room for expansion. Designed method providing the hospital access to funds at lower rates by forming an off-balance sheet leasing company to issue commercial paper. This initiative provided funding for new office buildings for physicians and administrative departments. Recruited and developed a skilled senior finance team that worked effectively as a partnership to serve the clients of the Finance Division, including the Board of Trustees, administration, and physicians.
MOUNT SINAI NEW YORK UNIVERSITY HEALTH New York, NY 1998-2001 One of the largest academic health systems in the United States. The system included: The Mount Sinai Hospital, NYU
Hospitals Center, Hospital for Joint Diseases, NYU Downtown Hospital and Mount Sinai Hospital of Queens, totaling 2,200 beds, 97,000 discharges annually. It had both primary and tertiary care that generated $1.6 billion in annual revenue.
CHIEF FINANCIAL OFFICER
- Business Challenge: To establish and lead a consolidated finance service center in support of all the system needs and goals. To execute the most effective financial transactions that could fund capital expansion and refinance existing debt.
- Actions and Results: Formed a new system-wide finance department, merging all 5 hospitals and resulting in substantial yearly savings. Implemented uniform financial systems, financial planning, reporting and analysis methodologies. Received “A” rating of Mt. Sinai and NYU hospitals’ financial position by three rating agencies. As a result, first to obtain investment grade rating for a healthcare system in New York State, enabling the system to issue $1 billion in uninsured financing.
EDUCATION
LONG ISLAND UNIVERSITY AT C.W. POST, BROOKVILLE, NY, Bachelor of Science in Accounting
PROFESSIONAL AFFILIATIONS
- Past Board Member of Old Westbury College Foundation
- Past Chairman of the New York State Society of Public Accountants, Health Care Committee
- Board Member of HANYS Insurance Company, 1995-2002
- Board Member of Hospital Billing & Collection Services, 1998-2002