Affiliate chief financial officer for Sonoma Valley Hospital and Palm Drive Hospital, Marin General Hospital, 100B Drakes Landing Rd., Greenbrae 94939; 707-935-5003; maringeneral.org
Employees: 700 at Sonoma Valley and Palm Drive hospitals
Professional background: CPA; seven years of public accounting experience, four directly related in health care; five years working for a Medicare; more than 26 years in health care, 14 years working at hospitals and six years as a CFO.
Education: BBA and MPA
What's the essential role of a financial leader in the current environment?: With all the changes coming in health care, CFOs need to be very strategic and need to embrace the upcoming changes and adapt to the rapid changes. CFOs need to lead and not just be "bean-counters."
What are the biggest changes in your industry?: The biggest change in hospital care is the transition from inpatient care to outpatient care. This change was the result of new technology and new federal regulation and enforcement activities.
What challenges and opportunities have your organization met recently?: Working in small hospitals has its own unique opportunities. Hospitals are very complex entities. The biggest challenge that I have faced is to manage the hospital in a way to improve the quality of patient care, while at the same time controlling costs and reducing overhead costs.
What's your advice for young emerging financial leaders?" Be open to new ideas and change. If there is one thing for certain in business today, it is change. You need to be prepared for this change by being open and adapting. This is an exciting time in health care, if you are ready for reform.
How does an organization like yours weather today's economy?: Be prepared and adaptable to the unknowns that are coming with reform. Providers need to transition from providing "episodes of care" to managing population health.
How do you think your business will change in the next five years?: Health care is changing from providing episodes of care to managing the health of those your serve. In a fee-for-service environment, the more you do, the more you make.
[caption id="attachment_78049" align="alignleft" width="200"] Richard Reid[/caption]
In managing population health, the fewer services you provide, the more you make because you are taking an active role in the health maintenance and management of those you serve.
What decision you wish you hadn't made?: To move to Florida. The grass is not greener on the other side of the fence.
What's your most memorable business experience?: In the last two years working for Marin Hospital as their affiliate CFO has given me the opportunity to lead change in a way to secure the future for small hospitals. This was very rewarding because it has brought hope and opportunity.
What is your greatest business success?: The turnaround at Palm Drive is something I am proud of. Working together as a team, we have implemented new systems and new processes that have brought opportunity to the hospital.
The partnership that is being built between the member hospitals of our system is building a strong united system that is based on common goals and opportunities rather than the traditional ownership model.
What was your toughest business decision?: Closing a business unit is a difficult decision, because it impacts many people on many levels.