Edward Chadwick, executive vice president and CFO of Wake Forest Baptist Medical Center in Winston-Salem, N.C., will not renew his contract and will leave the system, effective June 30.
In his stead, Wake Forest Baptist has named C. Michael Rutherford as its new CFO, effective Monday. Mr. Rutherford comes from The Ohio State University Wexner Medical Center in Columbus, where he served as CFO of the $2.7 billion health system since January 2011.
Mr. Chadwick has served as CFO of the $2 billion Wake Forest Baptist since 2009, becoming the system's first chief financial officer at the time. In a statement, he said he decided to leave so he and his wife "can relocate to the Midwest to be closer to their family." John McConnell, MD, CEO of Wake Forest Baptist, said Mr. Chadwick "played an important and visionary role during a time of great transformation within the enterprise, and his work positions us strongly for the future."
While Mr. Rutherford takes on the CFO duties, Mr. Chadwick will help with the financial leadership transition and continue to serve as executive VP until he departs. Wake Forest Baptist officials said Mr. Chadwick will focus on "affiliation discussions and other strategic priorities to help position the organization for success in new models of value-based healthcare."
This past November, Standard & Poor's Ratings Services downgraded the credit rating of Wake Forest Baptist from "AA-" to "A+" after the academic medical center posted a $56.6 million operating loss in its 2013 fiscal year. Mr. Chadwick attributed the rating change almost entirely to costs associated with the troubled rollout of its Epic electronic health record system.
While at OSU Wexner Medical Center, Mr. Rutherford oversaw the implementation of its Epic revenue cycle system. He will be responsible for all daily operations of Wake Forest Baptist's finance and treasury items.
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