Controller

The Controller will be responsible for all aspects of financial management, including month-end closing processes, cash management, timely and comprehensive reporting to management, Board and lender, loan covenant monitoring, and ensuring compliance with regulatory requirements. The ideal candidate will have extensive experience in healthcare, third party revenue cycle management, and ensuring regulatory compliance.

This assignment pertains to a lower middle-market business recently acquired by private equity firm. The Controller will maintain both internal relationships with other leadership team members, owners, and private equity investors, as well as maintaining external relationships with banking partners, insurance brokers, independent accountants, income tax preparers, and certain other support vendors.

The business has been using cash-basis accounting and as a result, the first phase of this assignment will be instituting GAAP accounting processes and controls, and performing a thorough review of all financial aspects of the business and upgrading financial controls wherever appropriate to enable comprehensive financial reporting and forecasting, and ensuring accuracy and compliance with all legal requirements.

The Company maintains a part-time bookkeeper that is capable of maintaining Quickbooks on a weekly basis, and who handles basic HR functions.Essentially all of the Company’s revenue is received from 3rd party health insurance payors, both governmental and private, utilizing a 3rd party revenue cycle management Company that performs the billing, reconciliation and A/R functions, with amounts collected deposited into the Company’s bank account. The majority of Company supplies are purchased from vendors via Company credit card. The Company utilizes a 3rd party payroll Company and pays employees bi-weekly.

Key Responsibilities:

Initial Phase (1-3 months) – Review and upgrade financial controls and institute GAAP accounting standards

• Develop and implement policies and procedures to ensure accurate and timely financial reporting in accordance with GAAP, SBIC lender requirements, and Company standards.
• Establish month-end and year-end close processes, including preparation and review of journal entries, balance sheet reconciliations, and financial statements.

Ongoing Financial Management & Reporting

• Manage bank reporting and actively monitor loan covenants, ensuring accurate and timely submission of required documents to maintain strong lender relationships and compliance.
• Provide oversight to 3rd party revenue cycle management, and evaluate areas to improve collections from 3rd party payors, both government and commercial payors.
• Implement and oversee effective internal controls to safeguard the Company’s assets.
• Ensure healthcare regulation compliance including Medicare, Medicaid, and private 3rd party insurance billing.
• Coordinate with external auditors to ensure timely completion of annual audits and compliance with regulatory requirements.
• Oversee cash management activities, ensuring sufficient liquidity to meet operational needs and loan obligations.
• Manage accounts payable/receivable processes and manage working capital.
• Evaluate and implement process improvements and automation initiatives to streamline and ensure accurate financial operations.
• Provide strategic financial analysis and insights to senior management to support decision-making and drive business growth.
• Lead tax reporting and compliance efforts.
• Stay abreast of changes in accounting standards and regulations, and ensure compliance with relevant accounting pronouncements.
• Monitor healthcare industry trends and regulatory changes, adjusting financial strategies and reporting as needed.

Qualifications

• Bachelor's degree in accounting, finance or related field, or equivalent experience.
• 10 years of experience in financial management.
• 5 years of experience in healthcare financial operations, with an in-depth knowledge of healthcare industry regulations, reimbursement structures, and compliance requirements.
• Proven ability to develop and manage complex budgets, forecasts, and financial reporting processes.
• Strong leadership and communication skills, with extensive experience preparing financial reporting. to senior corporate leadership and external lender partners and investors.
• Proficiency in financial software and ERP systems (e.g., NetSuite, QuickBooks, etc.).
• Strong analytical skills with a detail-oriented approach to financial management.

Scope

• Company Location: Baltimore suburbs, Maryland
• Work Type: Hybrid. Some on-site work will be required, especially in initial phase, however, once sufficient controls and processes have been implemented it is expected that this role can be primarily remote.
• Estimated Hours:
• Initial Phase (1-3 months): 75-100 hours per month
• Ongoing (>3 months): 30-50 hours per month
• Occasional one-off accounting projects: TBD, as needed
• Comp and Benefits: if full-time, W-2, market-level compensation and benefit will apply, otherwise a 1099 contract will be applicable.