Montefiore Medical Center, based in the Bronx, N.Y., runs on slim operating margins, but CFO Joel Perlman has helped the organization thrive due to smart investments.
Montefiore has a particularly high reliance on government payors — 40 percent Medicare and 40 percent Medicaid. Because Montefiore stays "practical" about their margin potential, Mr. Perlman said they are still able to be a successful health system.
Mr. Perlman, a certified public accountant and former CFO of St. Francis Medical Center in Trenton, N.J., has served as Montefiore's CFO for the past 20-plus years. With roughly $3 billion in revenue and four hospitals scattered through a challenging New York City environment, he said there are a few different strategies that have helped Montefiore stay vibrant in spite of the razor-thin profit margin.
Some of those strategies include developing a highly integrated care delivery system, making smart investments in programs and specialties that will increase admissions and market share and moving toward the mass employment of physicians.
Montefiore has a particularly high reliance on government payors — 40 percent Medicare and 40 percent Medicaid. Because Montefiore stays "practical" about their margin potential, Mr. Perlman said they are still able to be a successful health system.
Mr. Perlman, a certified public accountant and former CFO of St. Francis Medical Center in Trenton, N.J., has served as Montefiore's CFO for the past 20-plus years. With roughly $3 billion in revenue and four hospitals scattered through a challenging New York City environment, he said there are a few different strategies that have helped Montefiore stay vibrant in spite of the razor-thin profit margin.
Some of those strategies include developing a highly integrated care delivery system, making smart investments in programs and specialties that will increase admissions and market share and moving toward the mass employment of physicians.
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