SNCH Finance Officer Again Named to Prestigious List of Hospital CFOs to Know

OCEANSIDE, N.Y. - July 9, 2015 - PRLog -- For the third consecutive year, Becker's Hospital Review has named Mark Bogen, chief financial officer and senior vice president of finance at South Nassau Communities Hospital, to its list of  “150 Hospital and Health System CFOs to Know” in the United States.

According to the Becker's Hospital Review editorial team, the hospital senior finance executives named to the list help lead renowned tertiary centers, academic medical centers, community hospitals and health systems in all financial matters while balancing quality patient care and innovative healthcare reform strategies.  Resources used to develop the list include input from industry experts, research by Becker’s editorial team, and supporting nomination documents.  Becker's Hospital Review is a Chicago-based publication focusing on hospital and healthcare news and business advice. The primary audience for the publication is hospital executives and healthcare industry leaders.

“As a result of Mark’s financial acumen, South Nassau remains uniquely positioned to manage the ongoing financial and economic uncertainty in the healthcare industry,” said Richard J. Murphy, president and CEO at South Nassau.  “In addition, he is a fine leader who understands that the challenges we face today are opportunities for growth tomorrow.”

Under Bogen’s guidance, South Nassau‘s Fitch bond rating was recently upgraded from BBB+ to A-.  In addition, without investment income the operating profit for 2014 was approximately $4.1 million, $3.0 million above budget and $2.0 million better than in 2013.  Furthermore, the projected total operating gain for 2014 was $8.0 million, $1.8 million above the 2014 operating budget.  Total operating revenue in 2014 (Dec. 31 fiscal year end) was $431.1 million.

         The financial stability South Nassau maintains under Mr. Bogen’s leadership, has positioned it to capitalize on opportunities to expand regionally to begin the process of restoring needed healthcare services in Long Beach, NY, and continue to renovate and add new services to its main campus in Oceanside.

         On Thursday, October 16^th, 2014, South Nassau Communities Hospital closed on an asset purchase agreement (APA) to acquire substantially all of the assets of Long Beach Medical Center (LBMC), which had been severely damaged by the effects of Superstorm Sandy and had remained shuttered since October 2012.  Under the Asset Purchase Agreement (“APA”) approved by the US Bankruptcy Court in May, 2014, South Nassau agreed to a purchase price of approximately $11.8 million for the LBMC assets, including 5.5 acres of property, buildings and equipment.  The closing signified major progress in South Nassau’s effort to fulfill its mission to meet the need for patient-centered healthcare services in Long Beach and surrounding South Shore communities.

         In March, South Nassau announced plans to build a two-story, 30,000 square-foot Medical Arts Pavilion on the site of the former Long Beach Medical Center that would include an off-campus, hospital-based Emergency Department and restore other needed medical services to residents of the barrier island, including suites for family medicine, behavioral health, dialysis and other medical services. South Nassau has commissioned a study – based on discharge and other data – to determine which services are most needed on the barrier island.

The new Medical Arts Pavilion would cost an estimated $20 million and represents a major investment by South Nassau in Long Beach. It also would help restore jobs to the barrier island.  South Nassau opened a temporary Urgent Care Center on the site in July of 2014 and is now in the midst of upgrading the Center to Long Island’s first off-campus, hospital-based Emergency Department, which is expected to be fully operational by July 1. The new Medical Arts Pavilion, which could be expanded to add a third floor if needed, would become the permanent home of the Emergency Department once it is constructed.

         As a continuation of its ongoing expansion and renovation program to modernize its main campus, South Nassau is on the verge of completing a major rebuilding and renovation project of its F-1 and F-2 Units. The $18.6 million project will result in a new state-of-the-art, 23-bed Medical/Surgical Unit and a 20-bed Transitional Care Unit.

As senior vice president and CFO, Mr. Bogen is responsible for the overall financial management of South Nassau and manages the Hospital’s financial reporting and related internal controls. He also directs the organization’s financial planning related to growth, financing and associated issues and coordinates all relationships with auditors, third-party reimbursement agents, managed care companies, investment bankers and the Dormitory Authority of the State of New York (DASNY).

Mr. Bogen has more than 35 years of experience in healthcare financial operations.  Prior to joining South Nassau, he was a Director at a nationally recognized healthcare financial consulting firm, Besler Consulting, where he managed the startup of the company’s New York operations.  In 1997, Mr. Bogen founded The Bogen Consulting Group, Inc., and merged it with Besler in 2004.  Before venturing into the consulting business, Mr. Bogen served as chief financial officer at Preferred Health Network, Inc., a $400 million, four-hospital, 1,200-bed hospital network.  Mr. Bogen’s background also includes 10 years of CPA firm experience, eight with Pannell Kerr Forster and two as an executive at Deloitte & Touche, performing audit, tax and consulting services.

A graduate of the State University of New York at Buffalo with a Bachelor of Science in Management, Mr. Bogen is active in numerous public accounting and healthcare financial management associations.  His professional memberships include the New York State Society of Certified Public Accountants; the American Institute of Certified Public Accountants; the Healthcare Financial Management Association and the Healthcare Compliance Association.