Daniel Morissette, CommonSpirit Well being’s chief monetary officer, will retire Oct. 31, the well being system mentioned in a Thursday securities submitting.
Morissette has been with the group for almost a decade, serving each CommonSpirit and its predecessor group, Dignity Well being.
CommonSpirit’s board of trustees has begun a nationwide seek for Morissette’s substitute. The nonprofit well being system expects the search to conclude previous to the manager’s departure in October.
Previous to becoming a member of CommonSpirit, Morissette held positions at PriceWaterhouseCoopers, Chicago Medical College, The College of Toledo and Stanford Well being Care, in accordance with his LinkedIn Profile. He stays an advisor to LifePoint Well being, in accordance with his profile.
The brand new CFO will step into the position as CommonSpirit continues work to enhance its working efficiency. The well being system reported a -2.5% working margin for the three months ended March 31, an enchancment over the identical interval the yr prior, when the system posted a margin of -3.9%.
CommonSpirit can also be eyeing headwinds on the horizon, together with elevated labor and provide prices, and adjustments to Medicaid. Cuts to the safety-net insurance coverage program are at the moment into account in Congress.
“We’re very involved about Medicaid cuts,” Morissette mentioned on CommonSpirit’s earnings name in Could. “We, after all, have survived for a lot of, many a long time, and we’ll work out a approach to do it.”
