April, 2024- Ballad Health has named Shane Hilton, a longtime financial leader with more than 20 years of experience within its system, as its new chief financial officer, replacing esteemed executive Lynn Krutak upon her retirement
Hilton’s appointment is effective immediately, while Krutak’s retirement takes effect on Sunday, June 30. Krutak and Hilton will work diligently in the interim to ensure a smooth transition of Ballad Health’s financial oversight and management.
“One of the things I’m proudest of in our health system is the quality of our team, particularly in leadership,” said Ballad Health Chairman and Chief Executive Officer Alan Levine. “Many of our leaders were part of our legacy health systems prior to Ballad Health’s formation, and they’ve given tirelessly to contribute to our mission.
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Krutak has served as chief financial officer since the health system’s inception, following a successful tenure as executive vice president and chief financial officer for legacy Mountain States Health Alliance. During her tenure, Ballad Health achieved “A” credit ratings from all three national credit rating agencies – a first for either of its legacy systems. She also successfully integrated the financial operations of two health systems, created a budgeting process that has been cited by the rating agencies as being reliable in terms of Ballad Health’s budget plan execution and, notably, has led the system through complex audits from independent auditors with virtually no material audit findings – something quite difficult to accomplish for an organization as unique and complex as Ballad Health.
“Since beginning my career with legacy Mountain States Health Alliance in 1998, I’ve found a home and a career path with this health system and its people,” Krutak said. “Building a strong local health system has been a point of pride for me personally – I grew up in Kingsport, and I care deeply about our community’s ability to access high-quality healthcare. It’s because I care so deeply about this system that I have been working closely with Shane over the last few years to help him develop into this role, because I knew I would need a successor who has the same passion and commitment to the Appalachian Highlands as I do.
The health system’s senior management team, with input and support from David Lester, chairman of the finance committee of Ballad Health’s Board of Directors, made the decision to name Hilton as the new chief financial officer.
“I’ve been fortunate to build a multi-decade career with this health system, and I’m humbled and honored by the faith they’ve put in me as I move into this new role,” Hilton said. “I’ve been tremendously fortunate to work under the support and leadership of Lynn and our other executives, and I’m excited to work alongside our team to pursue the potential of Ballad Health as a model of rural health care.
