Bruce Schroffel, CEO of UCH, made the announcement yesterday, saying that Scialdone had been a “great asset in helping us understand the needs of Memorial and the community it serves, as well as its employees.”
Scialdone has been the interim CEO since May, when Dr. Larry McEvoy left the system. He worked closely with the UCH team to prepare for the Aug. 28 vote that made the UCH lease official, and with the transition team to prepare for the takeover Oct. 1.
Hired as CFO at Memorial in 2008, shortly after McEvoy’s arrival, Scialdone orchestrated re-financing Memorial’s auction rate bonds, saving the system millions in interest rates after the bond market collapsed at the beginning of the recession, nearly doubling finance rates for the debt. That year, the hospital lost $30 million, largely due to the bond market, but Scialdone refinanced the bonds and the next year, 2009, Memorial posted a profit of $18 million.
Before joining Memorial, he was CFO at Penrose-St. Francis Health Services, also in Coloraod Springs. But he has worked in hospital finance and management in Florida as well, where he started his career after graduating with honors from Auburn University in Alabama.
“In addition to strong financial expertise and hospital experience, Mike brings a commitment to improving patient safety and clinical quality,” said the letter from Schroffel announcing the decision. “a must for anyone who is part of UCHealth. I firmly believe that his mix of skills will help make Memorial the strong southern Colorado hub of our system that we envision.”
Click here to read the One on One with Mike Scialdone when he joined Memorial
Click here to read the Scialdone’s profile when he was named Interim CEO.