MemorialCare Health System Adds Chief Investment Officer to Rick Graniere's Role as Corporate Treasurer; Karen Testman, RN, Named Chief Financial Officer

Distinguished Financial Executives Take on New Leadership Positions; Testman Unique Among Health System CFOs with her Background as a Registered Nurse

ORANGE and LOS ANGELES COUNTIES, Calif., Jan. 22, 2014 /PRNewswire-USNewswire/ -- MemorialCare Health System in Southern California, a prominent integrated delivery system, has added the title of Chief Investment Officer to Rick Graniere's responsibilities as corporate Treasurer and named Karen Testman, RN, as its new Chief Financial Officer.

Graniere has been an executive with MemorialCare Health System for 30 years. Prior to his 13-year tenure as MemorialCare's Chief Financial Officer, he served as CFO of Long Beach Memorial Medical Center and Saddleback Memorial Medical Center as well as Vice President of Finance and Assistant Financial Officer of the corporation. Before he joined MemorialCare, Graniere was an account and consultant.  He holds a bachelor's of science degree in accounting from California State University, Northridge, and is a Certified Public Accountant. A member of the Health Management Academy, Graniere and his wife of 32 years live in Trabuco Canyon and have three children. In 2009, he was named CFO of the Year by the Orange County Business Journal.

Testman, with more than 20 years of health care experience, was most recently MemorialCare's Senior Vice President of Financial Operations, becoming the Chief Financial Officer (CFO) in late 2013. Since joining MemorialCare in 1998, she has been the CFO at Orange Coast Memorial Medical Center in Fountain Valley and Saddleback Memorial Medical Center in Laguna Hills and San Clemente. Prior to leadership roles at MemorialCare, she spent five years in public accounting as an auditor and began her career as a registered nurse. Testman received both her degree in nursing and bachelor's degree in business administration from Loma Linda University. Member of Healthcare Financial Management Association, she and her husband of 26 years live in Laguna Beach and have three college-aged children.

Graniere and Testman have been instrumental in MemorialCare's growth and success from a hospital system in the early 1990s to an integrated delivery system with six top hospitals in Los Angeles and Orange counties, more than 200 care sites, physician groups, a health plan, scores of outpatient and retail health facilities and more. These include the nation's eighth largest children's hospital, the second largest hospital campus in the West and highly regarded medical and clinical education programs that annually train hundreds of future physicians, nurses and other clinicians and support staff. MemorialCare is recognized nationally for pioneering efforts and innovation in best-practice, high quality medicine; successful recruitment of exceptional clinicians; and a comprehensive electronic medical records system that ensures clinicians and community members seamless, real-time access to health records.

"Karen and Rick's vast experience as leaders at MemorialCare and varying segments of the health care industry have been critical to our continued growth, financial stability and resiliency; ongoing acquisitions and partnerships; and being among the strongest bond ratings for a California health system," says Barry Arbuckle, PhD, MemorialCare Health System President & Chief Executive Officer.

MemorialCare Health System, with $2 billion in annual revenues, is a not-for-profit integrated delivery system that includes more than 200 care sites; 16,000 employees and affiliated physicians; six top hospitals—Long Beach Memorial, Miller Children's Hospital Long Beach, Community Hospital Long Beach, Orange Coast Memorial Medical Center in Fountain Valley and Saddleback Memorial Medical Center in Laguna Hills and San Clemente; MemorialCare Medical Group and Greater Newport Physicians; Seaside Health Plan; and numerous outpatient health centers throughout the Southland, including retail clinics, urgent care centers, imaging facilities and ambulatory surgery centers.      

SOURCE MemorialCare