Oceanside CA— Tri-City Medical Center, Chief Financial Officer, Steve Dietlin has been named to replace Tim Moran as CEO. In a statement released today, Chairman of the Board of the Tri-City Healthcare District, Jim Dagostino, said; ” The Board of the Tri-City Healthcare District has chosen a 25-year healthcare executive, Steve Dietlin, our current Chief Financial Officer for the past three years, as the permanent Chief Executive Officer. Mr. Dietlin was responsible for our 2014 financial turnaround as well as several other strategic accomplishments in all areas at the medical center. The board believes that Mr. Dietlin has proven to be an effective leader who possesses the necessary skills, fiscal discipline and operational mind set to accomplish our five priority goals.”
Continued Dagostino, “The course has been charted and a new leader has been chosen to take us to where we want to be. Tri-City Healthcare District will be North County’s choice for healthcare. This institution will remain under the public’s control and with our prestigious affiliation with UC San Diego Health Systems, we will guarantee that our citizens have the healthcare that they deserve.
We will continue to focus on the five key strategies set by the Board:
- The UC San Diego Health System affiliation
- The campus redevelopment plan
- Work with our medical staff to build volume and increase market share
- Continue our physician recruitment program
- Continue to implement or strategic plan to insure the financial and operational stability of Tri-City and build upon meeting the needs of our community
The Tri-City Board and Tim Moran parted ways, on Thursday, less two years after he was hired. Moran was recently named 2016’s Most Admired CEO by the San Diego Business Journal and was the subject of praise by Dagostino who said on February 23, 2016 “After more than 50 years serving patients, thanks to Tim’s leadership, Tri-City is better positioned than ever to efficiently and expertly meet the diverse and vital healthcare needs of our community,”
Moran’s contract allows a severance payment of $525,000 or one year’s salary, plus health and dental coverage for 12 months.
High salaries have been targeted by SEIU-UHW with healthcare workers currently collecting voter signatures to qualify an initiative for the Nov. 8 ballot. The initiative would limit Tri-City executive pay to $250,000. More than 800 employees at Tri-City Medical Center are members of SEIU-UHW.
SEIU-UHW released a statement saying “The recent decision by the Tri-City hospital District Board to force out Medical Center CEO Tim Moran sets the stage for the healthcare district board to better serve the community’s interest.”
“We encourage the hospital board to take advantage of this opportunity by hiring a leader who answers first to the community and understands patient care is the top priority,” said Angie Green, a cook at Tri-City Medical Center. “We need a CEO who will lead the board toward three critical goals; First, ensure that the hospital board make-up reflects the community it serves. Second, respect the role frontline workers play in making sure patients get the best possible care. Third, either support the ballot initiative to limit executive compensation at the hospital or pass a board resolution that achieves the same goal.”
As Tri-City Medical Center Chief Financial Officer, Steve Dietlin has been named CFO of the Year for 2016 in the large business nonprofit category of the San Diego Business Journal’s prestigious annual CFO awards program.
“Mr. Dietlin made an immediate impact on Tri-City Medical Center’s financial well being as CFO,” said Dagostino. “We are proud that his accomplishments here as CFO are being recognized and can be shared with our community.”
Having 25 years of successful experience in the healthcare industry Dietlin arrived at Tri-City Medical Center in early 2013, which was midway through the hospital’s fiscal year. In his first full fiscal year as CFO, he achieved remarkable results by restructuring existing debt with favorable terms resulting in a substantial decrease in debt service. He also succeeded in extending the term of a significant loan facility to allow the hospital the time needed to pursue alternative financing sources. Dietlin applied his attention to detail and considerable experience managing healthcare audit teams to successfully complete the hospital’s 2013, 2014 and 2015 year end financial audits without adjustment.
In his role as CFO, Dietlin managed hospital net revenue approaching $350 million resulting in an EBITDA in excess of $20 million. He led a bottom line turnaround in excess of $15 million along with liquidity improvement.