CFO Dominic Nakis: Advocating Fiscal Responsibility at Advocate Health Care
Dominic Nakis, CFO of Oak Brook, Ill.-based Advocate Health Care, has been with the organization since its inception in 1995, and now the health system is one of the preeminent institutions in the country for healthcare reform and financial stability.
After beginning his career in healthcare at Ernst & Young, Mr. Nakis went to Evangelical Health Systems Corp. in 1995, the same year it merged with Lutheran General HealthSystem to create the system known as Advocate Health Care today.
As CFO, Mr. Nakis oversees all financial operations of Advocate's 10 acute-care hospitals, two integrated children's hospitals and more than 200 other sites of care. In fiscal year 2011, Advocate posted total operating revenue of more than $4.44 billion.
Moody's Investors Service has taken note of Mr. Nakis and the organization's financial prowess, as it recently affirmed the health system's Aa2 credit rating. Moody's analysts credited Mr. Nakis and other executives for growing Advocate's leading market position in the greater Chicagoland area and for keeping a health system of its size under profitable conditions.
As of Sept. 30, 2012, Advocate had an above-average 301 days of cash on hand, as well an operating margin of 5.8 percent and operating cash flow margin of 10.8 percent. Moody's analysts said Mr. Nakis and the entire executive team at Advocate have "strong management capabilities evidenced by the organization's historical ability to absorb operating challenges and continue to generate consistently solid absolute operating cash flow levels," among other strengths, according to the report.
More Articles on Hospital CFO Profiles:
© Copyright ASC COMMUNICATIONS 2012. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.