MemorialCare Health System CFOs Among Nation's Best

Karen Testman Named to Top CFO List; Yair Katz Among Rising Stars Under 40

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Sep 13, 2016, 03:30 ET

ORANGE and LOS ANGELES Counties, Calif., Sept. 13, 2016 /PRNewswire-USNewswire/ -- Two MemorialCare Health System executives have been named among America's best health care executives by Becker's Hospital Review, one of the nation's largest media companies covering the health care industry.

Karen Testman, CFO of MemorialCare Health System, Named to List of Top National Health Care CFOs

Yair Katz, CFO of Long Beach Memorial, Miller Children's & Women's Hospital Long Beach and Community Hospital Long Beach, Selected As Among Nation's Top Health Care Executives Under Age 40

Karen Testman, RN, CFO of MemorialCare Health System, was selected for the nation's 100 Top Hospital and Health System Chief Financial Officers. Yair Katz, CFO of Long Beach Memorial, Miller Children's & Women's Hospital Long Beach and Community Hospital Long Beach, was named among the 50 Top Rising Stars: Health Care Executives Under Age 40.

Described by Becker's Hospital Review as among "the most impressive health care executives in the country," Testman, with more than 20 years of leadership experience, was MemorialCare's Senior Vice President, Financial Operations before becoming CFO in 2013. Joining MemorialCare in 1998, she was CFO at Orange Coast Memorial in Fountain Valley and Saddleback Memorial Medical Center in Laguna Hills. A popular speaker on finance, mergers and acquisitions and operational topics, and quoted frequently in the media, Testman also appeared on national lists of Top Women Executives and began her career as a registered nurse.

Testman has been instrumental in advancing MemorialCare's ambulatory growth and joint venture strategy and contributing to its strong financial resilience and stability, evidenced by accolades from various rating agencies. Earlier this year, Fitch ratings affirmed MemorialCare's AA- long-term and F1+ short-term ratings, citing strong liquidity, low debt burden, good profitability, system growth and integration. An AA- rating demonstrates very high credit quality and F1+ is Fitch's best quality grade and indicates an exceptionally strong capacity to meet financial commitments. In citing MemorialCare's "excellent management practices," Fitch also mentioned how MemorialCare handles growth and integration. "MemorialCare has invested heavily in strategic physician acquisition, building its electronic medical record, growing its ambulatory network and adding capabilities, including ownership of a health plan." Fitch praised "MemorialCare's managing wellness of its own employees and plans to extend wellness services in its service area."

Katz was recognized by Becker's Hospital Review for "considerable accomplishments in his relatively short career" and substantial experience in health care, academic and non-profit sectors. In his first year as CFO at MemorialCare's three Long Beach hospitals and community-based outpatient centers, Katz helped reinvigorate, revitalize and strengthen the research arm, finance division, Memorial Medical Center philanthropic Foundation, real estate activities, physician recruitment and retention and Miller Children's regional strategy. Together, Long Beach Memorial and Miller Children's & Women's Hospital Long Beach represent the West's second largest hospital campus.

Katz previously held executive positions with University of Southern California and PricewaterhouseCoopers. Katz served as USC's Assistant Vice President and Associate University Controller responsible for reviewing operational and financial performance of the three USC hospitals and re-designing and implementing their financial systems. He also served as liaison between the University and USC hospitals and was responsible for enhancing communication and collaboration among USC's Healthcare Enterprise executives and the University. Katz began his career in public accounting with PricewaterhouseCoopers, rising in senior management and overseeing large teams. He received Chai Lifeline's "Builders of Hope" award for contributing to its mission of providing comprehensive services free of charge to families with pediatric illnesses. A founder and Chair of Chai's Young Leadership Committee, he also serves on the Long Beach board of California Conference for Equality and Justice.

"On behalf of our 16,000 employees, affiliated physicians, volunteers and board members, we congratulate Karen and Yair on their outstanding achievements," says Barry Arbuckle, PhD, MemorialCare Health System president & CEO. "Their contributions ensure we provide the highest quality and most compassionate care to the communities we serve.

With more than 200 care locations throughout Orange and Los Angeles counties, MemorialCare Health System is a nonprofit, integrated delivery system including five top hospitals – Long Beach Memorial, Miller Children's & Women's Hospital Long Beach, Community Hospital Long Beach, Orange Coast Memorial Medical Center in Fountain Valley and Saddleback Memorial Medical Center in Laguna Hills; MemorialCare Medical Group; Greater Newport Physicians; Seaside Health Plan; and numerous ambulatory surgery, imaging, kidney dialysis, urgent care and outpatient health centers. For more, visit memorialcare.org.