Richard Harley, 33, is this year's runner-up for the Cain Brothers Award. As vice president for finance and chief financial officer of Gettysburg Health Care Corp. and its 102-bed acute-care hospital in Gettysburg, Pa., Harley has led successful initiatives to reduce costs, improve financial information and rethink financial management strategies.
Harley said he pursued these measures to prepare Gettysburg Hospital "to function effectively under managed care." With managed care representing just 6% of the hospital's payer mix, he seems well ahead of the curve.
"The (selection) committee was impressed by the impact he was having on the hospital overall," said Stephen M. Shortell, professor of health services management at Northwestern University's J.L. Kellogg Graduate School of Management in Evanston, Ill. "He saw the big picture of what the hospital needed to do," Shortell added.
Largely because of cost reduction strategies, Harley managed to increase Gettysburg Hospital's cash reserves by fourfold over the past two years to $10 million. Over a three-year period, the hospital has trimmed total costs by about 1%, saving $300,000 to $400,000 in actual year-to-year spending, Harley said.