Mike is a senior Healthcare professional with a 30+ year career and a proven track record of accomplishments in Financial and Operational leadership roles within large Academic Medical Centers and Integrated Healthcare Systems. He has specific expertise in Strategic & Financial Planning, Managed Care Contracting, Physician Alignment, Revenue Cycle, M&A and Expansion. Mike has quality leadership skills and the ability to develop strong management teams. His communication and presentation skills are exceptional.
Sub-Specialties
- Physician practice financial infrastructure development
- Specialized projects Subject Matter Expertise
- Proven track record within large Academic Medical Center and Integrated Healthcare Systems
- System Vice President and CFO Experience
- Quality Leadership Skills including facilitation skills among executives and management teams
- Ability to develop strong management teams
- Served on task force to respond to Health Reform impact
- Former CFO Role – Ohio State University, Columbus, OH Medical Center, and Summa Health, Akron, OH
Professional Experience
Prior to joining Warbird‘s CFO Consulting Network, Mike served as the CFO for The Ohio State University Wexner Medical Center, a $2.7 billion health system. Prior to joining OSU, Mike was System Vice President and CFO for Summa Health System for 11 years. Prior to Summa, Mike was CEO and CFO of the Cleveland Market for Sisters of Charity Health System (SCHS) and VP of Operations at Sharon Regional Health System. Over the 30 plus years in healthcare he accomplished the following:Directed all financial activity for a $2.7B net revenue academic medical center, including: College of Medicine, 1100 physician Faculty Group Practice, 6 hospitals, comprehensive cancer center, full service tertiary referral center, Health Plan and a network of Outpatient Centers
- Created a consolidated long range financial plan to model Health Reform scenarios and identify strategies necessary to adapt to establishment of health exchanges, mandatory insurance coverage, expansion of Medicaid, and increasing pricing transparency, resulting in a 5 year expense reduction goal of $100M per year
- Served on task force to respond to Health Reform impact including the establishment of an ACO, development of alternative payment arrangements, and expansion of Health Plan into a statewide network with commercially viable products
- Developed the 1st consolidated financial statements, combining College of Medicine, Faculty Group Practice and hospitals, allowing management to view organization as a single entity and facilitate decision making
- Served on task force to evaluate opportunities and develop statewide growth strategy, including negotiations to partner with another $1B healthcare system
- Implemented consolidated managed care contracting, integrating 3 entities: cancer center, hospitals and physicians. Facilitated improved payor relationships and increased reimbursement rates
- Implemented Epic Revenue Cycle applications for all entities. Directed software training of 2000+ staff
- Led Medical Center through its 1st stand-alone external audit with zero adjustments to income statement or balance sheet
- Directed financial activity and expansion of an integrated healthcare delivery system. Grew from 1 hospital and an insurance company to a $1.8B revenue, 11,000 employee system with: 6 hospitals, a multi-state insurance company, preferred provider network with 30,000 physicians, 204 hospitals jointly owned with a faith-based system, statewide DME company, 1100 member PHO, off-shore insurance captive and 8 physician joint ventures
- Developed financial plan to strengthen balance sheet. Maximized cash growth and minimized long-term debt, allowing for growth and investment in expansion opportunities and core operations. Sustained a debt-to-net revenue of 20 %
- Utilized alternative financing techniques, including synthetic leases, off-balance sheet and developer financing to maintain balance sheet strength while accomplishing strategic goals. Maintained conservative debt structure and avoided setbacks in recent tumultuous financial market
- Established system-wide investment committee and recruited top industry talent to serve on a volunteer basis and advise on appropriate risk-adjusted investment policies for each of the system’s investment pools. Monitored performance and revising strategies as necessary
- Implemented cost accounting system across each entity to track profitability by service line and physician, enabling organization to execute immediate action plans to address deficiencies
- Developed monthly financial variance reporting tools at dept. level to identify/correct operating deficiencies. Hospitals consistently ranked in bottom 10% in expense/adjusted admission compared to their peers
- Doubled EBITDA in 24 months in recently acquired, previously proprietary owned hospital
- Enacted multi-year $100M strategic plan for IT rollout beginning with full CPOE implementation at main tertiary facility