MedicalCenter Hires First Institution-Wide CFO
WINSTON-SALEM, N.C. – Edward G. Chadwick has been selected as executive vice president for finance and chief financial officer of WakeForestUniversityBaptistMedicalCenter, a new position created as part of the MedicalCenter reorganization that began two years ago. Chadwick begins work July 1.
Chadwick will report directly to John D. McConnell, M.D., CEO of the MedicalCenter. The chief financial officers of the MedicalCenter’s two main component institutions, North CarolinaBaptistHospital and Wake Forest University Health Sciences, will report directly to Chadwick while also remaining part of the respective executive teams for the Hospital and Health Sciences.
With 30 years of experience, Chadwick is considered a national leader in health care finance, with specific expertise in systems integration, treasury management and strategic financial planning.
Most recently Chadwick was chief financial officer and senior vice president for Trinity Health, based in Novi, Mich. Trinity is the fourth-largest Catholic health care system in the U.S., with more than $6 billion in revenue, 42 hospitals and nearly 400 outpatient facilities, as well as nursing homes, senior living facilities, home health agencies and hospice programs, in seven states.
At Trinity Health, Chadwick established a strong performance improvement focus and organization-wide commitment to financial stewardship. Earlier this year, Chadwick left Trinity and formed his own company, Integrated Healthcare Financial Strategies LLC, to assist health systems with financial and capital planning.
“We are very pleased that our national search was successful in identifying and recruiting an individual of the caliber of Ed Chadwick for this critically important MedicalCenter position,” McConnell said. “Ed’s career in health care finance has given him the key skills that we need to ensure Wake Forest Baptist’s future success.”
Graham W. Denton, chairman of the Medical Center Board of Trustees, said that he and other members of the board involved in the search process had been particularly impressed by Chadwick’s accomplishments in revenue enhancement, strategic cost reductions and increased investment returns.
“Ed Chadwick has been through a lot of what Wake Forest Baptist is going through right now in terms of strategic planning and instituting processes to ensure proactive financial management at the system level,” Denton said.
Both Denton and McConnell emphasized that the MedicalCenter, BaptistHospital and Wake Forest Health Sciences are already on strong financial footing, thanks to diligent and visionary management by the individual financial teams. Those teams have been working together for more than a year to create a more unified MedicalCenter financial picture.
“Establishing this new position and bringing someone like Ed Chadwick on board will build on what our financial officers and their teams have already done,” McConnell said. “We can now move forward as one organization making the most of our resources in fulfilling our combined missions.”
Chadwick, a native of Ann Arbor, Mich., holds a bachelor’s degree in economics with a minor in mathematics from the University of Michigan and an M.B.A. in finance from the University of Chicago. He and his family have lived for 20 years in Bloomfield Hills, Mich.
“I'm extremely excited about joining such a great organization,” Chadwick said. “This is an exciting time in the history of the MedicalCenter. It has incredible clinical, teaching and research programs, and phenomenal leadership and governance. I look forward to contributing to its even greater success in the future. My wife, Theresa, and I are planning on becoming active in the community and of course cheering for the Deacs!”
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