Vincent Salazar is a financial executive with operations and transaction experience in healthcare, real estate, professional sports and other industries. Mr. Salazar has extensive executive leadership experience. Recently, serving as vice president of finance of a not-for-profit system with rising costs and flat revenues, Mr. Salazar implemented net revenue and revenue cycle enhancements, while at the same time, strengthening financial reporting and internal controls. This turnaround and stabilization project resulted in $17 million in annualized EBITDA improvements and a one-time cash flow acceleration of $7 million.
As the corporate controller as part of an interim management team for a not-for-profit health system with net revenues of approximately $350 million which had sustained losses of approximately $120 million the previous year, Mr. Salazar provided financial and accounting leadership, supporting the implementation of operational changes which improved the financial performance by $29.6 million. Mr. Salazar’s efforts helped restore the organization’s confidence in its financial and management reporting.
Mr. Salazar has also served as chief financial officer of a two-hospital health system in Baltimore, Maryland which involved a financial restructuring that resulted in the closure of one hospital. Working with the state, Mr. Salazar successfully negotiated a financial package to reimburse the health system for approximately $25 million to cover the cost of closing the hospital and the repayment of all outstanding debt. In addition, he implemented numerous financial improvements at the surviving hospital, including reductions in accounts receivable and the restoration of a system of internal accounting controls.
Mr. Salazar’s transaction experience includes participation in the negotiating team that sold three hospitals as part of a $275 million transaction with a for-profit healthcare organization. He was also involved in the formation of several hospital joint ventures, including financial negotiations, financing and accounting issues. Outside of healthcare, Mr. Salazar was heavily involved in the initial financial planning and financing of Jack Kent Cooke Stadium, now Fed Ex Field, home of the Washington Redskins (NFL) franchise.
Mr. Salazar’s previous positions include serving as corporate director of financial services for Bon Secours Health System; and treasurer of Jack Kent Cooke Incorporated, a privately-owned company whose holdings included the Chrysler Building (New York), the Washington Redskins franchise and the Los Angeles Daily News. Mr. Salazar holds a B.A. in Economics from Hampden-Sydney College and an M.S. in Accountancy from George Washington University. He is a Certified Public Accountant in Virginia.