CFO Larry Cash: Orchestrating Finances at Community Health Systems
From 1973 to 1996, Mr. Cash held executive financial positions at other healthcare entities, including Columbia/HCA Healthcare (now known as Nashville, Tenn.-based Hospital Corporation of America), Humana and PricewaterhouseCoopers.
For the past seven years, Mr. Cash has been named as one of the best healthcare CFOs in the country by global finance publication Institutional Investor. In addition, he was BusinessTN's first-ever CFO of the Year.
As CHS' financial executive, Mr. Cash performs a large potion of the investor relations functions for the $13.6 billion-revenue, for-profit hospital operator. In the past year, CHS posted $201.9 million in net income, and adjusted EBITDA was $1.8 billion. CHS has also undergone several financing measures in the past year, most recently completing a cash tender offer of $850 million in senior notes due in 2015, which was financed by a separate offering of $1 billion of senior notes due in 2019.
Last month, CHS and Mr. Cash announced the organization entered into an accounts receivable securitization program through March 2014. In this agreement, CHS subsidiaries will sell all existing and future accounts receivable to CHS, which will then sell or contribute those receivables to its specific limited liability company, CHS Receivables Funding. Two banks — Credit Agricolé Corporate and Investment Bank and The Bank of Nova Scotia — will act as managing agents and will lend up to $300 million to CHS with the receivables as collateral.
More Articles on Hospital CFO Profiles:
© Copyright ASC COMMUNICATIONS 2012. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.
To receive the latest hospital and health system business and legal news and analysis from Becker's Hospital Review, sign-up for the free Becker's Hospital Review E-weekly by clicking here.