CFO John Mordach: Exceeding the Median at Rush University Medical Center
John Mordach, CFO of Rush University Medical Center in Chicago, is a veteran of academic medical centers across the country — and he also knows about to keep academic medical centers above the medians.
Mr. Mordach became senior vice president and CFO of Rush University Medical Center in February 2011. Previously, he served as CFO of Loyola University Health System in Maywood, Ill., and vice president of finance at University of Chicago Hospitals and Health System, both top academic medical centers in the Chicagoland area.
He also was CFO of Edward Hospital and Health Services in Naperville, Ill., and vice president of finance for Tufts Medical Center in Boston, formerly known as New England Medical Center.
With more than 25 years of healthcare experience at many of the top hospitals in the Midwest and East Coast, it's no surprise Mr. Mordach has also helped Rush its financial profile. Earlier this month, Fitch Ratings upgraded Rush's $558.4 million of outstanding debt to "A" from "A-" with several key rating drivers.
Fitch analysts said Rush's operating and operating EBITDA margins have exceeded Fitch's "A" rating category medians in each of the past four fiscal years — Rush recorded an operating margin as high as 6.3 percent and an operating EBITDA margin as high as 12.2 percent. The hospital's modest capital spending in the future should also boost its liquidity metrics.
"The upgrade to 'A' from 'A-' is based primarily on Rush's consistently strong operating profitability combined with the successful completion and opening of its new patient and clinical care tower on the Rush University Medical Center campus," according to Fitch's report. "The completion of the campus transformation project significantly reduces the development and financial risk assumed by the corporation and should allow for growth in balance sheet liquidity due to lower future capital spending requirements."
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