Richard J. Corcoran, CPA, CGMA
Principal - The Corcoran Consulting Group
Rich brings 40 years of experience to the financial consulting services he offers to home care, hospice and post-acute health care organizations. He served as chief business officer, chief financial officer and a member of the Board of Directors at VNA Community Healthcare, and EVP and chief financial officer at Arrow Pharmacy Corporation. He is a member of and has served as treasurer and later as chairman of the Connecticut Association for Healthcare at Home. He is a member of the National Association for Home Care & Hospice. As a certified home care and hospice executive, a CPA, a Chartered Global Management Accountant® (CGMA®) and a Certified Valuation Analyst, Rich is a member of the American Institute of Certified Public Accountants, the AICPA Forensic and Valuation Services Section, the Connecticut Society of Certified Public Accountants, the Association of Certified Fraud Examiners and the National Association of Certified Valuation Analysts.
Rich enjoys helping health care companies succeed. He provides organizations with financial assessments and corrective measures to assist in the turnaround of home health agencies’ financial and strategic performance. In addition, Rich provides health care organizations with certified valuations and assists with merger and acquisition activity.
Outside of work, Rich and his wife enjoy family, travel, movies and genealogy.
Motivation to get the CGMA designation
I wanted to earn a professional certification that affirms the skills and experiences I’ve amassed over my 40-year career in health care financial management. Throughout my career, I’ve provided strategic financial guidance to executive management and boards of directors to help them determine the best approaches and decisions for each business.
Journey through taking the live and self-study learning, and exam
It’s been an interesting and challenging process. The live program in New York was great — that’s when I began to understand the entire process. I very much enjoyed learning from the wide variety of case studies and issues related to each company. The exam is intense — you must be very well-prepared to work within its format to address all of the concepts and “rules” covered in the study material. With a three-hour time limit, you must be organized and prepared.
Thoughts on the CGMA exam
I love the case study format. It is as close to real-life business situations as it can be. Therefore, I found it very logical when preparing my responses. It was critical to be able to quickly draw from principles of managerial finance. I did learn how important it is to properly format responses to management!
Experience going through the program
First, I learned the importance of thoroughly understanding each case very clearly at the outset. Second, I learned how to break down the “problem” and address each element thoroughly. Finally, the material provided me with principles and rules that I continue to use every day in my consulting business.
The CGMA experience offers a perfect methodology for preparing a response to many, if not all, business questions and issues.
I believe accountants need real-world strategic financial training to not only provide value added input for senior management, but also to expand their thoughts and analysis of each situation beyond numbers alone.
Value of the CGMA
For me, it’s been energizing to combine the CGMA’s financial and accounting education with my “in the trenches” career experiences, applying both to significant managerial and business issues. The value of the CGMA designation is in its ability to develop outstanding accountants into superior executives.