Boone (Iowa) County Hospital's CEO and CFO both have plans to retire around the same time the hospital's contract with QHR Health, a Brentwood, Tenn.-based management and consulting firm, expires, according to the Ames Tribune.
The hospital has partnered with QHR Health since 1993, and the contract is set to expire in January 2023. The board said during a March 25 meeting that the contract will not be renewed.
"When I came to work for the hospital back in 1993, I was always a part of that arrangement: QHR hired the CEO and CFO here and provided other management services over the years," Boone County Hospital CEO Joe Smith said during the board meeting, according to the Ames Tribune.
The hospital board said the goal is to hire a new CEO by the end of this year. Joe Devin, the hospital's CFO, is slated to retire in early 2023, but he'll stay in his role until the new CEO is hired. The new CEO would be responsible for leading the search for the next CFO, according to the report.
Although the board is currently planning to let the contract with QHR Health expire, the board has the option to vote again to enter into a new contract with the company, according to the report.
Mr. Smith said the hospital's financial position is strong. Boone County Hospital had $4 million to $5 million in cash reserves before the COVID-19 pandemic, and the reserves are now three times that, he said.