Tufts Medical Center Physicians Organization Vice President and Chief Financial Officer

Boston, Massachusetts

Leadership Profile

February 2020 400 TradeCenter, Suite 5900, Woburn, MA 01801 781-938-1975 www.zurickdavis.com

The Opportunity

The Vice President and Chief Financial Officer (VP/CFO) for Tufts Medical Center Physicians Organization (PO) will provide strategic financial leadership to the organization, guiding the leadership team to achieve a sound and stable financial future in support of its membership. This is an opportunity for an experienced healthcare financial leader with entrepreneurial aptitude to support the academic chairs in optimizing their financial strength. In addition, the VP/CFO will improve the financial operations of the PO through further refinement of infrastructure, maximization of revenues and expert management of resources.

The Organization: Tufts Medical Center Physicians Organization

The Tufts Medical Center Physicians Organization is known for its commitment to excellent population health through collaboration between its primary care physicians and specialists and the historic and long- term commitment to community partners. A significant number of community physician partners are members of the New England Quality Care Alliance (NEQCA). The PO is comprised of the 18 academic departments of Tufts Medical School, including over 625 employed physicians, 44 PhD researchers, 60 advanced care practitioners and the administrative and financial operational support functions for those departments. The PO supports the academic mission of patient care, teaching, and research. The organization generates revenues of $275M per year derived from various sources including public and private payor reimbursements for patient care services, federal support for graduate medical education and research, Tufts University School of Medicine payments for faculty, and contractual payments for the provision of professional services to other hospitals. In total, the PO employs 685 FTEs, with 680 in the academic divisions and five within the PO operations.

In January 2016, Craig Best, MD, MPH became President and CEO of the Tufts Physicians Organization. Dr. Best was formerly the Medical Director, Business Development Lead, and Chair of Obstetrics and Gynecology for the Reliant Medical Group in Worcester, MA. At Reliant, Dr. Best secured key strategic partnerships, helped develop a narrow network health insurance product, and significantly grew the OB/GYN department and improved patient satisfaction. He also served as Chief of Obstetrics and Gynecology at St. Vincent Hospital in Worcester and Clinical Associate Professor of Obstetrics and Gynecology at the University of Massachusetts. Prior to that, he served as Chief of Gynecology for Carney Medical Group at Carney Hospital. Between 1994 and 2006, Dr. Best launched and led IVPCARE Inc., a Texas-based Inc. 500 company that became the largest specialty pharmacy in the US serving the fertility sector. He earned his bachelor’s degree in Biochemistry from Pacific Union College in California and his MD and MPH at Loma Linda University School of Medicine and School of Public Health, also in California. He performed his residency in Obstetrics and Gynecology at the University of California San Francisco and two fellowships at Brigham and Women’s Hospital and Harvard Medical School.

Tufts Medical Center and the Floating Hospital for Children In 1796, a group of public-spirited Bostonians established the Boston Dispensary as the first permanent medical facility in New England and one of the first in the country. The Dispensary’s founders funded vouchers that enabled the city’s poor to receive medical care; one of the original vouchers was signed by Paul Revere and can be viewed at the Historical Society. The Dispensary building is still on the TMC campus today.

400 TradeCenter, Suite 5900, Woburn, MA 01801 781-938-1975 www.zurickdavis.com 2

Tufts Medical Center (TMC) is a renowned 220-year-old academic medical center with adult and children’s hospitals. The Medical Center provides the most complex and advanced care in downtown Boston and provides secondary care to the community through its network partnerships. It is the principal adult and pediatric teaching center for Tufts University School of Medicine. TMC is recognized as the region’s value provider, achieving outstanding quality, safety and patient experience ratings while maintaining a lower cost.

Patient Care: Tufts Medical Center

• Tufts Medical Center has 415 beds • Employed physicians – 625 • Employees – Approaching 6,000 • Physicians in the New England Quality Care Alliance - 1721 • Level 1 Trauma Center for adult and pediatric emergency care Resident and Fellows – 451 • Perform more heart transplants than any other academic medical center in New England. • NEQCA is in risk contracts with both the federal and state government as well as most of the large commercial plans and has been a strong performer in both quality and patient experience compared to benchmarks. • Tufts Medical Center’s Primary Care offices in Framingham, Quincy, Wellesley and Boston have achieved Level lll for Patient-Centered Medical Homes by NEQCA.

