|Parkland's No. 2 senior executive leaves early on news of worsening financial outlooks from Fitch and S&P|
|Parkland interim CFO Ted Shaw is leaving for|
greener pastures elsewhere, but many questions
remain about how much he was being paid by Parkland
As we called it one day ago, Parkland's top financial official and second in command at the hospital, Walter "Ted" Shaw, announced he is leaving Parkland next month (which means he has already left to move to Austin) to take a new job as president and CEO of the Texas Hospital Association.
Shaw informed Parkland board chairwoman, Debbie Branson, today that he will not be extending his temporary contract with Parkland as its interim chief financial officer which runs to the end of the year.
|A day of remembrance invites comparisons of Parkland back in 1963 to what it is now|
Shaw has only been at Parkland since July of 2012, taking over the helm on an interim basis from the previous ousted Parkland CFO John Dragovits. The list of senior executives who have either been fired or have left the scandal-plagued county hospital include a long bloody list of discarded senior executives in recent years:
- Ronald Joseph Anderson, president & CEO
- Thomas C. Royer, interim CEO
- John Moulton Haupert, executive vice president & COO
- John Francis Dragovits, executive vice president & CFO
- Walter H. "Ted" Shaw, executive vice president & interim CFO
- John Jay Shannon, executive vice president & chief medical officer
- Michael Leon Silhol, executive vice president & general counsel
- Mirium Sibley Robertson, executive vice president & chief nursing officer
- Candy Knowles, senior vice president & chief human resources officer
- Josh A. Floren, executive vice president for medical affairs
- Robert L. Smith, interim CEO
- Christopher James Madden, interim chief medical officer
- Ron Laxton,executive vice president & interim co-COO
- Sharon Ann Phillips, executive vice president & interim COO for ambulatory care & behavioral services
|Parkland's commemoration of 1963 did not go off|
without incident. People questioned why a flag
honoring JFK had holes in it looking like bullet holes
or shaped like a gun scope's cross hairs
Parkland Hospital was the hospital where a mortally wounded Kennedy was taken to for medical treatment when he was shot twice by sniper Lee Harvey Oswald in Dealey Plaza.
Oswald would also die in eery fashion at Parkland two days later after Dallas strip club owner Jack Ruby ambushed him with a gun while Oswald was pushed out in front of a throng of news reporters and cameramen for a press conference while he was in police protective custody.
Ruby himself would later die four years later of complications of lung cancer at Parkland after he was granted a second trial in the capital murder case of Lee Harvey Oswald.
|A drawing of the original wooden Parkland Hospital building built in 1894 on Oak Lawn Avenue|
Conspiracy theorists already began speculating the holes were some kind of inside joke made in poor taste by hospital officials. The speculation was that the holes represented the bullet wounds found on the President when he was initially brought to Parkland.
Hospital officials, however, said that the holes were meant to be air vents which would prevent the flag from ripping apart in high winds.
The suspicions and bad publicity never seem to end for Parkland.
Along with that news this week, the U.S. Centers for Medicare & Medicaid Services (CMS) announced it had monetarily penalized Parkland Hospital and the flagship hospital of its affiliated academic partner, UT Southwestern, for poor patient quality ratings in treating Medicare beneficiaries.
Credit ratings giant, Standard & Poor's, also announce this week that they were joining Fitch Ratings back in July in lowering Parkland's bond ratings, sounding off alarm bells in the financial sector of heightened risks in Parkland paying back its debt for a $1.31 billion new hospital which they plan on opening in 2015.
And if that wasn't enough bad news for Parkland for one week, the Dallas Morning News reported yesterday of several top executives' salaries at the county-run public hospital, which were all shockingly high for a public, county-run, safety-net hospital.
Parkland, however, refused, to release the salaries of their top three senior executives, which included: 1. Bob Smith, interim CEO, 2. Ted Shaw interim CFO, and 3. Christopher Madden, interim CMO.
|Is interim CFO Ted Shaw leaving Parkland early |
because of worsening financial problems at the
hospital? Shaw admitted the hospital is out of money
even to complete its $1.31 billion replacement hospital
In addition, the hospital's reserves are running on empty as budget overruns and delays on the new $1.31 billion hospital construction have broken the bank on Parkland's coffers.
|It's apparent in this latest exodus that Parkland's|
interim executive carpet baggers are now beginning
to exit Parkland while they still have not found their next CEO
All the candidates, including Shaw however, withdrew their candidacies for the job over growing concerns over the hospital's bad press coverage, poor finances, and continuing problems with government safety regulators and law enforcement agencies.
Given the immense pressures on Shaw to find new sources of cash to continue the completion of Parkland's very expensive new hospital construction, many observers watching the Parkland situation, including the editors of this website, saw Shaw's imminent departure as being inevitable.
