Message #2 From:
NewsBot Date: July 28, 2005 12:00:00 AM
PHLH News Leo Albert Joins Pacer Health Corporation as VP of Finance
MIAMI--(BUSINESS WIRE)--July 28, 2005--Pacer Health Corporation (OTCBB:PHLH), a Miami-based owner-operator of acute care hospitals, medical treatment centers and psychiatric care facilities, announced today that effective immediately, Leo Albert, a senior executive with more than 25 years experience in the financial management of healthcare facilities and providers, has joined the company as vice president of finance. Albert replaces Manuel R. Llano, a financial consultant who was serving in this capacity on an interim basis. Llano will remain with the Company through mid-October to assist Albert in the transition.
In his new role as vice president of finance, Albert will manage the overall finances and financial planning at all five Pacer Health facilities - three wholly owned facilities and two facilities currently under management pending completion of their planned acquisition. He also will review future, potential acquisitions for inclusion in the Pacer Health portfolio.
Albert's experience includes work for numerous healthcare facilities and providers, ranging from acute care hospitals and specialty hospitals to community healthcare programs with as many as 17 units. Prior to joining Pacer Health, Albert was a financial consultant in private practice and had successfully completed various senior consulting and interim CFO assignments. He previously served as CFO of Health Partners New England, a start-up psychiatric management and consulting company whose growth he managed from $100,000 in 1999 revenues to more than $2.5 million in 2002.
From 1998 to 2000, Albert was treasurer and CFO of Fort Lauderdale Hospital Management, LLC, where he coordinated the financial aspects of the facility's purchase from a previous owner, including related business planning and capital acquisition processes. From 1991 to 1998, he served as CFO of Westwood/Pembroke Health System, a two-hospital multi-campus behavioral health system; director of finance and systems development at Gerimed Corporation, at the time an owner-operator of 17 skilled nursing facilities throughout the Northeast; a facility based CFO and COO for The Mediplex Group, the owner of many rehabilitation centers throughout the US; and CFO of Palisades General Hospital, a 202-bed facility in North Bergen, New Jersey.
From 1986 to 1991, Albert served as assistant administrator and CFO of Eastern Long Island Hospital, an 80-bed facility for which he reversed a five-year negative profit trend and created systems to improve billing accuracy. Previously, he was CFO of Ohio Valley General Hospital, a 119-bed, HCA-managed community hospital where he reorganized an entire financial department to comply with federal regulations, while hiring and training an accounting staff. Albert began his healthcare career in 1978 and also has worked as a director of financial planning and director of internal auditing among other management roles.
Albert holds a bachelor's degree in accounting from the City University of New York and has completed graduate coursework in hospital administration at City University in Bellevue, Washington. He is an advanced member of the Healthcare Financial Management Association and an affiliate of the American College of Healthcare Executives.
"Pacer Health is aggressively working towards finalizing our planned acquisitions in Georgia, reviewing future acquisition targets, and continuing turnaround efforts in each of our facilities," said John Chi, CFO of Pacer Health. "We are succeeding on a number of fronts, with increased revenue and substantial improvements to patient care and work environment in all facilities. We believe the addition of Leo Albert will help our company stay the course, and his considerable experience with growing facilities and providers will serve our company greatly in the months and years to come."
Albert will begin work immediately, and will be based jointly in Cameron, Louisiana, and Miami, Florida.
About Pacer Health Corporation
Pacer Health Corporation is an owner-operator of acute care hospitals, medical treatment centers, and psychiatric facilities, primarily serving the growing senior citizen population and non-urban areas throughout the Southeast. Shareholders are encouraged to visit the company's web site at http://www.pacerhealth.com.
Legal Notice Regarding Forward-Looking Statements: "Forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. Pacer Health disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions (including in the information technology and financial information industry), actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services, changes in our business strategies.
