CFO Daniel Morissette: Driving Stanford Hospital's Fiscal Health
Stanford Hospital & Clinics in Palo Alto, Calif., is currently on an 11-year, $3 billion capital plan to replace, expand and renovate major portions of its hospital campus to comply with California's seismic mandates, and CFO Daniel Morissette is heading the charge to balance that initiative with the overall fiscal health of the academic medical center.
SHC continues to have a strong credit rating, as Fitch Ratings recently rated its $475 million in revenue bonds at AA-. Fitch analysts said SHC's operating profitability has been "robust" over the past four fiscal years, and a strong cash flow is helping the hospital system prepare for the large capital plan.
Mr. Morissette has served as SHC's CFO since August 2007 and has helped fortify SHC's solid financial profile. In FY 2011, SHC generated operating and operating EBIDA margins of 7.9 percent and 14.4 percent, respectively. Those are well above Fitch's AA medians of 4.3 percent and 10.6 percent.
Before joining SHC, Mr. Morissette served for four years as senior vice president of finance and strategy at the University of Toledo (Ohio) Medical Center during the health system's merger with the University of Toledo. Prior to that tenure, he served various executive roles at the Herman M. Finch University of Health Sciences at The Chicago Medical School for 11 years, including senior vice president and CFO.
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