CFO Warren Forgey: Forging Finances Ahead at Schneck Medical Center
Located 60 miles south of Indianapolis, Schneck may be in a small pond, but its excellent debt service, cash reserves and dominant market share make it a pretty big fish. Licensed for 166 beds, the county-owned hospital commands 67 percent of the market in its primary service area.
S&P upgraded Schneck's credit rating from "A-" to "A" in March last year, and Fitch affirmed its "A" rating of the hospital in November. Through the first nine months of fiscal year 2012, Mr. Forgey and the hospital recorded $121.6 million of unrestricted cash and investments, amounting to a whopping 488 days cash on hand and a 250 percent cash-to-debt ratio.
Mr. Forgey joined the hospital as assistant controller in 1992 and has been its CFO since 1996. Before Schneck, he was a financial analyst for Bloomington Hospital in Indiana since 1976.
If you have more information or updates for this profile or would like to recommend a leader to be profiled in the future, please contact Lindsey Dunn, editor in chief, Becker's Hospital Review at email@example.com.
More Articles on Hospital CFO Profiles:CFO Richard Jones: Financial Comprehension at Reading Hospital
CFO Brian Balutanski: Locked in at Lock Haven Hospital
CFO Kelly Utley: Reinvesting in Sidney Regional Medical Center
© Copyright ASC COMMUNICATIONS 2017. 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.