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Hackensack Meridian Health is welcoming a new chief financial officer and financial services division president.

In a press release, New Jersey’s largest integrated health network announced the appointment of Michael Allen to the posts, starting Dec. 9.

Allen brings more than 35 years of experience in business and health care, including 28 years as a chief financial office for health systems. Most recently, he served as CFO for Illinois-based OSF Healthcare Systems, where he oversaw all financial operations and led a team of 1,600 finance professionals.

During his tenure, he also acted as a voting committee member of the $250 million venture fund OSF Ventures, which achieved an internal rate of return exceeding 25% on portfolio exits, according to HMH.

As part of his new role, Allen will oversee financial services, revenue operations, purchasing and materials management and investment teams at HMH. He’ll also manage the system’s short- and long-term financial plans, serve as a strategic business partner to CEO Robert Garrett and advise trustees on all financial-related matters, the system said.

In a statement, Garrett said he was thrilled to welcome Allen.

“His extensive experience and proven track record of success make him the ideal leader for our financial services team and to shape our network’s future strategy and growth agenda,” he said.

A CFO farewell

Allen will succeed Bob Glenning, who is retiring after 18 years with HMH.

Garrett also thanked Glenning for his service, saying, “Our network is in its strong position today because of Bob’s financial acumen and visionary leadership. Bob is more than just a CFO; he was integral in forming our network and the Hackensack Meridian School of Medicine.”

After describing the outgoing CFO as an “invaluable partner and cherished friend,” Garrett wished him well in retirement.

“It has been an honor to serve Hackensack Meridian Health for the past 18 years,” said Glenning. “Together, we have had a profound impact on the communities we serve by providing high-quality, compassionate care.”

Glenning continued, “By ensuring our health system is financially strong, we have been able to make healthcare more accessible by forming New Jersey’s largest health system, creating the Hackensack Meridian School of Medicine, forging innovative partnerships with organizations like Google, and helping to create opportunities for underserved communities through our network’s unique charity care program, which has provided nearly $1 billion so people can access high-quality healthcare whenever and wherever they need it.”

Based in Edison, Hackensack Meridian Health’s network includes 18 hospitals and more than 500 patient care locations, which include ambulatory care centers, surgery centers, home health services, ambulance services, rehabilitation centers, urgent care facilities, physician practices and a fitness & wellness center.

Allen shared, “I am honored to join Hackensack Meridian Health and contribute to its continued success. I look forward to working with the talented team at HMH to build upon its strong financial foundation and drive future growth.”

Editor’s note: This story was updated at 12:29 p.m. ET Nov. 4, 2024, to include a statement from Bob Glenning.

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