Group Health recently announced that it recently hired Chris Knackstedt as Chief Financial Officer (CFO). Knackstedt joined Group Health after having been CFO at MultiCare Health System in Tacoma, Wash. He brings a broad base of financial leadership to the fully integrated nonprofit health care organization, having been CFO of several of the nation’s top 10 integrated health systems.
As CFO of Group Health, Knackstedt is responsible for operations of a nearly $4 billion annual gross revenue system, including Group Health’s health care and coverage services.
“The Board of Directors and I are thrilled Chris has joined the organization and confident in his abilities,” said Group Health President and CEO Scott Armstrong. “It’s great to have Chris on our leadership team and we’re excited about the immediate alignment he has brought to the table through his direct experience in helping lead fully integrated health care systems.”
Group Health’s former interim CFO, Jim Truess, also commented, “Chris has the skill set that Group Health’s innovative structure requires, and I’m certain he will help further enhance the financial health of the organization.”
In his previous role with MultiCare, Knackstedt was responsible for operations of the $1.8 billion not-for-profit health care organization, which has more than 9,100 employees and a network consisting of five hospitals and integrated physicians throughout Pierce, South King, Thurston and Kitsap counties.
Armstrong added, “Group Health conducted a national search over a period of several months, which ultimately resulted in us identifying Chris as the best candidate for the job.”
Prior CFO duties for Knackstedt elsewhere in the country have included Mercy Health in Springfield, Mo., a $1.9 billion integrated health system spanning parts of Missouri, Arkansas and Kansas; St. Anthony Health System, a not-for-profit network of health facilities in Colorado; and, Sierra Providence Health Network in Texas.
Knackstedt, who is a native Midwesterner, earned an MBA from the University of Texas, El Paso, and a bachelor’s in accounting from New Mexico State University in Las Cruces, N.M. He is a certified public accountant.
About Group Health
Group Health is one of the nation’s leading nonprofit health systems, recognized for its consumer-governed cooperative origins and innovative solutions for improving care. Established in 1947, Group Health, together with its subsidiaries Group Health Options, Inc. and KPS Health Plans, provides health coverage to almost 600,000 Washington state residents. More than 345,000 members receive care from Group Health Physicians medical group at Group Health Medical Center locations across the Puget Sound region and Spokane. Group Health advances health in the community through its medical education, charitable foundation, and nationally recognized research institute.