CFO Michael DeVaughn: Driving WakeMed's Financial Performance
This week, Fitch Ratings affirmed WakeMed's AA- rating on its long-term debt — one of the four highest credit ratings — and Mr. DeVaughn has helped establish that secure financial standing.
Currently, WakeMed has almost 45 percent of the inpatient market share in Wake County, which Fitch analysts called a "key credit strength." In the first six months of the 2012 fiscal year, WakeMed has posted an "excellent" 5.6 percent operating margin and a 14.1 percent EBITDA margin.
Mr. DeVaughn has also improved WakeMed's liquidity, which Fitch analysts said is "solid" for its rating level. As of March 31, 2012, WakeMed had $572.8 million in unrestricted cash and investments, which equated to 240.7 days cash on hand and a cash-to-debt ratio of 129.3 percent.
Previously, Mr. DeVaughn was CFO of Johnston Memorial Hospital in Smithfield, N.C., and CFO of Halifax Regional Hospital in South Boston, Va. He is also a member of the American Institute of Certified Public Accountants and the North Carolina Association of CPAs.
More Articles on Hospital CFO Profiles:
© Copyright ASC COMMUNICATIONS 2014. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.
To receive the latest hospital and health system business and legal news and analysis from Becker's Hospital Review, sign-up for the free Becker's Hospital Review E-weekly by clicking here.