January 8, 2014

UMass Memorial selects CFO

UMass Memorial Health Care has hired a new executive vice president and chief financial officer who will direct the system's finance and technology functions, among others.

Sergio Melgar, who most recently was CFO for international operations in Chile for a Texas-based health care system, will assume his new role Monday, according to a statement from UMass Memorial (UMMHC).

"I am very excited to welcome Sergio," said Dr. Eric Dickson, UMMHC's CEO, in a statement. "The health care industry is changing rapidly to meet health care reform expectations, including the many financial and business challenges that these important changes bring with it to health care providers. Innovative financial and business leaders such as Sergio will help strategically guide us through the many challenges and opportunities that we see our system experiencing for the foreseeable future."

Melgar was working in the Chilean capital of Santiago for CHRISTUS Health, based in Irving, Texas. Prior to that role, he was university senior vice president for health affairs and CFO for University of Kentucky Healthcare. He also spent 10 years as CFO for UCLA Healthcare in Los Angeles, UMMHC said. He spent the first 11 years of his career in public accounting, specializing in health care, with Arthur Andersen and Ernst & Young. He earned his bachelor's degree in economics from UCLA.

UMMHC has been facing financial challenges that led to the layoffs of 40 non-medical personnel in December. The system was facing a $57-million operating loss for its most recent fiscal year, which ended in September. On his blog last week, Dickson said UMMHC lost $18 million from operations in October and November, but most of that was offset by a $17-million investment gain due to the strong performance of the stock market.

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