Thomas G. Scott, CPA

Experience

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  Pannell Kerr Forster

  Feb 1980 - Jun 1991

  Partner

  Progressed from staff Accountant to Partner (February 1980 to June 1991).Admitted to partnership in 1991.Audit and consulting professional providing services entirely to the health care industry, including health care systems, hospitals (acute care, teaching, behavioral health), nursing homes, home care entities, hospices and other ancillary health care organizations.

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  Ernst & Young LLP

  Jun 1991 - Sept 1997

  Partner

  Senior Manager (June 1991 to September 1993).Partner (September 1993 to September 1997).Audit and consulting professional providing services entirely to the health care industry, including health care systems, hospitals (acute care, teaching, behavioral health), nursing homes, home care entities, hospices and other ancillary health care organizations.

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  Barnabas Health

  Sept 1997 - Feb 2014

  Recruited to build financial infrastructure of newly formed health system, resulting from merger of 10 independent hospitals. Served as second-in-command in matrix organization, with primary reporting lines to CFO, EVP General Counsel and COO. Directed all financial operations for health system, including accounting, corporate finance, accounts payable, payroll, internal and external reporting, taxation and treasury management. Prepared consolidated annual operating and capital budgets for all operating divisions, including project operating results, cash flows and financial position. Developed and led investor relations program; oversaw organization’s tax-exempt debt portfolio with New Jersey Health Care Financing Authority and New Jersey Economic Development Authority; and administered leasing relations programs. Additionally, held indirect oversight for financial and operational performance of freestanding captive physician practices. Built and managed team of 30 accountants and financial professionals. CONSOLIDATED ACCOUNTING & FINANCIAL REPORTING: Designed and executed strategy that consolidated previously separate accounting functions into single group and eliminated $2M in annual operating expenses. Established system-wide accounting policies and procedures; reduced monthly closing process to 10 days, while increasing quality of financial reporting. Additionally, restructured and consolidated accounts payable, payroll, materials management and treasury. CREATED BARNABAS HEALTH OBLIGATED GROUP: Conceived and directed issuance of $458M in tax-exempt bonds in 1998, forming the Saint Barnabas Corporation Obligated Group and consolidating pre-merger debt of 10 affiliates under a single Master Trust Indenture (MTI). Initiative resulted in single set of bond documents and financial covenants issued under MTI and enabled Barnabas Health to access capital markets and unlock its full credit potential. Show less (continued from above)NEGOTIATED SETTLEMENT AGREEMENT WITH U.S. JUSTICE DEPARTMENT: Spearheaded $265M settlement related to a Medicare reimbursement issue. Interfaced with government lawyers and financial analysts, providing multiple iterations of financial data that were essential to settlement discussion during one-year period. NEGOTIATED WAIVER AND FORBEARANCE AGREEMENT WITH CREDITORS: Led negotiations with stakeholders related to a technical default under its bond documents. Helped develop and implement comprehensive financial and operational turnaround strategy, including restructuring of Barnabas’ capital structure that was embraced by stakeholders and set foundation for organization’s return to profitability. CRAFTED FINANCIAL TURNAROUND PLAN: Devised and implemented multi-pronged revitalization strategy that produced $941M financial improvement within six years. Tactics included renegotiating managed care rates; decreasing aggregate expenses by 2% from 2008 through 2013 expenses by reducing employee benefits, cutting workforce and renegotiating supply contracts to more favorable rates; increasing unrestricted cash and investments by $530M through reductions in capital expenditures, acceleration of accounts receivable collections, enhanced operating margin and sale of company’s long-term care assets. REDUCED COST OF CAPITAL: Orchestrated issuance of tax-exempt and taxable bonds in 2006, 2011 and 2012 that substantially reduced company’s cost of capital and provided $150M in funding for vital capital projects, including new operating rooms, enhanced emergency departments and cancer treatment centers, as well as “road show” presentations to potential investors and rating agencies. Negotiated credit facilities with consortium of banks to provide liquidity support for variable-rate bonds. Show less (continued from above)DEVELOPED LEASING PROGRAM: Created and executed comprehensive leasing strategy that consolidated the company’s leases into a system-wide database. Negotiated new master lease agreement with all lessors and implemented new processes and procedures to ensure consistency in leasing. Additionally, partnered with New Jersey Healthcare Facilities Financing Authority to develop state’s only healthcare facility tax-exempt leasing program. Attracted consortium of private, independent investors to fund certain leasing needs at tax-exempt interest rates. RESTRUCTURED PENSION PLAN: Introduced new defined contribution plan, creating consistent, determinable cash flow requirements, predictable pension expense and a fully funded defined benefit plan. Additionally, implemented liability-driven investment strategy that provides required cash flow as future pension liabilities mature. Show less

  • Senior Vice President; Acting CFO; Vice President - Corporate Finance

    Sept 1997 - Feb 2014

  • Senior Vice President; Acting CFO; Vice President - Corporate Finance

    Sept 1997 - Feb 2014

  • Senior Vice President; Acting CFO; Vice President - Corporate Finance

    Sept 1997 - Feb 2014
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  Prime Health Services, Inc.

  Apr 2015 - Nov 2023

  Regional Chief Financial Officer

  Financial oversight of Prime Healthcare Services’ New Jersey facilities: St. Clare's Health in Denville, Dover, and Boonton, NJ, St. Michael’s Medical Center in Newark, NJ, and St. Mary’s General Hospital in Passaic, NJ.