MAYWOOD, Il. -- John P. Mordach, an executive with 24 years experience managing the finances of complex health-care systems, has been named senior vice president and chief financial officer of Loyola University Health System (LUHS).
Mordach, vice president and CFO of Edward Health Services Corp. in Naperville, begins at Loyola on Nov. 16.
"We are indeed fortunate that John will be joining us as we continue to reinvigorate and grow LUHS' financial position," said Dr. Paul K. Whelton, president and CEO of LUHS. "John has a record of success in increasing efficiencies and enhancing financial performance."
Mordach said he is honored "to be part of the great team that Dr. Whelton has assembled, and to be CFO of a premier academic medical center. Loyola has a great tradition and a great brand. I also look forward to collaborating with Loyola University Chicago, a world class institution."
Mordach, 50, has been CFO of Edward Health Services Corp. since 2006. Previously, he held financial management positions at University of Chicago Hospitals and Health System, New England Medical Center Hospitals in Boston and three other Massachusetts hospitals. Mordach graduated Summa Cum Laude from Merrimack College in North Andover, Mass, and earned a masters in business administration from the University of Chicago.
Mordach will replace interim CFO Tom Honan of Navigant Consulting, who helped direct a financial turnaround during the worst recession since the 1930s. Last May, LUHS activated a workforce reduction of 443 positions as part of a wide-ranging effort to position LUHS for a healthy fiscal year 2010 and strengthen its long-term economic future. Other cost-cutting measures included reducing supply costs and streamlining hospital stays and discharges.
In accordance with its long-term strategic plan, LUHS also achieved major management goals that are improving effectiveness. New lean management processes are being implemented to ensure LUHS maintains financial strength.
The recent merger of the physician practice with LUHS has made the system stronger and more productive. Beginning last March, more than 250 Loyola physicians added evening and weekend clinic appointments. Consequently, patient volume increased 11 percent at a time when other health systems experienced decreases.
"As a result of these efforts, our financial performance has improved considerably," Whelton said. "I would like to thank Tom Honan for his efforts leading the strengthening of our financial health."
Mordach said he was attracted to Loyola by its Catholic charitable tradition and three-part mission of patient care, research and teaching.
Mordach thanked Edward CEO Pam Davis and other members of the leadership team and the board of trustees "for the great support they provided me during my three-year tenure."
Mordach lives in Naperville with his wife, Carol, and four children. He noted his 16-year-old son, John, recently underwent brain surgery to remove a benign tumor. "This experience has taught me how brave my son is, and has reconfirmed to me the higher calling of an academic medical center," he said.