CFO Joseph Lemaire: Experienced Accounting Base at Holy Name Medical Center
Joseph Lemaire was appointed CFO of Teaneck, N.J.-based Holy Name Medical Center in November 2009 with more than 30 years of healthcare financial experience under his belt — but it was his first post at a hospital.
Before joining Holy Name Medical Center, Mr. Lemaire worked within the healthcare sector of Ernst & Young as a partner, and he also worked at several other public accounting firms.
Mr. Lemaire and the Holy Name Medical Center financial team have recently enhanced the hospital's financial profile, as Moody's Investors Service affirmed the hospital's Baa2 credit rating in June.
Moody's analysts said there has been positive growth at the hospital, as it has a solid 23 percent market share in a "crowded and competitive northern New Jersey market," and there has been strong growth in the outpatient volumes. In fiscal year 2011, Holy Name Medical Center's net patient revenue increased 6.8 percent overall, and it posted a 6 percent operating cash flow margin.
Mr. Lemaire has also continued to improve the hospital's cash reserves, as Holy Name Medical Center boosted its days cash on hand from 88 at the end of FY 2011 to 102 through April 30, 2012.
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