Name: Saurabh Tripathi
Previous title: Managing partner, ST Ventures & Investments
New title: Executive vice president and chief financial officer, Ascension
Tripathi assumed the Ascension’s CFO role effective Monday, according to the St. Louis-based health system.
Tripathi most recently served as managing partner of ST Ventures & Investments, which provides seed capital and guidance to early stage startups, according to his LinkedIn. Tripathi previously was CFO at Highmark Health and Fresenius Kidney Care and held a senior finance role at GE Healthcare.
The executive replaces Liz Foshage, who will remain on as co-CFO until September, according to the announcement.
Tripathi is taking the helm of Ascension’s financial operations as the organization seeks to rebound from a challenging 2023 when it posted a $2.7 billion net loss in that fiscal year. Following the report, credit rating agency Fitch Ratings downgraded Ascension’s long term outlook from stable to negative, citing “noteworthy total operational losses.”
The system began to recover in fiscal year 2024, reporting $231 million in operating income during its quarter ended December 31, as patient volumes improved and expense growth slowed.
In March, the system announced two deals: outsourcing its Illinois-based hospitalist staff and divesting three Michigan-based hospitals. Though deal terms were not disclosed, the sale could give Ascension an infusion of cash after recording losses.
