Interim Executive Leadership

The health care industry is currently facing some of its most difficult challenges ever. The cost of care is unsustainable, we face severe staffing shortages, inequities in care and lagging outcomes; we are far down the ranks of developing countries. Crane’s years of experience in financial, strategy and operational leadership roles make him uniquely qualified to serve health care organizations in an interim role to both stabilize and advance initiatives that counter these significant issues.

Crane is able to embrace the existing culture of an organization to deliver on the outcomes desired while in this role. Crane brings a metric focus to results and improvement, offering several lean management tools and processes where appropriate.

Serving in these roles for acute care hospitals he has led strategic planning, budget (operations and capital), long range financial planning delivering strong financial performance and facilitating the growth of each organization served. He has led many operational improvement initiatives and revenue cycle optimization efforts. Crane believes in a healthy and balanced capital structure with appropriate investment objectives attached to cash reserves. He also believes strongly in the collection practices that do not pray on the underserved or force people into bankruptcy and homelessness.

In the early 2000’s he was one of the first in Oregon to amend a collection policy to protect primary residences of patients with medical debt. It was excluded from calculations of ability to pay. The organization also increased their sliding scale of charity up to 400% of the federal poverty guideline.

In 10 years as the CFO of Salem Health Crane implemented a number of key financial improvement strategies.

  • Balanced use of tax-exempt bonds to fund growth, while also implementing a balanced investment portfolio. This fueled net asset growth of $570 million with an additional $40 million in investment earnings.

  • Revenue cycle improvement projects in 2009 yielded $9 million in revenue and $14 million in cash acceleration, and in 2012 another $24 million in revenue cycle improvement.

  • Cost reduction initiatives - $16 million in improvement over 2010 leading to a 13% EBIDA in 2011.

In 2008 the municipal bond market crashed, specifically in the variable rate debt issues (Dutch Auction). Crane’s organization had significant debt impacted. He assembled his team and took immediate action. They secured bridge financing with a local network of banks, and put permanent financing in place within 7 months. There were only a few hospitals across the country able to achieve this in a similar time frame. Crane’s leadership in this case led to the Portland Business Journal naming him as one of two runners up in the CFO of the Year recognition for nonprofit organizations.

Facility expansion projects - $285 million in Salem and $281 million at Seattle Cancer Care Alliance. Created business planning analysis to secure board approval. Developed and executed plans of finance to fund construction.

Implemented LEAN tools included the A3 documents, 5 why analysis to identify root causes of problems, 4 step problem solving and leadership catch ball to enhance communication and engagement. These tools were utilized to help leadership understand the current financial position and lack of long-term sustainability of the organization. Root causes were collectively identified and countermeasures implemented. See bullets 2 and 3 above.