CFO Paul Nicholson: Advancing University of Maryland St. Joseph Medical Center

Paul Nicholson became CFO of St. Joseph Medical Center in Towson, Md., on Dec. 10, less than two weeks after it changed ownership from Englewood, Colo.-based Catholic Health Initiatives to Baltimore-based University of Maryland Medical System. The hospital was in tumultuous times, as CMS had rejected its application for Medicare reauthorization just before he arrived, meaning the hospital could not bill the federal program until it re-established its contract. Each day, the hospital was losing, on average, $400,000 in lost Medicare revenue.

Paul Nicholson is CFO of St. Joseph Medical Center.Immediately, Mr. Nicholson and his team made changes and filed a new application by Dec. 14, and the contract was reinstated in February. The hospital and regulators are still discussing options for retrospective reimbursements, but Moody's Investors Service all the same assigned an "A2" rating on a total of $354.2 million of parent company UMMS' debt. The credit rating agency praised UMMS' brand strength, operating performance trends and close relationship to public funders who provide approximately $3.2 million annually in appropriations for uncompensated care and $95 million for capital improvements.

Mr. Nicholson held several previous CFO roles at Washington Adventist Hospital in Takoma Park, Md., and at UMMS-affiliated Kernan Hospital in Baltimore.

He has a bachelor's degree in hospital administration from Concordia College and an MBA in healthcare administration from the Baruch College at City University of New York.

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