James M. Staten, a financial executive with expertise in health care finance and health systems, has been named the top financial officer at USC.
Staten, who will report to USC President C. L. Max Nikias, will oversee a wide range of financial operations for USC, including budget and planning, treasury services, the university comptroller, financial and business services, Keck Medicine of USC finances, capital construction and facilities management services, and information technology services. His appointment takes effect Jan. 19.
Staten comes to USC from the Yale New Haven Health System (YNHHS), where he has served as a key member of the president and CEO’s leadership team for more than 15 years.
He has held the titles of executive vice president and chief financial officer for YNHHS; treasurer of the boards of YNHHS and Yale-New Haven Hospital; and chairman of the board of Medical Center Insurance Co. Under Staten’s leadership, YNHHS and its hospitals and related businesses remained exceptionally strong, as he built a financial planning infrastructure, robust revenue cycle and treasury functions that allowed the entire enterprise to flourish, while increasing access to health care for patients throughout the region.
Health care strategies
Among his many accomplishments at Yale New Haven, Staten led organizational transformations that included launches of systemwide information technology and data analytics, as well as cultural integration activities. In consultation with his colleagues, he helped develop all health care strategies for the health system, including overseeing the formation of a large physician foundation and developing visionary strategies for acquiring physicians. Additionally, he managed the critical financing that led to the successful opening of the Smilow Cancer Hospital at Yale New Haven in 2010, and the development and execution of all managed care contracting strategies, including those related to YNHHS’ emerging population health organization, known as Total Health.
Prior to his arrival at Yale New Haven Health, Staten served as senior vice president of finance at New York-Presbyterian Hospital and New York-Presbyterian Health System, where he was responsible for assuring the organization’s financial viability. Before assuming that role, he served as the organization’s vice president of financial planning. Earlier in his career, he directed Ernst & Young’s NYS Revenue Cycle Consulting Services and was a partner at Pannell Kerr Forster, which, at the time, ranked among the largest public accounting firms in the United States.
Staten received his bachelor’s degree in business and economics from the State University College of New York and has served as a board member of The Country School in Madison, Conn., as well as on the finance committee for the Connecticut Hospital Association.
Staten replaces Robert Abeles, who recently announced his retirement. Abeles has served as USC’s senior vice president for finance and chief financial officer since 2009. As part of the university’s senior leadership team, he effectively managed the unit responsible for capital construction and beautification of the University Park and Health Sciences campuses, and directed the implementation of four new enterprisewide administrative information technology systems, as well as successfully handling the issuing of new bonds and refinancing of existing ones. His oversight of USC’s procurement department resulted in substantial savings through the renegotiation of major contracts.