Norfolk Virginia - July 21, 2006 - Sentara Chief Financial Officer Robert A. Broermann is among Virginias finest CFOs, according to Virginia Business. Broermann was named CFO of the Year for private companies with more than 100 employees in Virginia Business July issue. Broermann was honored for his contributions to Sentaras growth and profitability, corporate strategy, and community support.
"Sentara has prospered under Robs financial leadership, making possible increased care for the uninsured and contributions to the health of the region," says David L. Bernd, Sentaras chief executive officer.
Last year alone, 60,000 Hampton Roads uninsured people received charity care from Sentara, and the company provided more than $101 million in charitable care and support for medical education and community health programs.
"What has impressed me most about Rob (Broermann) through the course of this relationship is his stewardship of his communitys assets," says Kent D. Jackman in a letter supporting Broermanns nomination. Jackman is director of Citigroup Global Markets, Inc., Sentaras investment banker.
About 44 million people in the U.S. are uninsured, and 1 million Virginians are without adequate medical coverage. During his tenure with Sentara, Broermann enhanced Sentaras Uninsured Discount Program, which provides steep discounts to the uninsured for their care. Now discounts up to 60% are offered patients whose income falls between 200% and 600% of the federal poverty level. In three years, free and discounted care increased to $3.3 million from $165,900 and charity care funding topped $244 million.
During Broermanns tenure, Sentara has flourished evidenced by increased revenue, lower cost of capital, and reduced operating costs.
Earlier this year, Sentara opened the $94.6 million Sentara Heart Hospital in Norfolk. In August it will open the $93 million Sentara Williamsburg Regional Medical Center, which will replace Sentara Williamsburg Hospital, and in September it will begin opening Sentara Princess Anne, a comprehensive health campus in southern Virginia Beach. Broermann has also been involved in Sentaras mergers and acquisitions including the $130 million merger with Obici Hospital in Suffolk.
Broermann was named Sentara Healthcare chief financial officer in 2001. Before joining Sentara Healthcare, one of the nations top integrated health care organizations and Virginias largest health care system, Broermann served as CFO to Tidewater Health Care. He previously served as Senior Audit Manager with Coopers & Lybrand and earned his Master of Business Administration degree from Old Dominion University.