Wake Forest University Baptist Medical Center has named Edward G. Chadwick its executive vice president for finance and chief financial officer, a new position created as part of a reorganization that began two years ago.
Chadwick will report directly to John D. McConnell, MD, CEO of the Winston-Salem, N.C.-based medical center. The chief financial officers of the medical center's two main institutions, North Carolina Baptist Hospital and Wake Forest University Health Sciences, will report directly to Chadwick while also remaining part of the respective executive teams for the hospital and health sciences units.
Chadwick had most recently been chief financial officer and senior vice president for Trinity Health, based in Novi, Mich. Trinity is the fourth-largest Catholic healthcare system in the United States, with more than $6 billion in revenue, 42 hospitals and nearly 400 outpatient facilities as well as nursing homes, senior living facilities, home health agencies and hospice programs in seven states.
Earlier this year, Chadwick left Trinity and formed his own company, Integrated Healthcare Financial Strategies LLC, to assist health systems with financial and capital planning.
Graham W. Denton, chairman of the medical center's board of trustees, said those involved in the search process had been particularly impressed by Chadwick's accomplishments in revenue enhancement, strategic cost reductions and increased investment returns.
"Ed Chadwick has been through a lot of what Wake Forest Baptist is going through right now in terms of strategic planning and instituting processes to ensure proactive financial management at the system level," Denton said.
Both Denton and McConnell emphasized that the medical center, Baptist Hospital and Wake Forest Health Sciences are already on strong financial footing.
"Establishing this new position and bringing someone like Ed Chadwick on board will build on what our financial officers and their teams have already done," McConnell said. "We can now move forward as one organization making the most of our resources in fulfilling our combined missions."
Chadwick, a native of Ann Arbor, Mich., holds a bachelor's degree in economics with a minor in mathematics from the University of Michigan and an M.B.A. in finance from the University of Chicago.