Kevin Smith has been named CFO of Renton, Wash.-based Providence, effective Oct. 26.
In his new role, Mr. Smith will oversee Providence’s capital allocation, enterprise financial strategy, operational performance and planning, according to an Aug. 19 news release.
Mr. Smith currently serves as CFO of St. Louis-based SSM Health, a 24-hospital health system with more than 40,000 employees.
With more than two decades of financial leadership experience, Mr. Smith also served in senior financial leadership positions at Parole, Md.-based Luminis Health, Allentown, Pa.-based Lehigh Valley Health Network, King of Prussia, Pa.-based Universal Health Services, and Philadelphia-based University of Pennsylvania Health System.
“I am honored to join Providence, an organization recognized for its innovation, value-based care impact and unwavering commitment to its Mission and values,” Mr. Smith said in the release. “Providence has taken important steps to strengthen its financial future, and I look forward to partnering with the leadership team and caregivers to support that work and advance the organization’s Mission.”
The 51-hospital health system saw a $64 million operating income (0.8% margin) for the three months ended June 30, 2026, up from a $24 million income (0.3%) during the same period last year.
Providence’s president and CEO Erik Wexler also detailed in mid-August the health system’s turnaround from a $225 million operating loss in the first half of 2025 to $175 million in operating income for the first six months of 2026. He pointed to five actions: reducing subsidiaries and support entities, reevaluating underused services, cutting reliance on agency and contract labor, limiting how many initiatives moved forward at once and winding down the system’s health plan.
“We took a very intentional, multifaceted approach,” Mr. Wexler told Becker’s. “What we did was really put together key metrics and limit the scope of what was needed to turn the organization around.”
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