Patricia Steeves O’Neil provides strategic vision and management for the fiscal direction the Rush system. This work includes responsibility for the protection of assets, treasury function, hospital revenue cycle, financial reporting, internal audit, financial planning and budgeting. She also oversees the supply chain functions and serves as a board member of several Rush joint ventures.
O’Neil brings to these roles more than 30 years of health care financial management experience, including more than 20 years as Rush University Medical Center’s treasurer. She became chief financial officer and senior vice president in May 2021 after serving as acting chief financial officer and senior vice president since May 2020.
Most recently, she has navigated the unprecedented expense challenges facing the industry, with labor shortages and wage compression, combined with inflationary pressures on drugs and supplies. With many health systems losing money on operations over the past several years, Rush has successfully focused on both volume growth and access with a system-wide cost optimization plan. As a result, Rush was successful in reporting solid operating income, while also maintaining robust liquidity and modest leverage.
O’Neil was instrumental in implementing a cash preservation strategy, securing liquidity from lenders, and issuing $330 million debt in turbulent markets to invest in Rush’s growth strategies and the construction of the Joan and Paul Rubschlager Building, Rush's state-of-the-art ambulatory cancer and neurosciences facility. Under O’Neil’s leadership, Rush also invested in IT systems, RUSH MD Anderson Lisle Cancer Center and expansion of its ambulatory footprint over the past three years. These capital investments, with key recruitments in growth service lines, are critical for Rush’s growth strategy and ability to provide services close to the patients.
In addition, standardization across the Rush supply chain has been a focus for several years. Rush has successfully saved $35M over the past three years on supplies. Rush’s supply chain function has ranked in the top 10 in the nation over the past several years, according to Vizient.
During O’Neil’s tenure, Rush University System for Health has attained multiple upgrades and outlook improvements from Moody’s, Fitch and Standard and Poor’s. With downgrades outpacing upgrades in the non-profit health industry by 4:1, Rush successfully maintained its ratings of AA- (Fitch), A+ (Standard & Poor’s) and A1 (Moody’s), placing Rush in the top 20% of rated health systems.
As treasurer, O’Neil oversaw all aspects of the cash management operations, including utilizing best practice technology in patient collections and disbursements. For nineteen years, O’Neil oversaw all aspects of Rush’s investment programs, including endowment, master retirement trust, strategic cash, self-insurance trust, defined contribution plans and planned giving program, which combined total more than $3 billion.
O’Neil is also an assistant professor in the Rush University College of Health Sciences, where she teaches in the nationally ranked Master’s in Health Systems Management Program. She received an Outstanding Faculty award in 2004, 2008, 2010, 2014 and 2016.