CFO Robert Shapiro: North Shore-LIJ's Financial Foundation
Within the past several years, North Shore-LIJ expanded into the Manhattan region for the first time, completed the LEED platinum-certified Katz Women's Hospital at North Shore University Hospital in Manhasset, N.Y., and increased its total operating revenue to roughly $6 billion.
Mr. Shapiro has played a large role in the rise of North Shore-LIJ, as he oversees the treasury, budget, financial and strategic planning, capital access, insurance, investment and all other financial affairs. He first joined the health system in 1984. Before becoming CFO in 2000, he served as director of finance/assistant administrator as well as vice president of financial operations.
Mr. Shapiro, who is also an adjunct professor at Hofstra University in Hempstead, N.Y., teaching a graduate-level health systems finance course, recently outlined the system's financial goals. In the short- and mid-term plans, he says North Shore-LIJ plans to be more efficient in cutting cuts and focus more on population health, similar to many other hospitals and health systems across the country. The long-term goals stretch much further, though.
"There are redundant administrative costs," Mr. Shapiro says. "Insurance companies have an administrative structure, and we have an administrative structure. You don't need both. We're going to start small, take risk on a population, get better at it and expect to have our health plan. The long-term plan is to be successful as an insurance company."
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