CFO Selection

A group of 8 physicians had the opportunity to interviews the three CFO candidates over the past several days and make recommendations to the Board on our assessment of the individuals. It was a very good experience for some physicians who have never had an opportunity like this before. We were able to meet after the interviews and rank each of the three candidates and pass along our assessment to the Chairman.

Each candidate had pros and cons and since we were unclear as to what the Board’s plans were about whether this person was to be long-term, short-term, a potential replacement for CEO, or just filling a vacancy, we gave varying comments related to our ranking scheme.

The next board meeting is Tuesday night and they are planning to make a determination on the candidate for CFO.

No matter who they choose, the candidate will have their work cut out for them. The outside audit is underway and is likely to find more problems then the ones announced previously. The current processes on revenue cycle management needs an overhaul and it will not be an easy task to break through some of the barriers that have been created over the years under the current leadership.

The Board could also choose to not accept any of the candidates and look at hiring an outside firm to manage the revenue cycle for a period of time. This also has benefits but is unlikely to be considered as the bond rating is scheduled for review in June. It is imperative that some stability be shown in the financial aspects of the organization to prevent a further lowering of the Bond rating. Having a CFO in place appears to be the option the Board considers best at this time.