Volume 73, Number 50 | April 21 - 27, 2004

Hopes to stem hemorrhaging

St. Vincent Catholic Medical Centers, comprising 13 health centers including St. Vincent’s Hospital in the Village, last week named new administrative officers who specialize in restructuring health centers facing financial problems.

The St. Vincent board appointed David Speltz as president and chief executive officer and Tim Weis as chief financial officer of the St. Vincent system. Both are principals in Speltz & Weis LLC, a consulting firm specializing in hospital corporate renewal and financial solvency. Robert Fanning, involved in a number of renewal projects for Speltz & Weis, has been appointed the new chief operating officer of S.V.C.M.C.

The combined centers lost $59 million on a total budget of $1.7 billion in 2003, with most of the losses occurring in the system’s acute-care hospitals such as the one in the Village, according to an April 13 news release. The S.V.C.M.C. new board chairperson, Richard Boyle, formerly with Chase Manhattan Bank, and vice chairpersons, Most Rev. Joseph Sullivan and Jane Iannucelli, S.C., will closely oversee policy during the restructuring, the statement said.

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