October 29, 2020 – Following a nationwide search, Furst Group, which serves the healthcare and insurance coverage industries, assisted Baystate Well being in Springfield, MA, within the hiring of Raymond McCarthy as treasurer and chief monetary officer.
Mr. McCarthy has served as interim CFO since March. “Ray has labored tirelessly and elegantly to maintain our well being system financially secure throughout the pandemic and the accompanying recession, guaranteeing that Baystate Well being obtained its fair proportion of state and federal reduction {dollars} and deployed its sources flexibly and successfully,” mentioned Mark A. Keroack, president and CEO of Baystate Well being.
“He has over 25 years of well being care expertise serving in lots of monetary management capacities inside Baystate Well being, with rising tasks and earned recognition as a frontrunner in his area,” mentioned Dr. Keroack. “His breadth and depth of economic expertise and alignment to Baystate’s values ideally place him to take the helm as senior vp and chief monetary officer.”
Mr. McCarthy shall be accountable for offering system-wide imaginative and prescient, strategic course and operational management of all features of finance to make sure the general monetary well being of Baystate Well being. He’ll assist lead Baystate Well being’s ongoing transformation from a standard fee-for-service healthcare system to 1 that focuses on inhabitants well being and value-based supply options.
Firm Veteran
In his earlier position as vp of finance for Baystate Well being, and CFO of Baycare Well being Companions, Mr. McCarthy was accountable for centralized monetary assist companies, together with investments, treasury companies, monetary reporting and accounting, accounts payable, payroll, and tax and managed care contracting. He started his profession at Baystate Well being in 1993 as a senior price range analyst and has served within the roles of controller for well being New England and director of finance for Baystate Medical Practices in addition to director of managed care and chief monetary officer for each Baycare Well being Companions, which is the well being system’s doctor hospital group, and Baystate Medical Practices.
Mr. McCarthy led Baystate Well being’s monetary transition to being an accountable care group, adopting value-based preparations, and advancing inhabitants well being approaches whereas persevering with to supply conventional monetary evaluation, planning, reporting, budgeting and income cycle tasks. Mr. McCarthy’s prior experiences embrace the roles of director of finance at Cigna and CFO for Northeast Medical Group, a part of Yale New Haven Well being System.
Baystate Well being is a not-for-profit built-in well being system. The system has 4 hospitals, over 80 medical practices and 25 reference laboratories. With 12,000 workers, together with 1,600 physicians, it’s one among Massachusetts’ largest employers.
Healthcare Recruiting
Furst Group, which is headquartered in Rockford, IL, companions with lots of the premier healthcare organizations on the earth, from suppliers and payers to life-science firms and personal fairness/enterprise capital companies. Whereas Furst Group’s roots are in managed care, the agency continues to be one of many nation’s main government search companions to well being techniques, hospitals, educational medical facilities, post-acute and hospice and palliative care amenities. Its work with insurers stretches again to the HMO period, but the agency additionally groups with life-science, pharmaceutical and medical gadget firms.
Furst Group additionally has workplaces in Phoenix, AZ; Radnor, PA; San Francisco; Brentwood, TN; Chicago; Irving, TX; Minneapolis, MN; Seattle; St. Louis; and Washington, D.C.
New Pressures on CFOs
Immediate concerns around cash flow, liquidity and the bottom line are taking precedence at many companies due to continued fallout from the pandemic. However there are high-value classes rising from the present well being and financial disaster that chief monetary officers ought to keep in mind, in accordance with recruiters specializing find expertise for finance useful roles.
Executive Search Review Special Issue: Financial Services Recruiting
Hunt Scanlon Media has simply launched our newest particular challenge of ESR. This time round we take an in-depth take a look at the challenges monetary companies companies are going through of their hunt for brand new expertise.
We cowl all of it: How CFOs are confronting new layers of danger within the pandemic period; the speedy and dramatic change coming on the CFO; utilizing folks analytics to amass prime expertise, predict efficiency & scale back turnover; and why banks are turning to look companies. We even present our newest “Monetary Fifty Recruiters” rating of economic companies search companies! On this particular challenge of ESR, Hunt Scanlon editors take a rare inside take a look at recruiting throughout these unprecedented instances. Click here and luxuriate in.
This COVID-19 disaster has thrust CFOs into the highlight as by no means earlier than, they report, whereas the pandemic itself has additionally created a singular enterprise atmosphere through which CFOs are uniquely positioned to drive enterprise worth throughout the restoration section, which is predicted to come back in 2021 and 2022.
All too many firms right now are determined to get as a lot money on their steadiness sheets as potential to be able to trip out the storm of COVID-19, say recruiters. Backside-line pressures are forcing many companies to shift their forecasting methods, discover new services — and even broaden into different gross sales and supply channels. The perfect CFOs are spearheading that effort.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media
— to huntscanlon.com
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