CFO Kimberly Osborne: Financial Improvement at Eisenhower Medical Center
Eisenhower Medical Center, a 540-bed hospital in Rancho Mirage, Calif., has seen its ups and downs over the past decade, and Kimberly Osborne is rebuilding the hospital's financial base step by step.
Ms. Osborne, CFO of EMC, has been with the medical center since October 2009. Fitch Ratings recently affirmed EMC's "BBB" rating on the hospital's more than $400 million in outstanding revenue bonds, and Fitch analysts said Ms. Osbourne and the financial team have helped the hospital record a positive 2012 fiscal year.
EMC's profitability and cash flow improved in FY 2012 due to labor saving measures and increased commercial and Medicare rates, according to Fitch's report. EMC's operating EBITDA margin was 10.5 percent compared with 6.7 percent in 2011, and Ms. Osbourne has built the hospital's cash reserves to 134 days cash on hand, which is on par for Fitch's "BBB" category medians.
Ms. Osborne and EMC's executive team have also been investing in a regional growth strategy, which includes more outpatient clinics and employed primary care physicians. "Eisenhower maintains the leading market position in its service area, and Fitch expects these investments to result in benefits over the long term," according to the report.
Before joining EMC, Ms. Osborne was the vice president and controller for Stanford Hospital & Clinics in Palo Alto, Calif. She also has more than 18 years of finance executive experience at various public and private banks, mortgage banks and public accounting firms in California and Canada.
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