From an early career as a nurse, Ms. Testman has gained national recognition for her pioneering efforts in value-based care and helping to drive unprecedented transformation as a CFO. She leads the finance division for MemorialCare and has been credited as among the very first to embrace value-based care with many successes over the years. These include the region’s biggest 24/7 virtual options, and her taking a leadership role in creating a diversified care network of four hospitals and hundreds of outpatient locations with hundreds of ambulatory surgery, imaging, dialysis, urgent care, breast health, rehabilitation, dental, primary and specialized care centers, and more. Under her leadership, MemorialCare combines cost discipline with strong clinical outcomes to provide the region’s most value-based employment and health plan contracts, with annual savings to employers and health plans exceeding $200 million. A popular speaker who is often quoted in industry articles, Ms. Testman was among the first nurses to become CFO of an integrated delivery system. She joined MemorialCare in 1998, later became senior vice president of financial operations and was promoted to CFO in 2013.
Becker's Recognition
Karen Testman, RNhas been named a Becker's honoree on the lists below.
2023 Winner

Executives
182 Women’s Hospital and Health System CFOs to Know Women Hospital and Health System CFOs to Know
According to the Crist Kolder Volatility Report, the number of women holding CFO positions at Fortune 500 and S&P 500 companies has nearly doubled over the past decade. Women made up 16 percent of CFOs in 2022.
Female CFOs of hospitals and health systems skillfully handle strategic financial planning, annual budgets, investments and more.
2023 Winner

Executives
182 Women Hospital and Health System CFOs to Know Women Hospital and Health System CFOs to Know
According to the Crist Kolder Volatility Report, the number of women holding CFO positions at Fortune 500 and S&P 500 companies has nearly doubled over the past decade. Women made up 16 percent of CFOs in 2022.
Female CFOs of hospitals and health systems skillfully handle strategic financial planning, annual budgets, investments and more.
2023 Winner

2024 Winner

Executives
Women Hospital and Health System CFOs to Know
Female CFOs of hospitals and health systems skillfully handle strategic financial planning, annual budgets, investments and more.
2024 Winner

Executives
Hospital and Health System CFOs to Know
The chief financial officers featured on this list are helming financial functions for health systems and hospitals throughout the U.S. These leaders are instrumental in strategic financial planning, expansions and joint ventures for their organizations. These CFOs take on responsibility for the financial sustainability of their hospitals and health systems, and are key to their organizations’ overall success.
2025 Winner

2025 Winner

2025 Winner

Hospital & Health Systems
Women Hospital and Health System CFOs to Know
Female CFOs of hospitals and health systems skillfully handle strategic financial planning, annual budgets, investments and more.
2026 Winner

