As financial pressures mount across the hospital sector, CFOs are doubling down on strategic growth — not only to stabilize margins, but also to better serve their communities, expand access and invest in the future of care. For several healthcare leaders, growth is as much about mission as it is about metrics.
“We see growth in making care more accessible and reliable for the communities we serve,” Rick Carrico, CFO of Louisville, Ky.-based Baptist Health, told Becker’s. “By expanding our provider network and extending key services beyond our hospital campuses, patients will have more convenient options for the care they need. At the same time, we’re focused on ensuring that every investment we make here at Baptist Health, builds on the safe, high-quality care patients know and trust, while further enhancing their overall experience.”
That community-first mindset is also guiding planning at St. Vincent Hospital in Worcester, Mass., where Interim CFO Kelly Johnston sees opportunity in deepening local trust and tailoring services to patient needs.
“Over the next two to three years, St. Vincent has a tremendous opportunity to deepen its role as a trusted partner in the community,” Ms. Johnston said. “Our focus will be on ensuring that access to care is clearly communicated and that the services we offer truly reflect the needs of the people we serve. This means building strategic partnerships and expanding specialty services that align with our patients’ priorities.”
She added that physical and digital infrastructure must evolve in tandem. “We are committed to investing in the health of our facility — through proper maintenance and upgrades to our aging clinic space, as well as advancing our electronic health record system. These improvements will not only sustain high-quality care but also position St. Vincent to thrive and grow in step with the community’s needs.”
Other health systems are focusing growth plans on expanding core service lines and capitalizing on areas of proven demand. For example, Lawrence, Kan.-based LMH Health is doubling down on oncology, cardiology and orthopedics, alongside efforts to grow pharmacy operations.
“Our biggest growth opportunities are in large service lines and the expansion of our pharmacy operations,” LMH Health CFO Rob Chestnut told Becker’s. “We just completed a $15 million expansion of our Cancer Center. We have seen growth since its opening and believe this will continue at a significant rate over the next few years.”
LMH Health’s next expansion is in cardiology, and over the next 24 months aims to add a second catheterization lab. The health system operates a regional orthopedics program that leaders also aim to grow significantly in the coming years.
“Finally, we will have a specialty pharmacy program running by the end of 2025,” Mr. Chestnut said. “Our next move in pharmacy will be to expand our retail presence in the community over the next few years.”
Caswell Samms III, CFO of Jacksonville, Fla.-based Nemours Children’s Health, also emphasized service line growth with a pediatric focus. Over the next two to three years, the health system will expand capacity through various strategic initiatives in Florida and the Delaware Valley.
“This includes targeted investments in high-acuity pediatric specialty programs such as orthopedics, cardiology, maternal–fetal medicine, neonatology and oncology,” Mr. Samms said. “We are also advancing innovation in value-based care through the global budget model in Delaware. By continuing to operate as a unified health system, Nemours will strengthen brand recognition and foster strategic partnerships — ensuring we deliver the highest quality pediatric care across all our service areas.”
At Schoolcraft Memorial Hospital in Manistique, Mich., CFO Eric Price is focusing on operational efficiency and data as a lever for sustainable growth.
“Our biggest growth opportunity over the next two to three years would be to continue to expand access to our specialty services as well as evaluating ways to become more efficient and cost-effective for the delivery of all care areas,” Mr. Price said. “We are also working to improve the quality and content of data which we are capturing in order to deliver information to our Board, CEO, and key stakeholders as we navigate the next few years. Being able to understand the reasons the trends we are seeing in utilization of services are occurring will assist us in managing growth opportunities and reducing avoidable costs. Effective strategic management requires accurate, timely, and effective financial and operational metrics.”
CFO Garrick Stoldt of Saint Peter’s Healthcare System in New Brunswick, N.J., similarly highlighted growth tied to outpatient services and clinical technologies.
“We have several growth opportunities,” Mr. Stoldt said. “First, we have multiple locations for expanding our ambulatory footprint. As more services are moving to outpatient services, a system’s ambulatory services service area is even more important. Second, we have identified physician services that we can inspect specifically in subspecialties. Third, we have a number of opportunities to expand use of AI in both clinical and revenue cycle services.”
And for Jim Heilsberg, CFO of Tri-State Memorial Hospital and Medical Campus in Clarkston, Wash., the current climate puts survival at the center of any growth strategy.
“[The] answer is — surviving the Big Beautiful Bill,” Mr. Heilsberg said.
His response — succinct and pointed — underscores the reality for many CFOs today. Amid policy shifts, financial strain and workforce shortages, growth isn’t always about expansion. Sometimes, it’s about staying resilient enough to keep going.
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