Statement from Debbie Branson, Chair, Board of Managers, Parkland Health & Hospital System regarding Walter H. (Ted) Shaw, CFO (11/22/13)
DALLAS – This morning Parkland Interim Chief Financial Officer Ted Shaw informed me that he has accepted a position as President and CEO of the Texas Hospital Association (THA). As a result, he will not be extending his interim contract with Parkland. His current contract runs through the end of the year. While we are sad to see Ted go, we are pleased that he is remaining in Texas and in a position to advocate for hospitals like Parkland through his work at THA. On behalf of the Board, I want to thank Ted for the great work he did during his time at Parkland. He came to Parkland at a very challenging time and performed beyond expectations. He has been a tireless advocate for Parkland and an excellent steward for Dallas County taxpayers’ dollars. We wish Ted all the best in his new role and look forward to working with him as the President and CEO of THA.
- D-Magazine: Parkland CFO to leave, become CEO of the Texas Hospital Association (11/25/13) new!
- The Bond Buyer: New Parkland Hospital rises past dark history (11/25/13) new!
- DMN: Interim chief financial officer leaving Parkland Memorial Hospital (11/22/13) new!
- DMN Blogs: Top financial official to leave Parkland next month (11/22/13)
- Parkland: Statement from Debbie Branson, Chair, Board of Managers, Parkland Health & Hospital System regarding Walter T. (Ted) Shaw, CFO (11/22/13)
- KETK: Ted Shaw selected as CEO of the Texas Hospital Association (11/22/13)
- DMN Blogs: Holey flag at Parkland raises questions (11/22/13)
- DMN Blogs: Parkland ceremony pays quiet tribute to JFK (11/22/13)
- Orgy of Death: DMN: New report highlights compensation issues for top Parkland executives (11/22/13)
- DMN Blogs: New report highlights compensation issues for top Parkland executives (11/21/13)
- Orgy of Death: DMN: 2nd agency lowers bond rating of hospital district that runs Parkland (11/21/13)
- DMN: 2nd agency lowers bond rating of hospital district that runs Parkland (11/21/13)
- Orgy of Death: Parkland, UT Southwestern now on Medicare's naughty list for hospitals penalized for poor quality ratings (11/19/13)
- DMN: Parkland legal staff refusing to release executive compensation study (11/5/13)
- Orgy of Death: Estimates of Atlanta's safety-net hospital's loses of $45 million under Obamacare give an idea of what Parkland can expect to lose without Medicaid expansion (11/1/13)
- Orgy of Death: Parkland is back to square one with no prospects to fill its top position after squandering 2 years and $400,000 in search of its next CEO (10/24/13)
- DMN: Dallas County plans to sell $42 million in government bonds to help pay for new hospital (9/17/13)
- DMN City Hall Blog: County officials tangle during break in commissioners' meeting (9/3/13)
- DMN City Hall Blog: New Parkland won't require balloon payments—it just looks that way (8/29/13)
- DMN: Parkland hospital board approves $1.27 billion budget, including small tax increase (8/28/13)
- DMN City Hall Blog: Parkland, county officials disagree on how $705 million will be repaid (8/28/13)
- Orgy of Death: Parkland is bleeding cash: Hospital is $6.7 million in the red in June on the tail of more scandals, and construction costs are now revealed to be at least $29 million over budget (8/20/13)
- DMN: Higher Parkland tax rate leads to questions about Dallas hospital system's long-term debt (8/13/13)
- DMN: Remedying quality-of-care problems could cost Dallas' Parkland hospital $9 million (8/6/13)
- DMN: Dallas' Parkland Memorial Hospital saw $5.3 million net loss last month (7/24/13)
- DMN Scoop Blog: Parkland has a bad month and records a new loss of $5.3 million (7/24/13)
- DMN Scoop Blog: Parkland Memorial Hospital refuses to release costly report on executive compensation (7/23/13)
- DMN: Dallas County's Parkland hospital district loses top bond rating from Fitch (7/16/13)
- DMN Scoop Blog: Parkland loses AAA-bond rating from Fitch as hospital prepares new bond sale (7/16/13)
- Orgy of Death: Parkland's credit ratings drop due to hospital's ongoing troubles with government regulators and uncertainties in its finances (7/14/13)
- Wall Street Journal: Fitch downgrades Dallas County Hospital Dist, TX's GO bonds to 'AA+'; outlook stable (7/12/13)
- DMN Scoop Blog: Parkland Hospital criticized by county commissioners for plan to hand out executive 'bonuses' (7/3/13)
- Becker's: Parkland Memorial Hospital may reinstate incentives for execs (6/28/13)
- DMN Scoop Blog: Parkland considers giving its top managers controversial performance pay again (6/27/13)
- DMN: Parkland paid bonuses to executive in criticized departments (2/15/12)
- DMN: Parkland hospital execs' incentive pay information released (12/23/10)
- DMN Opinion Blog: Are Parkland bonuses out of line? (1/27/10)
- DMN: Top execs at Parkland rake in nearly $2 million in incentive pay 1/21/10)
- DMN: Parkland Hospital paid top execs $1.7M in bonuses (1/21/10)