Introducing Kevin F. Gallagher, Chief Financial Officer
Kevin F. Gallagher joined Sovereign Health Group on March 22 as the company’s chief financial officer. With an MBA from Farleigh Dickinson University, he has over three decades of financial and operational managerial experience, including a decade as the CFO and COO of a Los Angeles-based distributor of health and wellness products. He also held financial executive positions at Nestle USA, Inc. and Witco Chemical Corp. We spoke with Mr. Gallagher at his office at Sovereign Health, San Clemente, California.
My role as Sovereign’s CFO
The multi-dimensional role of a Chief Financial Officer extends much farther than that of just handling finances. It involves working with every aspect of the organization and understanding and prioritizing the respective needs and goals, ensuring that the needs of each little piece of the organization are being funded and accommodated to yield the maximum benefit.
A strengthening foundation and widening scope
Sovereign’s strength lies in the intelligence of its operations. The detail and the level of expertise that goes into the decision-making process are exceptional. I’ve found here a patient-centric approach, both with the staff and the management. The staff truly enjoys their work, which is evident from their friendliness, helpfulness and the undeniable urge to participate. People, patients and profitability – the three P’s of management – have been instilled into the DNA of operation.
As Sovereign is expanding, it is looking to grow logically and systematically, maximizing value from the current measure base and quality services we can provide to our patient. We are getting bigger and better. I say this because I do not believe that you can get bigger without being better. We can never afford to lose perspective of the ultimate goal and the bigger picture. Ultimately, we are here to provide the highest level of care for every patient, and we have to ensure that each and every step that we take aligns with this. That’s essentially where Sovereign’s strength lies.
Every decision has an associated monetary aspect. Hence, our ability to prioritize and utilize financial disciplines needs to be directed toward the betterment of the operations: growing at a rate that the organization can sustain, expanding the staff and increasing the number of beds so that it all leads to a logical progression of growth.
A two-fold approach
When it comes to exploring new avenues, our approach is two-fold. What will always come first is our mission to help as many patients as we possibly can with the provision of the highest quality of care. The second side is to grow, develop and maximize the value from the business as we continue with our goal. Whether we look at more opportunities within the health care space or new programs to add on, it needs to serve both purposes. The provision of services should not only enhance patient experience but provide a higher level of profitability as well.
Probably the most important step in this regard has been bringing a lab on to the site, being able to add pharmaceutical needs and associated additional benefits not only to patient service but further monetizing the base that we have established already.
Ultimately, prioritization and understanding of what we can and cannot undertake is essential. It is important to keep in perspective that it’s not possible to do everything at once owing to numerous financial and operational constraints. As long as we choose our battles wisely and bite off only what we can chew, nothing should hinder our steady progress.