1. KURT J. SCHULTZ
EXECUTIVE SUMMARY
Highly motivated and results oriented leader with over twenty years of healthcare
financial management experience. Increasingly responsible financial management
positions with various healthcare companies including not-for-profit, for-profit, private
equity backed, acute care, long term acute care, inpatient rehabilitation, senior living,
and medical behavior. Proven ability to partner with operations and lead a diversified
finance team to achieve growth and strong financial results.
EXPERIENCE
Cornerstone Healthcare Group, Dallas, TX, January 2012 to Present
Long Term Acute Care Hospitals and Senior Living with $300 million in annual revenue
Company CFO
• Quantified impact of Medicare rule changes (patient criteria) and developed mitigation
strategy: revenue, cost, and diversification into new business lines
• Oversaw cost initiatives to mitigate Medicare Rule changes: outsourced food service &
housekeeping; centralized the hospital back office; non-salary supply chain savings; clinical
labor reductions
• Evaluated new investment opportunities for both LTACHs and adjacent business lines
• Integrated four new LTACH hospitals into the portfolio – which currently numbers 19
hospitals
• Integrated six Senior Living acquisitions and established a new operating division
• Secured financing for the Senior Living acquisitions, using commercial banks and HUD
financing
• Upgraded staff and implemented process improvements: Finance, Coding,
Reimbursement, Managed Care, Info Technology, Materials, and FP&A
• Oversaw refinancing the company’s debt -- interfacing with the rating agencies in New
York, national banks, and regional banks
• Present financial results to the Board of Directors and interface monthly with the
company’s Private Equity sponsor, Highland Capital Management
• Changed GPO and realized $1 to 2 million in supply chain savings each year: 2012 to
2015
• Held Central Business Office staffing flat during period of growth and stabilized DSO to
52 days
• Oversee the company’s IT department with a focus on upgrading system speed and
capabilities and providing better data analytics and reporting (undergoing new ERP roll
out, starting in 2016)
• Partner with operations to provide financial support and reporting to support the business
lines
Psychiatric Solutions / Universal Health Services, Nashville, TN /
King of Prussia PA 2009 to December, 2011
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2. Medical Behavior Hospitals with over $200 million in annual revenue
Division CFO
• Note: PSI was purchased by UHS on 11/15/10
• Responsible for 14 Behavioral Health hospitals and O/P facilities, ($50 million
EBITDA)
• Achieved annual EBITDA Budget at both PSI and UHS
• Reduced DSO at PSI from 68 to 51, or 25%, from November 2009 to October 2010
• Increased Up Front Collections through training, focus, and monitoring of results
RehabCare Group, St. Louis, MO, 2007 to 2009
LTACH and Inpatient Rehabilitation Hospitals with $150 million in annual revenue
Vice President of Finance, Hospital Division
• Responsible for 13 LTACH and Inpatient Rehabilitation hospitals, (656 beds)
• Streamlined and enhanced the monthly financial closing process
• Centralized the CBO and Accounting functions and reduced annual costs by over
$1 Million
• Reduced DSO from 69 to 55, or 20%
• Developed a mid-month and month end projection process to forecast results
• Implemented a monthly Sarbanes-Oxley checklist and internal control process
• Completed financial Proformas to analyze potential new hospital acquisitions and
participated in the due diligence process looking at different M & A options for
the Hospital Division
Kindred Healthcare, Chicago, IL, 2000 to 2007
Long Term Acute Care Hospitals with $225 million in annual revenue
Vice President of Finance, Midwest Region, 2002 to 2007
• Responsible for 20 LTACH hospitals, (1,100 beds) in the Midwestern states of
Illinois, Missouri, Michigan, Indiana, Ohio, Kentucky, and Pennsylvania
• Streamlined and enhanced the monthly financial closing process
• Re-structured the Finance functions and reduced annual costs by $2.3M
• Reduced DSO from 73 to 65, or 11%, the best results of Kindred’s four regions
• Led several region wide initiatives to reduce operating costs and improve
financial results
Chief Financial Officer, Sycamore Hospital (60 Beds), Sycamore, IL, 2000 to 2002
• Responsible for a 60 Bed LTACH located northwest of Chicago
• Improved collections, collected old A/R, and reduced bad debts
• Partnered with the CEO and CCO and improved financial performance in the
areas of staff productivity, supply cost management, and overall cost control
• Worked with the hospital medical staff to improve Length of Stay management
and control the utilization of pharmacy and ancillary services
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3. St. Francis Hospital and Health Center, (410 beds), Blue Island, IL,
1986 to 2000
Short Term Acute Care Hospital with $100 million in annual revenue
Controller, 1996 to 2000
• Participated in a hospital-wide initiative to improve productivity, and reduced
staffing in the Accounting department by 3.5 FTEs
• Streamlined and enhanced the monthly financial close process
• Improved the hospital’s internal control processes, including the monthly
reconciliation of balance sheet accounts and successful completion of the external
financial audits
Director of Budget and Reimbursement, 1992 to 1996
Responsible for budgeting, completion of the Medicare and Blue Cross Cost Reports,
Decision Support, Charge Description Master, and Cost Accounting
• Put in place a process for completing the MCR Bad Debt Logs and improving the
results of the Medicare Cost Report Audits
• Took over and streamlined the process for calculating net revenue
• Set up tools to analyze Managed Care Contract proposals to help increase MCO
rates
Manager of the Budget, 1989 to 1992
Responsible for completion of the Annual Strategic and Financial Plan, including Capital
Budgets, the 1-year Operating Budget, and the 3-year Strategic Budget
Cost Accountant, 1986 to 1989
Responsible for setting up and maintaining the hospital’s cost accounting system
• Worked closely with all of the ancillary department managers to understand their
operations and develop cost estimates by procedure
EDUCATION
Bachelor of Arts in Accounting – St. Xavier University, Chicago, Illinois, 1981-1985
CPA Certificate on first sitting, 1985
HOBBIES
Health and fitness
Reading
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