SPRINGFIELD — Raymond McCarthy has been named senior vice president, chief financial officer, and treasurer at Baystate Health following a national search. He has served as interim CFO since March 1.
“Ray has worked tirelessly and skillfully to keep our health system financially stable during the pandemic and the accompanying recession, ensuring that Baystate Health got its fair share of state and federal relief dollars and deployed its resources flexibly and effectively,” said Dr. Mark Keroack, president and CEO of Baystate Health. “He has over 25 years of healthcare experience, serving in many financial-leadership capacities within Baystate Health, with growing responsibilities and earned recognition as a leader in his field. His breadth and depth of financial experience and alignment to Baystate’s values ideally position him to take the helm as senior vice president and chief financial officer.”
McCarthy will be responsible for providing system-wide vision, strategic direction, and operational leadership of all aspects of finance to ensure the overall financial health of Baystate Health. He will help lead Baystate Health’s ongoing transformation from a traditional fee-for-service healthcare system to one that focuses on population health and value-based delivery solutions.
In his previous role as vice president of Finance at Baystate Health and chief financial officer for Baycare Health Partners, McCarthy was responsible for centralized financial-support services, including investments, treasury services, financial reporting and accounting, accounts payable, payroll, and tax and managed-care contracting.
McCarthy began his career at Baystate Health in 1993 as a senior budget analyst and has served in the roles of controller for Health New England, director of finance for Baystate Medical Practices, director of managed care, and chief financial officer for both Baycare Health Partners, which is the health system’s physician hospital organization, and Baystate Medical Practices.
He led Baystate Health’s financial transition to an accountable-care organization, adopting value-based arrangements and advancing population-health approaches while continuing to provide traditional financial analysis, planning, reporting, budgeting, and revenue-cycle responsibilities. He also has spearheaded a number of novel professional-services agreements with independent physician groups.
McCarthy’s prior experiences include the roles of director of Finance at Cigna and CFO for Northeast Medical Group, part of Yale New Haven Health System. He is a certified public accountant and a Massachusetts Health Leadership College fellow, and holds a bachelor’s degree and an MBA from Western New England University.