CFO Joe Guarracino: Changing the CFO Role at The Brooklyn Hospital Center
Joe Guarracino has been senior vice president and CFO of The Brooklyn (N.Y.) Hospital Center since December 2007, and the hospital has regained its financial footing thanks to Mr. Guarracino's renewed focus on operations rather than just financial management.
The Brooklyn Hospital Center, Brooklyn's first hospital and an affiliated hospital of NewYork-Presbyterian, emerged from bankruptcy in 2007. Mr. Guarracino spoke last year at the Becker's Hospital Review Third Annual Meeting, and he said there are a lot of challenges to managing a safety-net institution. For example, his hospital usually has less than 20 days of cash on hand, and 70 percent of its payor mix is Medicaid.
However, he helped improve The Brooklyn Hospital Center's finances by growing the primary care base, finding access to capital and improving the hospital's culture.
"I have two titles — CFO and chairman of the employee engagement team," Mr. Guarracino said last year. "I talk to all nurses, recruiting, go out to dinner with doctors. [Being a CFO] is more than the treasury and revenue cycle — it's becoming an operational CFO."
Before joining The Brooklyn Hospital Center, Mr. Guarracino served as CFO of Vassar Brothers Medical Center in Poughkeepsie, N.Y. At that time, he also was the assistant vice president of the hospital's parent organization, Health Quest, which is based in LaGrangeville, N.Y.
Mr. Guarracino will be a speaker at the Becker's Hospital Review 4th Annual Meeting, May 9-11, in Chicago. For more information on the event, or to register, please click here.
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