CFO Mike German: Upholding Positive Operations at Lee Memorial Health System
In June, Moody's Investors Service affirmed the A2 ratings on Lee Memorial's $420.4 million of bonds. The ratings agency credited Mr. German and the health system for fighting back from the economic recession of 2008, which severely impacted its market.
Fiscal year 2011 marked the third straight year of stable operating profitability for Lee Memorial, as it posted a 2.2 percent operating margin and a 9.4 percent operating cash flow margin. Mr. German has also helped boost Lee Memorial's unrestricted cash and investments ($507.3 million), leading to 145 days cash on hand as of March 31, 2012.
Before joining Lee Memorial, Mr. German was the controller for Carson Tahoe Health in Carson City, Nev. He also has 10 years of experience in organizations outside healthcare.
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