CFO Kevin Brennan: Trailblazing Bundled Billing at Geisinger Health System
The integrated Geisinger Health System, based in Danville, Pa., is something of a fiscal litmus test for hospital systems, surely keeping CFO Kevin Brennan, CPA, on his toes.
Geisinger is known for pioneering an innovative bundled payment model, set in place in 2010, allowing patients to purchase packages of care at fixed monthly costs. After two years of implementation, the organization took in $2.9 billion in revenue in fiscal year 2012, 11.7 percent more than the previous year, with a 5.3 percent operating margin.
"As a not-for-profit organization, we reinvest every dollar we make into enhancing healthcare for the people of central and northeastern Pennsylvania," Mr. Brennan said in Geisinger's 2012 annual report. "Our charitable mission, combined with our financial strength, makes it possible for us to reinvest in our people, programs, facilities and technology, further our research efforts, train medical professionals and serve as a major driver of the regional and state economy."
Mr. Brennan previously served as CFO of the Penn State Geisinger Health System from 1997 to 2000. Before that, he served as vice president of finance for Saint Michael's Medical Center in Newark, N.J., and vice president of finance for The Germantown Hospital and Medical Center in Philadelphia.
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