PATRICK J. MCMAHON
Akron,Ohio
Summary
Strategic financial and business development executive with extensive experience in healthcare, manufacturing, and banking sectors. Founded a consulting firm delivering business and financial advisory services. Drives results by fostering a culture of integrity and collaboration, while empowering teams to prioritize customer-focused decision-making and performance.
Overview
1
1
Certification
53
53
years of professional experience
Work History
President & Chief Executive Officer
MCMAHON & ASSOCIATES, LLC
Akron, Ohio
01.2005 - Current
- Provided strategic guidance to major senior living community for new facility development.
- Leading Board of Directors and senior management in development of three-year strategic plan.
- Provided strategic direction for national Surgery Center Company and its Ohio market.
- Coached Chief Financial Officer to enhance financial strategy and decision-making.
- Conducted comprehensive evaluation of financial services for major orthopaedic specialty hospital.
- Assisted major teaching healthcare system in implementing strategy to expand physician network.
- Reviewed vendor contracts and invoices for major Children’s Hospital, recommending cost savings in materials management, pharmacy, laboratory, radiology, information systems, and medical records.
- Reviewed business valuation and provided recommendations in connection with a $2.5 million corporate acquisition.
- Privately held for-profit corporation that provides business, strategic, financial and healthcare consulting services.
Chief Financial Officer
CRYSTAL CLINIC ORTHOPAEDIC CENTER
Akron, Ohio
11.2011 - 06.2016
- Engaged as consultant to evaluate financial services, identify weaknesses and opportunities, recommend improvements, and direct implementation of strategies to enhance financial performance. In June, 2012, accepted employment offer as Chief Financial Officer.
- Directed refinancings of Company’s debt structure resulting in annual seven-figure dollar savings.
- Directed all financial aspects of successful shareholder multi-million dollar buy-out which included an independent valuation, financial strategies and third party negotiations.
- Directed revenue enhancement and cost reduction initiatives leading to annual net profit margins exceeding double digits.
- Directed the implementation of credit card accounts payable program resulting in significant annual cost savings.
- Directed the restructuring of the materials management department and revising of vendor contracts which resulted in substantial cost savings.
- Developed and implemented restructuring of financial services organization resulting in significant improvement in accuracy and timeliness of financial reporting, as well as improved teamwork and staff enthusiasm.
- Accelerated annual external audit completion by seven months, streamlined financial reporting and accounting systems, achieving audits with no adjustments or deficiencies.
- Developed strategic long-range financial plan and implemented significant improvements to annual budget process.
- Akron, Ohio
- For-profit orthopaedic specialty hospital owned jointly by orthopaedic physician group and investor group.
Senior Vice President/Chief Financial Officer
SISTERS OF CHARITY HEALTH SYSTEM
Cleveland, Ohio
02.2009 - 07.2011
- Directed all finance, accounting, audit, treasury, financial strategic planning, managed care, insurance and information systems for the Health System.
- Served on the Boards of Directors and various Finance, Audit and Compliance, and Mission and Values Committees of all of the System’s hospitals and served as Chairman of the Board of Joint Venture.
- Provided Executive leadership for the Finance, Audit and Investment Committees of the System Board of Directors.
- Directed debt tender offer purchase of System hospital bonds and related bond sale to a major bank resulting in significantly lower interest costs and the elimination of remarketing risk.
- Established off-shore Cayman captive insurance company for hospitals and physicians liability insurance to enhance control over claims and risk management, serving as President of the captive.
- Initiated cost reduction and revenue enhancement strategies for hospitals, implementing staffing changes and negotiating significant annual increases from large managed care payers.
- Provided financial and strategic direction in structuring purchase of 50% joint member’s interest in two hospitals.
- Directed financial aspects of strategic planning for four hospitals, developing five-year financial operating and capital plans to align with organizational goals.
- Directed the CIO and information technology team in developing a System-wide long-range I/T Strategic Plan including strategy expected to achieve significant future “meaningful use” government incentive funds.
- Directed Chief Financial Officers of all System subsidiaries to transition to a System-wide operating company.
- Cleveland, Ohio
- Integrated healthcare system with $1 billion in assets and 8,000 employees. Includes five acute care hospitals (1,480 beds), the leading heart institute in South Carolina, physician practices, insurance captive, MSO, outpatient facilities, long-term care (101 beds), assisted living (146 beds), grant-making foundations and outreach ministries.
Vice President – Planning, Audit and Ambulatory Operations
SOUTHWEST GENERAL HEALTH CENTER
Cleveland, Ohio
01.2005 - 01.2009
- Directed strategic planning, business development, new ventures, ambulatory operations, insurance, and audit functions, overseeing initiatives across multiple departments including orthopedics, physical medicine and rehabilitation, laboratory, and information technology.
- Improved coordination between internal and external auditors to maximize audit efficiency and effectiveness, and implemented provisions of the Sarbanes-Oxley Act of 2002.
- Served on Executive Team that implemented three-year financial turnaround plan for over $13 million in annual cost savings as recommended by external consultants.
- Directed feasibility study, development, and construction of $16 million outpatient facility, contributing to physician recruitment strategy aimed at driving earnings growth.
- Directed the development of Master Facility Plan in 2008 with the assistance of external consultants which includes plans for over $80 million in possible future facility expansion.
- Directed the development of a new orthopedics Center of Excellence which included the opening of a new total joint center with projected volume increases of 16% in the first year.
- Directed project to convert physician office leases to physician/hospital condominium ownership structure to ensure long-term commitment from physicians to remain on campus.
- Initiated improvements to professional liability strategy including expanding to London insurance markets which resulted in a $4 million reduction in annual insurance costs over three-year period.
