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.