WINSTON-SALEM, N.C. – March 13, 2014 – Wake Forest Baptist Medical Center
today announced a leadership change in its finance department.
Vice President and Chief Financial Officer (CFO), Edward G.
Chadwick, M.B.A., has decided to leave the Medical Center at the conclusion
of his five-year contract, effective June 30, so that he and his wife can
relocate to the Midwest to be closer to their family.
joined the Medical Center in 2009 as the first CFO and has made very
significant contributions to position the organization for long-term
success. These include an important role in defining and implementing the
Medical Center’s integration structure, redesigning the Medical Center’s
treasury structure and implementing finance processes to support and expand the
minimize disruption, Chadwick has offered to facilitate the transition to new
leadership in the finance department and will continue to serve as executive
vice president until his departure. He will focus on affiliation discussions
and other strategic priorities to help position the organization for success in
new models of value-based health care.
want to thank Ed for his commitment and significant contributions to the
organization during the past five years,” said John D.
McConnell, M.D., chief executive officer, Wake Forest Baptist Medical
Center. “He played an important and visionary role during a time of great
transformation within the enterprise and his work positions us strongly for the
Michael Rutherford, M.B.A., has been named as the new CFO at the Medical Center
and joins the organization on March 17. Rutherford has more than 30 years of
experience in financial and operational leadership within large academic
medical centers and integrated health care systems. He brings expertise in
strategic and financial planning, managed care contracting, physician
alignment, revenue cycle, mergers and acquisitions, and growth and expansion
initiatives. Rutherford will be responsible for all day-to-day operations
of the Medical Center’s finance and treasury functions and will report to the
comes from The Ohio State University, Wexner Medical Center, where he
previously served as CFO, directing all financial activity for the $2.7
billion-a-year enterprise, and as senior associate vice president, Office of
Health Sciences, focusing most recently on payment transformation initiatives
including capitation and bundled payments for the Ohio medical center. As CFO,
he created a long-range financial plan for The OSU to model health reform
scenarios and identify strategies necessary to adapt to the creation of health
insurance exchanges, mandatory insurance coverage, expansion of Medicaid and
increasing pricing transparency, resulting in a five-year expense reduction
goal of $100 million per year. He successfully implemented Wexner’s Epic
revenue cycle system, including registration, scheduling, billing and
collections. Immediately prior to his work at The OSU, Rutherford served as
system vice president and CFO at Summa Health System and as CFO at Sisters of
Charity Health System in Ohio. He holds master’s and bachelor’s degrees in
business administration from West Virginia University.
and his wife, Debbie, have four children ranging in age from 19 to 30, and are
relocating to Winston-Salem.