MIAMI BEACH, Fla., Jan. 30, 2013 /PRNewswire-USNewswire/ -- Alex Mendez has been promoted to Executive Vice President of Operations and Chief Financial Officer of Mount Sinai Medical Center. Mendez, who joined Mount Sinai's executive team in late 2001, previously served as the hospital's Senior Vice President and Chief Financial Officer. In his new role, Mendez will have the expanded responsibilities of both operations and finance.
"Through a series of management initiatives and cost-saving measures, Alex has demonstrated the kind of leadership that clearly distinguishes him as a rising star in healthcare administration," said Steven D. Sonenreich, President and Chief Executive Officer of Mount Sinai.
As Senior Vice President and CFO, Mendez was responsible for the overall financial operation of the medical center and the oversight of information technology. Most notably, he rebuilt Mount Sinai's financial management team and went on to anchor its successful financial turnaround efforts. Mendez's efforts were recognized in 2010 when he won "Turnaround Company of the Year," presented by the South Florida Business Journal during its annual CFO Awards. In 2007, Mendez was nationally recognized by Modern Healthcare as an Up & Comer.
Key initiatives that Mendez has implemented during his tenure at Mount Sinai include:
- Establishing a Project Management Office to monitor the hospital's turnaround and ongoing efforts to identify opportunities for efficiency.
- Rebuilding the hospital's revenue cycle operations and taking decisive steps to improve collections.
- Overseeing the successful implementation of Mount Sinai's multiyear, $60 million electronic heath record system.
- Recruiting a team of professionals to work in finance, government operations and compliance, health information management, managed care operations, project management and supply chain.
- Successfully refinancing $133 million of debt in 2012, significantly reducing the medical center's debt service obligations.
- Establishing consistent and thorough financial disclosure to investors, analysts and rating agencies, which has lead to improved relationships among the hospital's key constituents and investment grade rating.
- Playing a key strategic role in Mount Sinai's expansion into Coral Gables, Hialeah and Key Biscayne.
A Certified Public Accountant, Mendez is a graduate of the University of Miami, where he earned his BBA, MBA, and a Certificate in Health Administration. He entered the healthcare field in 1992 at Kendall Regional Medical Center, HCA, and quickly moved up the ranks to become the Chief Financial Officer in 1995, and adding the Chief Operating Officer duties in 1998. Mendez later joined Cedars Medical Center, HCA, before coming to Mount Sinai in November 2001.
"Alex's commitment to Mount Sinai's mission, keen financial judgment and operations experience, have been instrumental in affirming the medical center's strong financial position and future success," Sonenreich said.
About Mount Sinai Medical Center
Founded in 1949, Mount Sinai Medical Center is the largest independent, private, not-for-profit teaching hospital in South Florida. Mount Sinai's mission is to provide quality healthcare to a diverse community enhanced through teaching, research, charity care and financial responsibility. Our Centers of Excellence combine technology, research and academics to provide innovative and comprehensive care in cardiology, neuroscience, urology, oncology and orthopaedics. One of a select few statutory teaching hospitals in the state, Mount Sinai is the hospital of choice for those who seek the level of expertise and care that only a teaching hospital can offer. The medical center's commitment to quality has garnered prestigious recognition, including various designations in U.S. News & World Report as one of America's Top Hospitals.
Contact: Joanna Palmer
Public Relations Manager
SOURCE Mount Sinai Medical Center