Advocate Condell Medical Center announced that it has named David Cartwright its new vice president in finance.
Cartwright had served as director of finance at Advocate Illinois Masonic Medical Center since 2004. In his new position, he will be responsible for financial and capital planning.
Oak Brook-based Advocate Health Care, the region’s largest nonprofit health system with eight hospitals, acquired Condell Medical last year. It also owns Illinois Masonic. Advocate funded its $180 million acquisition with a debt issue. As part of the agreement, Advocate is financing the expansion of Condell’s emergency department and construction of a 68-bed, private-room addition.
Condell had suffered financially with declining profitability and debt service coverage, as well as light liquidity prior to the union. Condell was rated in the triple-B category while Advocate is rated in the double-A range.
The acquisition allowed Advocate to expand into Lake County without undertaking construction of a new hospital.