Interim CFO for Healthcare

Challenge

A medical research organization with an academic ambulatory medical practice and a focus on patient education was experiencing widening financial losses over several years. While searching for a new permanent CFO – and knowing it faced critical decisions in the development of the operating and capital plans, revitalization of the control and financial operating environment and quicker information for key decisions – the newly appointed President looked to Patina for an interim solution.

The Patina Solution

Patina brought an experienced financial executive who was able to seamlessly assume control of the finance and planning functions and work closely with the leadership team in transition. The professional had experience as a Controller and CFO in academic medical centers and in a health plan of one of the largest most successful integrated healthcare providers in the country. This expert had significant experience partnering with clinical staff on the standardization of processes and supplies to reduce cost and improve patient care.

Outcome

Over a six month period this interim CFO developed and executed revised financial reporting and budget processes that resulted in millions of dollars of savings to the organization.  This expert also renegotiated contracts with payers and providers that resulted in significant revenue improvements and brought renewed discipline to the financial infrastructure of the organization while assisting in recruiting and hiring the permanent CFO.