Just over six years after exiting bankruptcy, Philadelphia-based St. Christopher’s Hospital for Children is focused on strategic growth and charting a path toward long-term sustainability.
“Coming out of bankruptcy, it’s much more detail oriented in terms of where the uses of cash are,” Edward Bleacher, CFO of St. Christopher’s Hospital for Children, said during a Becker’s “CFO+Revenue Cycle Podcast” episode. “You’ve got to be far more critical than you would expect in terms of how you’re using your cash. You’ve got to hold the line in terms of return on investments, anticipated value upstream in terms of the few bets that you have when you’re coming out. You’ve got to reestablish continuity in the market.”
Mr. Bleacher joined St. Christophers in December 2020, about one year after the 180-bed hospital exited bankruptcy when it was purchased in partnership by West Reading, Pa.-based Tower Health and Philadelphia-based Drexel University.
He also stressed the need post-bankruptcy to rebuild credibility with families in the surrounding neighborhoods.
“You come out with a bit of a bad aura from bankruptcy, because the neighborhoods and the region are not exactly sure of your stability and whether to trust you with, in our case, their children or to trust you as a patient, in terms of longevity of care,” he said. “Reestablishing that is core, in terms of embracing your neighborhoods and communities and getting families to trust you again to come and get care.”
With St. Christopher’s now on solid financial ground, Mr. Bleacher said the hospital is turning its attention to smart growth.
He said leadership is closely analyzing service lines and market opportunities, with surgical services like cardiac care, gastroenterology and orthopedics identified as key financial drivers. Higher-complexity procedures like cardiothoracic and neurosurgical services represent longer-term investment opportunities with strong potential returns.
From a leadership perspective, Mr. Bleacher urged financial leaders to be nimble and invest in detailed long-term models, fostering a culture of financial stewardship across their entire organizations, not just within finance departments.
“We’re in an era of efficiency and productivity at its highest peak,” he said. “In order to achieve that, partnerships are important.”
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