Health

HEALTH • Winter 2017 5 Venture capitalist to lead innovation, business development at UMass Medical Jim Glasheen will join UMass Medical School on Dec. 4 as the executive vice chancellor for innova- tion and business development. Glasheen, who spent 15 years as a general partner in the venture capital fund Technology Partners in California, will take over for found- ing Executive Vice Chancellor Brendan O'Leary. Glasheen was an investor or board member in several companies. He is a Harvard and Duke graduate with a Ph.D. in biolo- gy, and is the co-founder and co- chairman of ConsumerMed, a non- profit organization focused on { Health Care Briefs } patient-centered health. Milford Regional projects 2017 turnaround Milford Regional Medical Center is projected to finish 2017 in the black, posting projected net income of $2.24 million and an operating surplus of about $178,000, according to unau- dited financials provided by the sys- tem in November. This follows a $5.3 million net loss, and a $7 million operating loss in fiscal 2016. The fis- cal year ended September 30 and audited figures are due out in December. In an interview with the Worcester Business Journal last month, President and CEO Edward Kelly attributed the turnaround year to the opening of three urgent care We offer: • Long-term and short-term care • Ancillary Services: dental, eye, podiatry provided at the nursing home • Respite and Hospice Care • PT/OT/ST Rehab services; 7 days a week • Full time Physician Assistant • Continuing Care Community: Assisted Living services and Independent Living cottages & apartments on the Briarwood Community campus "Healthcare Environment State of the Art" • Restaurant-style dining room • Bright and airy rooms • Activities; 7 days a week • Cable TV and telephones available in each room • Resident computer and free access to internet • Pet therapy through Tufts Veterinary Program Schedule a Tour Today! www.knollwoodnursingcenter.com 87 Briarwood Circle, Worcester, MA 01606 508-853-6910 UMass Memorial Medical Center CEO Muldoon to retire UMass Memorial Medical Center President Patrick Muldoon is retiring from his position at the end of January, the Worcester hospital announced in November. Muldoon said his retirement has been in the works with UMass Memorial Health Care President CEO Eric Dickson and the board of trustees for a while. The announcement was planned for Nov. 1, once the hospital got past the launch and implementation of its new Epic system, a $650-million electronic medical records platform. Muldoon's time at the hospital began in August 2013 when the healthcare facility was in dire financial straits due to years of running a deficit, which grew to $50 million. "Rating agencies had really dropped our bond rating to junk bond status," he said "It was spiraling in the wrong direction." To remedy the hospital's financials, Muldoon and hospital executives executed a $110-million turnaround plan including revenue enhancement, expense reduction, and in 2014, the hospital ended the year in the positive after a $60-million gain, Muldoon said. Prior to his time at UMass Memorial Medical Center, Muldoon was president and CEO of Leominster's UMass Memorial HealthAlliance Hospital – now UMass Memorial HealthAlliance-Clinton Hospital – which he joined nearly 15 years ago. Dr. Jeffrey Smith, executive vice president and chief operating officer of the hospital since 2015, will serve as interim president for the duration of a nation- wide search. centers in Milford Regional's service area, as well as increased capacity at some primary care offices and tighten- ing expense budgets. Moody's upgrades UMass Memorial bond rating UMass Memorial Health Care's revenue bond rating from Moody's has been upgraded from Baa3 to Baa2, the Worcester-based healthcare system announced in November. The rating agency pointed to three key factors for the upgrade: four years of financial improvement, stable Medicaid Supplement Funds and the launch of Epic, a new electronic health records system. The rating boost affects about $100 million of outstanding rated debt issued through the Massachusetts Development Finance Agency, Moody's said. The improved rating gives the service providers the flexi- bility to make more strategic deci- sions on investments and improve- ments, the health care system said in a press release. GE operations in MetroWest appear safe General Electric's Healthcare Life Sciences operations in Marlborough and Westborough appear safe from the major cuts the Boston company announced recently. GE is expected to keep its healthcare, energy and avi- ation divisions, which are projected to be the company's most profitable next year. Divisions such as transportation, with a project 25-percent loss, and lighting, with a 15-percent profit fore- cast, may be sold, reports said. GE Healthcare Life Sciences has around 680 area employees, according to the Worcester Business Journal's 2017 list of the area's largest companies. There are three facilities, including office and laboratory space, in Marlborough and one in Westborough. Steward, Nashoba Valley sign on to MassHealth ACO Nashoba Valley Medical Center in Ayer and Steward Health Care Network have joined forces to form a MassHealth accountable care organi- zation (ACO), a program designed by Continued on Page 6 Patrick Muldoon

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