DUARTE, Calif., January 30, 2013 — Health care finance expert Richard Magnuson has joined City of Hope as chief financial officer (CFO). Magnuson has more than 27 years of experience in hospital, payer and research finance. As CFO, he is responsible for the strategic planning, development and leadership of all financial functions of City of Hope, including patient accounting, budgeting, reimbursement, revenue cycle and supply chain management.
Prior to joining City of Hope, Magnuson served as executive vice president and chief financial and administrative officer of Group Health Cooperative, a nonprofit health-care system based in Seattle. In that role, he oversaw Group Health’s long-term financial strategy and all functions of the finance department.
“Richard Magnuson has demonstrated success in helping health-care organizations thrive amid a changing economic and regulatory environment," said Robert Stone, president, City of Hope. “His impressive financial acumen, combined with his extensive knowledge of current fiscal and policy challenges, will help City of Hope position itself for maximum growth and sustainability in the years ahead."
Magnuson began his health-care finances career as a Medicare auditor for Blue Cross & Blue Shield of Minnesota. He moved on to Allina Health System, advancing in responsibilities in different Allina-owned hospitals in Minnesota, eventually holding the positions of vice president of finance and operations and of chief financial officer at Abbott Northwestern Hospital, the largest non-for-profit hospital in Minneapolis. He also served as chief financial officer for the Fletcher Allen Healthcare system based in Burlington, Vt., before moving to Group Health Cooperative.
Magnuson received his bachelor’s degree in accounting and finance from Augsburg College, and his master’s of business administration from the University of St. Thomas, both in Minneapolis.
"Richard is adept at balancing an organization's day-to-day financial needs with its long-term strategic and tactical goals,” Stone said. “He’ll be working with other City of Hope leaders to further ensure our financial stability and success as we enter our second century."