Editors’ Note

Appointed to her current post in August 1998, Stacey Malakoff joined HSS in November 1990 as Director of Reimbursement. Effective August 1992, she was named Controller and effective September 1996, Vice President of Finance. She received her Bachelor of Science Degree in Business Administration from Washington University in Saint Louis, Missouri in 1985 and was licensed as a Certified Public Accountant in 1987. Prior to joining HSS, Malakoff served as Manager in the audit division of Ernst & Young LLP. She is an advanced member of the Healthcare Financial Management Association.

Institution Brief

New York-based Hospital for Special Surgery (hss.edu; HSS) is internationally recognized as the leading independent academic medical center specializing in orthopedics, rheumatology, and their related specialties. The hospital pioneered the modern-day total knee replacement and continues to build on its success in all areas of musculoskeletal healthcare, in the advancement of cutting-edge research, and the development of innovative approaches to diagnosis and treatment, all of which contribute to its global leadership. Outstanding results in quality of care and the patient experience have created a growing demand for its services, with people coming to HSS from across the country and throughout the world. HSS is the first hospital in New York State to achieve its fourth consecutive designation as a Magnet® Hospital by the American Nurses Credentialing Center, the gold standard for nursing excellence. It is the only hospital in New York State that has maintained a significantly lower infection rate than the state average for hip replacement five years in a row. HSS is the official hospital of the New York Giants, New York Mets, New York Knicks, New York Liberty, and the New York Red Bulls. It is also the official hospital of New York Road Runners for the New York City Marathon. In 2013, HSS was named the first National Medical Center of the United States Olympic Committee’s (USOC) National Medical Network. In this capacity, HSS is an official hospital for U.S. athletes. HSS is also one of only three hospitals in the United States designated as a Medical Center of Excellence by FIFA.

Would you discuss the financial strength of HSS and how critical this is to the growth of the organization?

The financial strength of HSS starts with our outstanding, medical staff, patient experience, and quality outcomes. This fuels the demand and growth that, along with a focus on efficiency and responsible cost management, has contributed to our consistent positive financial performance. HSS’s financial strength has positioned us to make the critical investments needed to ensure continued success as the world leader in musculoskeletal care, research, and education in a rapidly changing healthcare environment.

What are the keys to being a successful CFO today and has the role evolved over the years?

Today, the role is much more strategically focused and there is much more collaboration with the rest of the senior leadership team. The healthcare environment and HSS’s strategic focus and growth plan is very different and much more complex than it was in my earlier years as CFO.

One of the keys to being a successful CFO is to create successful and productive working relationships with other executives. At HSS, the leadership team is very much aligned on HSS’s clearly defined vision and strategic goals.

We work together to continue our strong financial performance, while being uncompromising in always looking to improve our world-class patient care and making the important investments to ensure our future success.

What do you tell young women today about the opportunities that exist for careers at senior levels in finance?

Be true to yourself and be true to your job. Always be honest, take the right actions whether popular or not, do the right thing, and as a result, it will always be hard to criticize your actions. Make sure you are waking up every day loving what you do. Always respect and care for your colleagues as working together as a team is the way to ensure success.•