JACKSON HEALTH SYSTEM EXECUTIVE HONORED WITH
FINANCIAL TURNAROUND AWARD

Miami, FL – Mark T. Knight, executive vice president and chief financial officer of Jackson Health System, will be honored during the South Florida Business Journal’s 2014 CFO Awards on January 22. Knight has been selected as the “Turnaround Deal of the Year Winner” for his role in Jackson’s dramatic financial turnaround.

“Mark Knight has played a critical role in securing Jackson’s future for generations to come,” said Carlos A. Migoya, president and CEO of Jackson Health System. “He is an expert in his field who has worked tirelessly, maintaining a laser focus on Jackson’s finances. We are proud to have him on our team.”

In the last two years, Jackson has undergone a transformation that reversed years of massive losses, including an $82 million loss in the prior year, and produced a surplus of more than $8 million. It was the first time Jackson produced a true surplus since 2006. While skeptics called it an unsustainable blip that would be followed by tumbling volumes and revenues, this year’s unprecedented surplus of nearly $46 million is proof of Jackson’s long-term sustainability. 

Under Knight’s financial leadership, Jackson has gone from a low of just under 9 days of cash on hand in August 2012, to currently more than 27 days. Jackson has achieved solvency – the system’s assets exceed its liabilities – ahead of schedule. Patient bills are being paid more than a week sooner than they were a year ago, Jackson is collecting payments more quickly, and vendors are allowing the system to take advantage of prompt-payment discounts.

Knight joined Jackson as its chief financial officer in 2010. Prior to that, he served as CFO of the Health Care District of Palm Beach County, CFO of the Miami Jewish Health Systems, and executive vice president/chief financial officer of the North Broward Hospital District.

Now in its 7th year, the CFO Awards recognizes chief financial officers who are innovators, strategists and pioneers in the local economy. Finalists and achievement honorees are selected for their commitment to making a financial difference in their company or organization, their ongoing involvement as CFO and senior leadership in their company’s social initiatives and their active promotion of philanthropy and volunteerism.

Finalists and honorees had to demonstrate top financial professionalism for their work as corporate financial stewards. CFOs eligible for these awards must work for companies that have headquarters in Miami-Dade, Broward or Palm Beach counties with the CFO based in the South Florida region. Past winners include CFOs from Ryder System, Citrix, AutoNation, United Data Technologies and Navarro Discount Pharmacy.

The award ceremony is on January 22 at the IGFA Fishing Hall of Fame Museum, 300 Gulf Stream Way, Dania Beach, FL 33004.