As many hospitals and health systems continue to struggle with financial and operational challenges, three female CFOs are working to enhance healthcare delivery, implement innovative solutions and optimize financial performance at their organizations to ensure long-term sustainability.
At Libby, Mont.-based Cabinet Peaks Medical Center, CFO Julie Leonard has driven significant financial improvement. The 25-bed critical access hospital projected a 2.5% margin by the end of its fiscal year in March but is now on track for an approximate 10% margin. Revenue has also increased at the hospital since Ms. Leonard started in January, from a static $63 million average over the last 10 years to around $83 million in 2024.
Ms. Leonard touted the hospital's improved finances and growth to efficient collaboration, a strong working relationship with the hospital's CEO, Tadd Greenfield, a solid revenue cycle, and an emphasis on culture and employee communication.
"We don't always agree, but we always collaborate," Ms. Leonard told Becker's on Sept. 25. "I work super hard to make sure that we're doing every single thing that we need to do to capitalize on every single dime that we can get."
Cheryl Sadro, senior vice president and CFO of Baltimore-based Johns Hopkins Medicine and executive vice president and CFO of Johns Hopkins Health System, is also working to get the health system back to pre-COVID-19 margins.
"We need to get to a place where we have margins that can sustain capital growth, as well as help us move forward with other initiatives," Ms. Sadro told Becker's on Aug. 21.
To accomplish this goal, Ms. Sadro said the health system put together a long process initiatives list to help dissect labor and supply cost areas. "We also want to make sure that from the outpatient side, we're being as efficient as we can at providing care. Our physicians and faculty are working with us on that; they really are supportive," she said.
In Louisiana, Opelousas General Health System CFO Shelly Soileau hit the ground running when she started her new role in June to tackle a major industry challenge: patient transportation.
Many community members in the health system's rural service area are often part of a low-income or elderly population and are without a vehicle.
"It creates challenges," Ms. Soileau told Becker's on Aug. 22. "We constantly try to call them, check in on them, even if it's a resort to a televisit just to check in on them. We're even looking at the potential of patient monitoring with devices at home in order to check their vital signs to make sure everything is OK."
The health system is also exploring avenues such as developing a patient transportation service or applying for grants to ensure that patients are seen on time and not missing critical care appointments.
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