Page 4 - BusinessWest October 28, 2024
P. 4
Digging Out
Struggling P
BY GEORGE O’BRIEN
[email protected]
“We have a clear path, and we’re working on implementing it; it’s a two-year plan to improve our core operations by more than $225 million.”
4
OCTOBER 28, 2024 << FEATURE >> BusinessWest
Baystate Health Puts
Transformation Plan in Place
eter Banko says he wasn’t necessarily looking for a turn-around job when he was exploring options for his next career opportunity, but he found one as the new president and CEO at Baystate Health.
Still, he was quick to note that, these days, there are very few CEO opportunities at large hospitals
and health systems that do not involve turn-around efforts. The one at Baystate certainly does, as was made clear
in a press release of sorts — it was more of a statement, actually — issued by the institution early this month. It detailed everything from $300 million in operating losses over the past few years to a Leapfrog Safety Grade of ‘D’; from erosion on the balance sheet (particularly days of cash on hand, which declined from 180 days in FY 2020 to 109 by early October) to the launch of a 24-month ‘focused transformation’ to improve core operations (acute care, ambulatory, and physician enterprise) by more than $225 million.
