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SNCH Finance Officer Named a Long Island Business News CFO of the Year

Posted: Oct. 22, 2014

The Long Island Business News (LIBN) recently named Mark Bogen, chief financial officer and senior vice president of finance at South Nassau Communities Hospital, a recipient of its 2014 CFO of the Year Award. Mr. Bogen is a recipient of the award in the category for “not-for-profit” organizations.

The LIBN CFO of the Year program recognizes Long Island’s top financial officers for their outstanding fiscal leadership and asset management, contributions to their company’s performance, their contribution and commitment to their profession and organizations as well as their involvement in the community. In addition to not-for-profit organizations, includes categories for emerging companies, private companies with revenue below $50 million and private companies with revenue below $50 million, public companies with revenue below $50 million and public companies with revenue above $50 million

As a result of Mr. Bogen’s financial acumen, South Nassau remains uniquely positioned to manage the ongoing financial and economic uncertainty in the healthcare industry. Under his guidance, South Nassau‘s Fitch bond rating was recently upgraded from BBB+ to A-. In addition, without investment income the operating profit for 2013 was approximately $5.7 million, $2.7 million above budget and $9.8 million better than in 2012. Furthermore, the projected total operating gain for 2013 was $13.4 million, $4.7 million above the 2013 operating budget and $9.4 million higher than 2012. Total operating revenue in 2012 (Dec. 31 fiscal year end) was $392.6 million.

The financial stability South Nassau maintains under Mr. Bogen’s leadership, has positioned it to capitalize on opportunities to expand regionally to begin the process of restoring needed healthcare services in Long Beach, NY, and continue to renovate and add new services to its main campus in Oceanside.

On Thursday, October 16th, 2014, South Nassau Communities Hospital closed on an asset purchase agreement (APA) to acquire substantially all of the assets of Long Beach Medical Center (LBMC), which had been severely damaged by the effects of Super Storm Sandy and had remained shuttered since October 2012. Under the Asset Purchase Agreement (“APA”) approved by the US Bankruptcy Court in May, 2014, South Nassau agreed to a purchase price of approximately $11.8 million for the LBMC assets, including 5.5 acres of property, buildings and equipment. The closing signifies major progress in South Nassau’s effort to fulfill its mission to meet the need for patient-centered healthcare services in Long Beach and surrounding South Shore communities. A key service that South Nassau will pursue is an off-campus hospital-based emergency services medical center in Long Beach. This past spring and summer, the South Nassau Urgent Care Center at Long Beach and the nearby Family Medicine opened, providing hospital-grade medical care to the community.

As a continuation of its ongoing expansion and renovation program to modernize its main campus, South Nassau is on the verge of completing a major rebuilding and renovation project of its F-1 and F-2 Units. The $18.6 million project will result in a new state-of-the-art, 23-bed Medical/Surgical Unit and a 20-bed Transitional Care Unit.

As senior vice president and CFO, Mr. Bogen is responsible for the overall financial management of South Nassau and manages the Hospital’s financial reporting and related internal controls. He also directs the organization’s financial planning related to growth, financing and associated issues and coordinates all relationships with auditors, third-party reimbursement agents, managed care companies, investment bankers and the Dormitory Authority of the State of New York (DASNY).

Mr. Bogen has more than 35 years of experience in healthcare financial operations. Prior to joining South Nassau, he was a Director at a nationally recognized healthcare financial consulting firm, Besler Consulting, where he managed the startup of the company’s New York operations. In 1997, Mr. Bogen founded The Bogen Consulting Group, Inc., and merged it with Besler in 2004. Before venturing into the consulting business, Mr. Bogen served as chief financial officer at Preferred Health Network, Inc., a $400 million, four-hospital, 1,200-bed hospital network. Mr. Bogen’s background also includes 10 years of CPA firm experience, eight with Pannell Kerr Forster and two as an executive at Deloitte & Touche, performing audit, tax and consulting services.

Mr. Bogen is a graduate of the State University of New York at Buffalo with a Bachelor of Science in Management, Mr. Bogen is active in numerous public accounting and healthcare financial management associations. His professional memberships include the New York State Society of Certified Public Accountants; the American Institute of Certified Public Accountants; the Healthcare Financial Management Association and the Healthcare Compliance Association.