|
HealthWatch Technologies
Portland, ME (June 1999 - April 2000) Chief Financial Officer (1/2 time) - In the spring of 1999, HealthWatch Technologies (HWT) was preparing to send out their first bills, the end product of a process that had begun a year earlier when they won their first contract with the Commonwealth of Kentucky. At the time, HWT was a start-up company formed to apply the power of technology to the identification and recovery of health care insurance fraud. Their first contract was with Kentucky’s Department of Medicaid Services to identify and recover Medicaid fraud committed during the three and one-half year period ending in June 1998. The Company had until December 1999 to recover this fraud and receive a contingency payment, at a rate that varied depending upon the amount recovered. It was clear that HWT needed to implement powerful billing and tracking systems to monitor the many thousands of bills being created and sent to medical providers throughout the Commonwealth. The system also had to be scalable to manage similar volumes of bills to be sent under future contracts. Further, HWT needed a financial manager capable of: bringing the accounting function in-house; managing the financial relationship with lead investor and technology partner Sapient ; assisting in the statistical analysis of certain medical claims; and partnering in the development of financial and marketing proposals for future contracts. Mitchell Adams, past Commissioner of Revenue for the Commonwealth of Massachusetts, called upon Clint Marshall to fill the need at HWT. Drawing upon Marshall’s varied background, Adams found the perfect fit for the fast-paced Company. At HWT, Marshall focused first on implementing an Oracle-based Accounts Receivable system to track the tens of thousands of health care providers in Kentucky. To supplement this SQLTime software, Marshall developed user-friendly Microsoft Access-based tracking and reporting systems for the inappropriate payments. Concurrently, he developed budgets and financial forecasts for the start-up to help manage the dwindling cash balance and provide planning information to investors. When time allowed, after the invoices began to flow, Marshall brought the accounting function in-house and sped up the monthly financial reporting by two weeks. Marshall was also called upon to create financial models and assist in generating bids for future contracts, brainstorming staffing requirements and defining the cost structure of these upcoming projects. Finally, Marshall developed detailed four-year projections encompassing multiple contracts and assisted in the creation of an offering memorandum in preparation for raising capital to fund the Company's upcoming growth. In less than a year, Marshall accomplished all of his objectives and witnessed a growing flow of contingency fees from Kentucky. At this point, HWT was no longer a "development stage" company and they had revenues to support hiring their first full-time controller. As Marshall left HWT in the hands of their new controller, CEO Adams described the relationship as "a marvelous fit", noting that "Clint was the right person at the right time. His varied skills and ability to get up to speed quickly allowed him to meet any challenge and set us up to hire a full-time controller." |
"Clint brings a whole lot to the table because of the scope and depth of his
experience in the financial management of smaller companies. In our case he
was a perfect fit because we had to design and put in place a powerful
billing and accounting system in an application for which there really was
no precedence. It had to be done right and in a big hurry. With Clint's
direction we got it on time, and it worked well. If I were faced with a
similar challenge in terms of financial management, or even one more
daunting, the first person I'd think of is Clint. I'd hire him again in a
heartbeat."
- Mitchell Adams, former CEO of Healthwatch Technologies and Massachusetts Commissioner of Revenue |