CFO Len Dryer: 30 Years of Service at Children's Hospital Colorado & Counting
Mr. Dryer worked his way up the ranks before becoming CFO, including roles as accounting supervisor and controller, and as CFO, Children's Hospital Colorado has grown financially every year.
This prompted the Denver Business Journal to award Mr. Dryer as the 2009 "CFO of the Year." He helped the hospital through the financial collapse of 2008, which took a heavy toll on the facility.
Children's Hospital Colorado had just built a new $567 million hospital in 2007, and the organization was saddled with auction-rate bonds with soaring rates as the markets came to a halt, according to the DBJ report. So Mr. Dryer and the financial team issued new debt to convert into fixed-rate securities — a process that takes month or years only took weeks as the hospital was determined to manage the debt responsibly.
Moody's Investors Service recently affirmed Children's Hospital Colorado's high A1 ratings on its $360 million of outstanding debt. Moody's analysts said Mr. Dryer and others within the financial department continue to report high operating performances — operating margins have averaged 7.4 percent over the past seven years, while operating cash flow margins averaged 16.2 percent. The hospital also has an extremely healthy 315 days of cash on hand as of Aug. 31.
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