As Tinch approaches retirement, she’s reflecting on her journey at Penn State Health. She joined as the executive vice president of finance and CFO in 2019 and is now getting ready to hand over her role.
Initially, she planned to step down at the end of January 2025. However, when asked to stay until June, she agreed without hesitation. “It was easy to say yes when you have a great team and we’re making great progress,” she shared.
During her tenure, Tinch became a steady presence, especially amid the challenges of the COVID-19 pandemic. She guided her finance team through tough times, helping the organization avoid the layoffs that many health systems faced.
In 2024, Tinch played a key role in turning the system’s finances around after a tough 2023. Last year, Penn State Health faced losses due to debt from new hospitals and rising costs from inflation and worker shortages. Tinch emphasized the importance of Project F.I.T, which stands for Financial Improvement Tactics. This project aimed to engage team leaders and employees, fostering local ownership of financial strategies. “It was about sparking change and integrating our systems more effectively,” she explained. Over the years, the organization has continually adapted to meet new challenges.
For instance, they recently established a centralized office to manage contracted labor. Tinch described her efforts to create a structure that leverages the organization’s size while ensuring that it remains manageable and efficient. “We’re building a foundation and getting everyone involved,” she added.
One project she looks forward to in her final months is the launch of the Epic electronic health record system at the end of March. Epic is widely preferred by academic medical centers. “I’m confident it will be a success for our organization,” she said.
Tinch has also focused on growth through partnerships and acquisitions. Under her leadership, Penn State Health has integrated several private practices and expanded its medical group locations. “In recent years, we’ve accelerated our acquisitions to strengthen clinical expertise in our community,” she noted.
As she reflects on her career, Tinch remembers valuable advice: it’s about more than just numbers. She understands that while numbers are important, the stories behind them matter even more. “I’m always looking at the history behind those figures, understanding the patients they represent,” she said.
She believes that while CFOs don’t need to be experts in every area, building a reliable team of experts is crucial. “It’s key to hand off information effectively so others can interpret it,” she emphasized.
Tinch also highlighted the complexity of data management in healthcare, noting that it often goes unspoken. “We have layered so much complexity onto healthcare. We need to simplify this where possible,” she reflected. “It involves peeling back unnecessary layers that, while well-intentioned, have only added costs.”
Source link
business, business strategy, career, C-suite, finance, financial, leadership, workplace
