Patricia Steeves O’Neil provides strategic vision and management for the fiscal direction of Rush University Medical Center and 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 and the treasurer of Rush Health, the system’s physician-hospital organization, as well as chairman of its Finance Committee.
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 CFO 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 the majority of 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 operating income in fiscal year 2024, while also maintaining solid 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 in fiscal year 2024. 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 $28M over the past two years on supplies. Rush’s supply chain function has ranked in the top 15 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.
Prior to joining Rush, O’Neil was managing director of the Chicago office of Bank of America’s newly created Healthcare and Not-for-Profit Group, which she was recruited to lead. The group served clients including large multi-state hospital systems, universities, and cultural institutions. Previously, she was vice president of First National Bank of Chicago’s Healthcare, Education and Municipal Services Group, during which time she received Series 7 and Series 63 designations.
O’Neil received a bachelor’s degree from Mount Holyoke College in South Hadley, Massachusetts, and a Master of Applied Economics from the University of Michigan. She served on the board of Sacred Heart Schools and now serves on the boards of Mount Holyoke College’s Alumnae Association and Spark Ventures Spark Ventures (a non-profit global microfinance organization).