CFO Michael DeVaughn: Driving WakeMed's Financial Performance
For the past 24 years, Michael DeVaughn has served as CFO of WakeMed Health & Hospitals, the 870-bed private healthcare system based in Raleigh, N.C., and he has helped the system grow in a financially stable bastion in Wake County.
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.
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