Financial and Operational Highlights: Tufts Medical Center Over the past three years, Tufts Medical Center has increased operating margins and strengthened financial performance by focusing on growing the volume of high acuity patients. Statistics from our most recent year end results:

Patients Served:

• Discharges (including bedded outpatients) – 23,158 • Inpatient Days – 100,632 • Average Daily Census – 293 • Outpatient Visits – 395,205 • ER Visits – 46,112

Finances:

• Total Revenue - $929 million • Operating Margin – 3.7% • Cash/Investments - $358 million • Days Cash on Hand – 159.7 • Bond Rating – BB+ with stable outlook (Stable Outlook as of January 2019; Moody’s and Fitch; at the Wellforce level, see below)

400 TradeCenter, Suite 5900, Woburn, MA 01801 781-938-1975 www.zurickdavis.com 3

Medical Education and Academic Affiliations

Tufts Medical Center is affiliated with the Tufts University School of Medicine (TUSM), a leader in innovative medical education and advanced research. Most physicians at Tufts MC receive faculty appointments at TUSM and many clinical chairs also serve as TUSM academic chairs. Through its bylaws, the Dean of TUSM is an ex officio member of the Tufts Medical Center Board of Trustees. Trainees benefit from the close relationship with TUSM by gaining access to their substantial resources including medical libraries, research laboratories and meeting spaces. Trainees also participate in teaching medical and other graduate students. Tufts Medical Center also has academic training affiliations with 57 hospitals and health centers. There are currently 53 programs and nearly 450 trainees. The residency and fellowship programs partner with area hospitals to give trainees experience in the localized healthcare approach and a diverse caseload. These partnerships also help community hospitals because they provide patients access to care from some of the emerging leaders in the field of medicine. Currently, training partnerships include: • Beth Israel Lahey • Lawrence General Hospital • Lemuel Shattuck Hospital • Melrose-Wakefield Hospital • MetroWest Medical Center • St. Elizabeth’s Medical Center • Winchester Hospital • VA Boston Healthcare System

The Tufts Medical Center Network Wellforce – An organization founded by Tufts Medical Center and Circle Health Alliance at Lowell General Hospital in 2015. Wellforce is a value-driven network of providers who are committed to better and more affordable care that is more likely to result in a well-supported clinician patient relationship. Wellforce is distinguished by innovations in care integration, population health management, access and operational excellence. The Wellforce board has representatives from the three organizations and each hospital maintains its own independent board and CEO. The benefits of the Wellforce partnership are scale, technological collaborations, population health initiatives, and clinical specialty network integration providing the best hospital care environment for each adult and pediatric patient. In January 2017, Hallmark Health, consisting of Melrose-Wakefield Hospital and Lawrence Memorial Hospital joined Wellforce. Hallmark Health has added significant referral volume to Tufts Medical Center and to the clinical practices of the Physicians Organization. In April 2019, the Tufts Medical Center Physicians Organization assumed management of the Melrose-Wakefield Hospital Anesthesia services. New England Quality Care Alliance (NEQCA) – For over 10 years, Tufts Medical Center and NEQCA physicians have worked together. NEQCA’s more than 1,700 affiliated physicians are organized into 10 local care organizations across eastern Massachusetts. The 625 physicians of the Tufts Medical Center Physicians Organization are members of NEQCA. The other physician members are doctors in private solo or group practices and doctors employed by Hallmark Health Medical Associates. In addition to negotiating and managing highly competitive commercial and government payer contracts on behalf of these physicians, NEQCA helps practices manage change by developing and implementing programs that make it easier for physicians to succeed in a rapidly changing industry. Designed to support the Quadruple Aim goals of better care, better health, lower cost and higher clinician satisfaction. NEQCA’s clinical

400 TradeCenter, Suite 5900, Woburn, MA 01801 781-938-1975 www.zurickdavis.com 4 programs include Care Management, Healthcare Information Services, Medical Coding and Clinical Documentation Improvement, Practice Advancement, Pharmaceutical Care and Cost Management and Quality Improvement. NEQCA physicians proudly refer patients to their colleagues at Tufts Medical Center and Floating Hospital for Children when complex care is required. Tufts Medical Center Community Care (TMCCC) - Tufts Medical Center Community Care (TMCCC) is a company under the Tufts Medical Center Parent Corporation. TMCCC’s primary focus is employing and developing Primary Care practices in the community and integrating these practices with Tufts Medical Center specialists as their primary tertiary partner. The PO is responsible for the overall management, performance and financial success of 4 primary care physician practices in Wellesley, Quincy, two in Framingham and 1 tertiary specialist-only practice in Norfolk. These practices include 20+ employed primary care physicians.

The Position Reporting to the President and CEO of the Physicians Organization, the VP/CFO is a key member of the senior leadership team of the PO, providing strategic financial expertise and direction to key financial functions and relationships. The VP/CFO works closely with the Chairs and Administrators of the eighteen (18) academic departments. Within the PO, the VP/CFO oversees a team of 10 staff and managers who provide the following functions for the organization: Budget and Financial Planning; Accounting; Revenue Cycle Management; and contract management.

