USA—Saurabh Tripathi has been named executive vice president and chief financial officer of Ascension, one of the major private healthcare organizations in the United States based in St. Louis, effective April 29.

Tripathi will succeed Liz Foshage, who will serve as co-CFO until September, when she will retire.

Tripathi has over 25 years of executive experience, most recently serving as a managing partner at ST Ventures & Investments, a seed financing and advisory firm for early-stage entrepreneurs.

Tripathi formerly served as CFO at Highmark Health and Fresenius Kidney Care, as well as a senior finance position at GE Healthcare.

He has also held positions of chief financial officer and treasurer at Highmark Health, as well as leadership positions at Fresenius Medical Care, General Electric, and Procter & Gamble.

He holds an MBA in Finance from the University of Leeds and a bachelor’s degree in Electrical Engineering from Motilal Nehru National Institute of Technology.

While welcoming him, Joseph Impicciche, Ascension’s CEO, praised Tripathi’s wide background and expertise in managing large-scale operations, as well as his visionary leadership, which are exactly what Ascension requires as it continues to evolve and expand its services.

Impicciche further stated that his extensive industry understanding and track record of producing significant financial achievements will be critical in moving their objective forward.

Tripathi, for his part, expressed his gratitude for the opportunity to join Ascension and contribute to its noble mission of caring for all, with a focus on those in greatest need.

He went on to state that he looks forward to being an active part of the leadership team and partnering with Ascension’s skilled professionals across the system to drive innovation and continue raising health standards in their communities.

Meanwhile, Tripathi is taking over Ascension’s financial operations as the organization looks to recover from a difficult fiscal year in 2023, when it reported a US$2.7 billion net loss.

Following the report, Fitch Ratings cut Ascension’s long-term outlook from stable to negative, noting “noteworthy total operational losses.”

 The system began to recover in fiscal year 2024, posting US$231 million in operational income in the quarter ended December 31, as patient volumes increased and expense increases decreased.

In March, the system announced two transactions: outsourcing its Illinois-based hospitalist staff and selling three Michigan-based facilities.

Though the specifics of the transaction were not disclosed, the sale might provide Ascension with a cash infusion following losses.

For all the latest healthcare industry news from Africa and the World, subscribe to our NEWSLETTER, and YouTube Channel, follow us on Twitter and LinkedIn, and like us on Facebook.