- Led development of $25 million, five-year clinical strategic information systems plan for information technology team, encompassing physician order entry, electronic medical records, Cerner PACS implementation, and formation of information technology steering committee.
- Health System with approximately 2,800 employees and gross revenues of approximately $600 million, and is in a Partnering Agreement with University Hospitals Health System, Inc., a major academic medical center. Provides community-based services including a 354-bed hospital, transitional care, home health, hospice, mental health, employed physician practices and four ambulatory centers including a medical wellness and fitness center. Recipient of many national awards, including HealthGrades’ America’s 50 Best Hospitals, Thomson Reuters’ 100 Top National Benchmarks for Success and Cardiovascular Benchmarks for Success, and Modern Healthcare’s 100 Best Places to Work in the nation; and, Employers Resource Council NorthCoast 99 Best Places to Work for six consecutive years.
Senior Vice President, Finance and Chief Financial Officer and Treasurer
AKRON GENERAL HEALTH SYSTEM (AGHS)
Akron, Ohio
01.1992 - 01.2004
- Directed all financial, audit and accounting, budgeting and treasury operations, financial strategic planning, patient financial services, information systems, purchasing / materials management and executive compensation.
- Provided strategic direction for major financial turnaround of AGHS from an operating loss of approximately $21 million in 2001 to operating income of approximately $6 million in 2004.
- Directed financial aspects and strategic direction of corporate acquisitions, including hospitals, nursing homes, physician practices, a health plan, a major home health business, medical equipment company, and joint ventures in surgery center, sleep lab, radiation oncology, and special care nursery.
- Provided financial direction for construction of nationally recognized Health and Wellness Center (over $30 million).
- Directed all financial aspects and integrally involved in strategic decision to sell 80,000 member health plan. Sale resulted in eliminating losses of health plan while ensuring long-term provider relationship with new owner.
- Integrated and centralized information systems, purchasing, accounting, and treasury operations across acquired companies to reduce service duplication, standardize products, and enhance information processing. Implemented system-wide reporting structure for accounting, finance, cost reporting, purchasing, and information systems, enabling matrix reporting to corporate CFO and subsidiary line management.
- Directed planning and implementation of a $7 million enterprise resource planning (ERP) system which streamlined and integrated accounting, human resource, payroll, accounts payable and purchasing functions and reporting.
- Consulted on a regular basis with Wall Street investment bankers, analysts and insurers regarding debt and capital structure, including directing issuance of bonds totaling approximately $100 million.
- Directed a comprehensive evaluation of pricing patterns and implementation of new strategic pricing resulting in increased annual net revenues of over $7 million.
- Directed financial aspects and analyzed operations for a major cost reduction and revenue enhancement plan.
- Directed information systems including development, implementation and ongoing evaluation of long-range information systems strategic plan with a focus on providing on-line technology to physicians, clinicians, patients and employees to support patient care initiatives. AGMC was named one of the nation’s “Most Wired Hospitals” in 2003 (Hospitals & Health Networks journal of the American Hospital Association).
- Directed financial aspects of risk management, including periodic meetings with U.K. and Swiss underwriters.
- Akron, Ohio
- Integrated healthcare delivery system with over 6,000 employees and gross revenues of $1.1 billion. Provides full continuum of healthcare through diverse components which include Akron General Medical Center (AGMC), a major teaching tertiary medical center associated with Northeast Ohio Medical University, two acute care community hospitals (total of 835 beds), numerous outpatient satellites including a nationally recognized Health & Wellness Center, behavioral health, employed physician practices, Ohio’s largest home healthcare system, a long-term care facility (170 beds) and an affiliation with Edwin Shaw Hospital (rehabilitation, 188 beds).
Partner (1986 – 1992)
COOPERS & LYBRAND LLP
Cleveland & Akron, Ohio
01.1974 - 01.1992
- Managed financial and S.E.C. advisory, mergers and acquisitions, audit and tax services for public, private, and international corporations and nonprofit entities, including The Firestone Tire & Rubber Company and Blue Cross/Blue Shield across healthcare, manufacturing, banking, and other service industries.
- Held the position of Vice-Chairman of the Board of Directors of Akron General Medical Center and Treasurer of the Board of Trustees of SouthWest General Hospital.
- Directed Emerging Business Services and Practice Development as Partner-In-Charge and oversaw the firm’s local quality control review program.
- Worked in several manager and staff roles, gaining increased responsibilities based on performance and contributions before becoming a partner in 1986.
- Cleveland & Akron, Ohio
- Currently PricewaterhouseCoopers LLP
Education
MBA - Finance
Kent State University
Kent, OHBBA - Accounting, Magna Cum Laude
Kent State University
Kent, OHSkills
- Strategic planning
- Organizational management
- Process improvement
- Team leadership
Certification
Certified Public Accountant, Ohio
Timeline
Chief Financial Officer
CRYSTAL CLINIC ORTHOPAEDIC CENTER
11.2011 - 06.2016
Senior Vice President/Chief Financial Officer
SISTERS OF CHARITY HEALTH SYSTEM
02.2009 - 07.2011
President & Chief Executive Officer
MCMAHON & ASSOCIATES, LLC
01.2005 - Current
Vice President – Planning, Audit and Ambulatory Operations
SOUTHWEST GENERAL HEALTH CENTER
01.2005 - 01.2009
Senior Vice President, Finance and Chief Financial Officer and Treasurer
AKRON GENERAL HEALTH SYSTEM (AGHS)
01.1992 - 01.2004
Partner (1986 – 1992)
COOPERS & LYBRAND LLP
01.1974 - 01.1992
BBA - Accounting, Magna Cum Laude
Kent State University
MBA - Finance
Kent State University
Personal Information
Title: SENIOR STRATEGY, FINANCE AND DEVELOPMENT EXECUTIVE/DIRECTOR