Longtime CFO Francine Padgett to Retire, Replacement Named
Francine Padgett and Michael Rose
MidMichigan Health’s longtime Chief Financial Officer Francine Padgett will retire at the end of October 2020 after more than 30 years of dedicated service and leadership to the not-for-profit health system. Padgett, who also serves as senior vice president and treasurer for MidMichigan, will transition alongside her newly named successor Michael Rose, C.P.A., M.B.A., previous CFO of SolutionHealth and former president and CEO of Southern New Hampshire Health.
“Francine is well respected in the health care industry and is one of the most accomplished financial leaders you will ever come to know. No matter the project on the table, she and her team put our patients first at all times,” said Diane Postler-Slattery, Ph.D., FACHE, president and CEO, MidMichigan Health. “Her tremendous knowledge base and direction has made a significant contribution to the success and overall growth of our organization. We will miss her enthusiasm, work ethic and the thoughtfulness she has shown to each and every one of us over the years.”
Recipient of the Chief Financial Officer of the Year Award for Healthcare by Crain’s Detroit Business in 2012, during her time with MidMichigan Health, Padgett has played a critical role in several collaboration and growth initiatives. These included MidMichigan’s 2013 affiliation with Michigan Medicine, the health care division of the University of Michigan, the health system’s partnership with Alpena Regional Medical Center in April 2016 and West Branch Medical Center in April 2018, as well as expansions in Freeland, Bay City, and Mt. Pleasant, to name a few.
In addition, Padgett helped to establish strong credit ratings and invested carefully, which allowed MidMichigan to execute numerous construction and renovation projects, implement a state-of-the-art electronic medical record system, acquire state-of-the-art technology and provide millions in charity care, community benefits and other compensated care each fiscal year.
What’s more, with her guidance, the health system navigated an ever-changing health care industry, with challenges including fluctuating regulations and reimbursements, treatment costs and value-based purchasing. Yet, according to MidMichigan’s leaders, one of her greatest successes was helping to save hundreds of jobs during COVID-19 while also contending with a 500-year flood that impacted the health system’s flagship Medical Center in Midland, amidst the global pandemic.
“The challenges we encountered in 2020 are nothing short of unprecedented,” said Postler-Slattery. “Like most health care systems, we forecasted a significant financial impact early on in the crisis. But Francine, along with our entire leadership team, refused to have employees lose their jobs to save our organization dollars. As services were temporarily suspended, we implemented a unique pandemic PTO (personal time off) program for our employees. The program allowed them to cross-train within other departments when otherwise they may have been laid off. This decision resulted in a savings far greater than the bottom line. The decision saved our employees and kept them working throughout the pandemic. It helped them in the long-term and that was the important difference. We couldn’t have done this without Francine’s foresight.”
“Working at MidMichigan Health has been more than rewarding, it has been an honor,” said Padgett, who was named a Junior Achievement of North Central Michigan Business Hall of Fame Laureate in 2019, and a 2019 Healthcare Honoree for the YWCA Women of Achievement Awards. “I have worked alongside the very best and consider my colleagues and team - family. To serve in this capacity and help change the lives of our patients, families, our employees and community has been second-to-none. It’s been a privilege and my heartfelt thanks go to all those who gave me the opportunity to carry out my career with MidMichigan.”
Succeeding Padgett, Rose has nearly 30 years of health care experience. In his past role as president and CEO of Southern New Hampshire Health and CFO of SolutionHealth, he helped lead the formation of SolutionHealth in 2017. Through a merger of Southern New Hampshire Health and Elliot Health System, the regional system has revenues in excess of $1 billion, approximately 7,000 employees and 700 employed providers.
“Michael’s background and experience will be a tremendous asset to MidMichigan Health,” said Padgett. “He has experience working with academic medical centers, large physician practice groups, and has created unique partnerships with commercial insurance companies. The depth of his skills will have a great impact on the advancement of our health system. We are confident he will continue to position MidMichigan Health for a strong and healthy financial future.”
Prior to his time with Southern New Hampshire, Rose was vice president of finance and operations for Cooper University Hospital where he oversaw all financial and operational areas of a $220 million faculty practice with 370 full-time physicians. Before that, he served in various financial leadership positions for Virginia Commonwealth University Health Systems from 1992 to 2000.
Rose completed his undergraduate degree in accounting from Longwood University and received his master’s degree in in Business Administration from Virginia Commonwealth University. He is married with three adult children and enjoys outdoor activities such as skiing, hiking and mountain biking.