UMMS Announces Transition of Executive Vice President and Chief Financial Officer (CFO) Hank Franey; Michelle Lee to Assume CFO Role in March 2019
UMMS Media Relations:
The University of Maryland Medical System (UMMS) today announced that Henry (Hank) J. Franey will transition from his role as the system’s Executive Vice President and Chief Financial Officer to Senior Advisor to the President and Chief Executive Officer effective March 2019. Michelle Lee, currently Senior Vice President of Corporate Finance & System Controller, is being promoted to Chief Financial Officer, also maintaining her Senior Vice President title.
“Under Hank’s financial leadership for the last two and a half decades, our system footprint has expanded across Maryland and our financial position has never been stronger,” said Robert A. Chrencik, MBA, CPA, President and Chief Executive Officer, UMMS. “He is a strategic thinker with outstanding financial management skills. Hank has, simply been, invaluable to our success.”
“Succession planning for executive leadership transitions is an integral part of every successful organization,” Chrencik added. “The UMMS Board and I have been continuously impressed by Michelle Lee in her nearly 20 years with us and are confident she is the right leader to steer the System’s financial portfolio and decisions for the future. She has proven herself as a key leader who makes smart, strategic recommendations for the System’s financial health in a rapidly evolving climate.”
Franey, a financial management expert with more than 40 years of experience in the health care sector, has served in senior leadership positions at the University of Maryland Medical Center and UMMS since 1992. His current responsibilities include all of the system’s financial services, including strategic financial and capital planning, investment and debt management, rate setting and reimbursement and financial reporting. Prior to joining UMMC/UMMS, Franey was a healthcare consulting partner in the Baltimore office of the international accounting firm of KPMG. A certified public accountant, Franey earned a Bachelor of Science degree in business administration from Towson State University, and a Masters of Business Administration in finance from Loyola College in Maryland. He serves on the Board of Directors for UM Baltimore Washington Medical Center, UM Upper Chesapeake Health and UM Capital Region Health. He is a past President of Maryland’s Healthcare Financial Management Association as well as current Board Chairman of the Living Legacy Foundation.
During his tenure, the Medical System’s annual revenue base has increased from $400 million to $4.5 billion. Profitability has been strong and steady during his time in progressive leadership roles. An important factor in the financial strength of UMMS has been the development of a robust five year financial and capital planning process, which has provided a roadmap upon which the system has based key business decisions.
The financial health and success of UMMS has been affirmed by all three key rating agencies with ratings of A, A2 and A- from S&P, Moody’s and Fitch, respectively.
Lee is a financial reporting expert with more than 25 years of experience in the health care sector. Her responsibilities for the system’s finance shared services functions include financial reporting, general accounting, tax compliance and strategy, disbursements, payroll, and treasury, including investment and debt management. She joined UMMS in 2000 as the senior director for financial reporting and since that time has been instrumental in the creation of the system’s consolidated corporate finance function. Lee formerly served as an audit senior manager in the Baltimore office of KPMG. Also a certified public accountant, Lee earned a Bachelor of Science degree in business administration from the University of Baltimore. She has served in various capacities on the Board of Healthcare Financial Management Association and currently serves as Vice Chair of the Executive Council of Women United of the United Way of Central Maryland.
About the University of Maryland Medical System
The University of Maryland Medical System (UMMS) is a university-based regional health care system focused on serving the health care needs of Maryland, bringing innovation, discovery and research to the care we provide and educating the state’s future physician and health care professionals through our partnership with the University of Maryland School of Medicine and the UM Schools of Nursing, Pharmacy, Social Work and Dentistry in Baltimore. As one of the largest private employers in the State, the health system’s 25,000 employees and 4,000 affiliated physicians provide primary and specialty care in more than 150 locations and at 14 hospitals. UMMS’ flagship academic campus, the University of Maryland Medical Center in Baltimore, is recognized regionally and nationally for excellence and innovation in specialized care. Our acute care and specialty rehabilitation hospitals serve urban, suburban and rural communities and are located in 13 counties across the State. In addition, UMMS operates health insurance plans serving Medicare and Medicaid members. For more information, visit www.umms.org.