CFO Studio Magazine - CFO Innovation Award Winners

of premiums.” Companies may be able to offset the Cadillac tax by implementing corporate wellness programs now, said Mr. Panico. Mr. Lenahan concurred. “This year, Atlantic encouraged all employees to participate in wellness screenings and those who did had their insurance premium increase of $500 waived.” Andrew Zezas, publisher of CFO Studio magazine and CEO of Real Estate Strategies Corporation added, “If we operated our automobiles the way a lot of people manage their health, you’d never get an oil change, you’d never get a tune-up until the engine exploded, and then the cost of the repair would be significant. The reality is, I’m a 52-year-old machine. I don’t know any 52-year-old machines that don’t need maintenance, and that’s really what we’re talking about.” Impact on Providers Thomas Bongiorno, vice president, corporate controller, and chief accounting officer at Quest Diagnostics, provider of clinical laboratory services, spoke about the demise of the independent physician and the movement of many physicians to hospital systems and large group practices. If specialists, say, become part of the hospital system, “they can maintain their profit margins by virtue of your economies of scale,” said Robert Berkowitz, CFO of Wilmington Paper Corporation, a paper distributor. “[And] they have less risk on their rates.” “The overhead that’s being pushed on an individual physician is enormous,” said Robert Glenning, CFO of Hackensack University Medical Center. “That comes out of their time and their ability to make a living. Because of the ACA, everyone has to implement electronic records, and the number of [medical] codes went from 17,000 to 155,000. An individual practitioner might not have the resources to manage that, whereas a large group can afford it.” Lenahan said that because patients have increasingly higher deductibles, it will be critical for hospitals to handle collections efficiently. “In your case, [managing accounts receivable] is critical,” said Cheryl Marks Young, CFO of Easter Seals New Jersey. “You can’t go out of business. We all have families that need you to stay in business and provide the best quality service. I wonder if there is a better system for creating a partnership between families and legitimately good-quality health care providers?” As fluid as the ACA is today, employers and employees alike will be asking such questions and investing time and resources to implement new practices as our understanding and options evolve. C 2nd QUARTER 2015 WWW.CFOSTUDIO.COM 31 James Hannan Partner, Practice Leader, Manufacturing, Distribution & Transportation Group WithumSmith+Brown Anthony Panico Partner, WithumSmith+Brown, PC Vincent Abate Chief Financial Officer Metem Corporation Lalit Ahluwalia Vice President, Chief Financial Officer Ferring Pharmaceuticals, Inc. Timothy Anglim Chief Executive Officer and Founder YesCFO Robert Berkowitz Chief Financial Officer Wilmington Paper Corporation Thomas Bongiorno Vice President, Corporate Controller and Chief Accounting Officer Quest Diagnostics Incorporated John Breeman Chief Financial Officer Voltari William Craig Chief Executive and Chief Financial Officer Tarantin Industries, Inc. Jorge Diaz Chief Financial Officer Alternatives, Inc. Baldeep Dua Chief Financial Officer Kirusa Inc. Kevin Lenahan Chief Financial Officer, Vice President Finance Atlantic Health System James Emmerson Chief Financial Officer Huntington Learning Center John Gerson Senior Managing Director and Chief Financial Officer Paladin Realty Partners, LLC Robert Glenning Chief Financial Officer Hackensack University Medical Center Cheryl Marks Young Chief Financial Officer Easter Seals New Jersey, Inc. Randi Mathios Director, Financial Planning & Analysis Chemtrade Logistics Andrew Savadelis Chief Financial Officer Angion Biomedica Edward Sitar Chief Financial Officer and Treasurer Cancer Genetics, Inc. Fanny Tan Director of Finance Diagnostica Stago, Inc. Andrew Wood Chief Financial Officer J. Fletcher Creamer & Son Inc. Discussion Leader Promotional Partners Meeting Participants