Conklin named Care New England’s new CFO

TODD CONKLIN was named Care New England Health Systems's new executive vice president and chief financial officer effective Feb. 13. / COURTESY OF CARE NEW ENGLAND

PROVIDENCE – Care New England Health Systems has named Todd A. Conklin its new chief financial officer and executive vice president effective Feb. 13, the hospital system announced on Thursday.

Conklin succeeds Joseph Iannoni, who retired on Jan. 31 after almost a decade with the hospital system. Conklin was selected after a nationwide search.

“With 35 years of experience in the industry, Conklin is a healthcare finance thought leader, team builder, and collaborator with a consistent record of improving organizational financial performance through innovative integrated strategic planning and implementation, business process optimization and building high-performing finance teams,” said Care New England in a release.

Conklin most recently served as chief operating officer and system executive vice president at Lifespan Corp., Care New England’s main competitor in the state. In this role, he led system-wide sustainability, financial and operational improvement initiatives. He also led efforts to improve operating margins and Lifespan’s bond rating and outlook.

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A graduate from Illinois State University and Northwestern University’s Kellogg School of Management, Conklin received his CPA certification in Illinois. He is a member of the American College of Healthcare Executives and the American Institute of Certified Public Accountants.

His areas of expertise include integrated strategic financial planning, profitability improvement, revenue cycle management, labor productivity management, captive insurance company management, managed care contracting, state and federal reimbursement relationships, bond financings and supply chain management.

Conklin is joining Care New England at a critical time for the hospital system. The state’s second-largest hospital group reported a $34.2 million loss for fiscal 2022, compared to $16.1 million in net income a year earlier.

It has also experienced a wave of leadership changes. Its former chief executive officer and president Dr. James Fanale retired on Dec. 1, and was replaced by Dr. Michael Wagner, former CEO and president of Tufts Medical Center.

Lifespan Corp., the state’s largest health care system, has experienced a similar trend, with former CEO and president Timothy J. Babineau abruptly resigning earlier in the year, and John Fernandez, currently the president of Mass Eye and Ear and Mass General Brigham Integrated Care, set to step into that role. Lifespan also reported a troubling year financially for fiscal 2022, with a $187.6 million net loss.

Care New England operates Kent County Memorial Hospital, Women & Infants Hospital and Butler Hospital.

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