The VP/CFO jointly supervises the Executive Director of Population Health and Contract Performance and jointly supervises the VP of Revenue Cycle with their respective teams. In addition, the VP/CFO directly supervises the administrative directors of Radiology and Pathology.

The VP/CFO serves as the financial steward of the PO’s resources and in that regard, manages and oversees the financial relationship between the PO and Tufts Medical Center and with other external affiliations.

The focus and the priority for the VP/CFO will be working with the PO leadership and Board to secure the PO’s financial future and to be an excellent steward of its resources. In addition, the VP/CFO will collaborate with Tufts Medical Center leadership and with NEQCA on the joint strategies of the combined enterprise.

Working with physician leaders, s/he will support and promote new entrepreneurial ideas to advance their departments while also providing sound and practical advice and judgment. S/he will be a creative problem-solver and bring new and challenging ideas to the PO and the Departments to advance the strategic goals of the PO.

Relationships Reports to: President and CEO of the Tufts Medical Center Physicians Organization

Partners with: SVP and Chief Financial Officer, Tufts Medical Center; Director of Patient Financial Services, Tufts Medical Center; CFO, NEQCA; SVP of Operations, Tufts Medical Center Physicians Organization; SVP & CFO, Wellforce.

400 TradeCenter, Suite 5900, Woburn, MA 01801 781-938-1975 www.zurickdavis.com 5

Collaborates with: Chairs of the Academic Departments and their Administrators; VP Business Development & Strategic Planning for the PO and NEQCA; CFO Melrose Wakefield Hospital

Candidate Profile The ideal candidate will be a skilled health care finance leader, with experience in an academic setting and/or large multispecialty physician group practice. S/he will have served in the role of trusted advisor and financial steward to leadership on all business and financial matters and will have a record of accomplishment in establishing effective and collaborative relationships with physicians and physician leaders. As a leader, the CFO will have excellent communication skills, both written and verbal; be a good listener and able to present complex information to diverse audiences. S/he will have a record of effectiveness as a change agent, able to lead through influence. The CFO will also be experienced in guiding and mentoring staff and effectively building and sustaining a team.

A master’s degree or equivalent in business administration, finance or health care management is preferred.

Critical Success Factors Near Term: In the first several months, the new CFO will: • Establish trusting relationships with and inspire the confidence of Chairs, administrators and Hospital leaders. • Provide an assessment of the financial status of the PO, identifying strengths, risks and opportunities with a plan for future success. • Reconcile the funds flow between the Hospital and the PO – both current and future. • Review and recommend fair and market-based changes with external provider contracts. Take the lead with the contract renewal and contract adjustment process to assure they remain equitable. • Ensure that the revised contracting principles are effectively implemented and maintained. • Maintain a strong, collaborative relationship with Medical Center & Wellforce CFO.

Longer Term: In the first year to eighteen months, the new CFO will:

• Develop and implement strategies to maximize revenues. • Implement a contract tracking and renewal process (within year one). • Manage controllable expenses. • Improve the financial stability of the PO by building up cash reserves. • Review and revise physician compensation models as needed to assure alignment with the overall. PO and enterprise strategy and to reduce inequitable variation among departments. • Continue the budget process and robust forecasting. • Serve as a key advisor on external relationships. • Ensure the accurate, reliable, and transparent reporting through improved infrastructure. • Assure optimal revenue cycle management of the Tufts Medical Center PO book of business. Develop a PO revenue cycle dashboard to review quarterly with key stakeholders.

400 TradeCenter, Suite 5900, Woburn, MA 01801 781-938-1975 www.zurickdavis.com 6

• Assist or take the lead with Tufts Medical Center and Wellforce projects involving finance, revenue cycle, or strategy as needed.

Compensation A compensation package will be constructed commensurate with the experience and accomplishments of the selected candidate.

For More Information Referral of prospective candidates is welcome. Interested parties should send a resume and cover letter to [email protected]. For additional information please contact Lida Junghans PhD [email protected] or Jacqueline Rosenthal [email protected]. All contact with ZurickDavis will remain confidential.

Tufts Medical Center Physicians Organization provides equal employment opportunities (EEO) to all employees and applicants for employment without regard to race, color, religion, sex, national origin, age, disability or genetics. In addition to federal law requirements, Tufts Medical Center Physicians Organization complies with applicable state and local laws governing nondiscrimination in employment in every location in which the company has facilities. This policy applies to all terms and conditions of employment, including recruiting, hiring, placement, promotion, termination, layoff, recall, transfer, leaves of absence, compensation and training.

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