CFO Tom Thompson: Finding Fiscal Stability in Rural West Virginia
Tom Thompson, CFO of Raleigh General Hospital in Beckley, W.Va., has more than 23 years of healthcare financial experience, but managing the finances in rural West Virginia has been his forte.
Before joining RGH, part of Brentwood, Tenn.-based LifePoint Hospitals, Mr. Thompson served as CFO of Plateau Medical Center in Oak Hill, W.Va., and St. Joseph's Hospital in Parkersburg, W.Va.
As CFO, Mr. Thompson oversees all financial aspects of RGH, and in 2010, RGH invested more than $10.7 million into its facilities and provided more than $214.7 million in uncompensated care — which included charity care, bad debt, unpaid costs of Medicare and Medicaid, property taxes and all other state and local taxes.
Mr. Thompson, a member of the 2012 CFO council for LifePoint Hospitals, also managed the revenue, which reached $393 million in fiscal year 2011. The 201-bed RGH was able to record $11.1 million in net income that same year for a profit margin of 2.8 percent.
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