Ballad Health CFO makes list of '10 Women Leaders to Watch in Healthcare'

Johnson City Press • Feb 21, 2019 at 2:17 PM

Lynn Krutak, chief financial officer for Ballad Health, earned a spot on Modern Healthcare’s 2019 “10 Women Leaders to Watch in Healthcare” list,  the hospital system announced on Thursday. 

Modern Healthcare is a publication deemed a leading source of health care business and policy news, research and information across the United States.

Each year, Modern Healthcare selects a list of “Top 25 Women Leaders,” accompanied by a list of “10 to Watch.” Krutak was selected among the “10 to Watch,” a category described as rising women executives who are advancing health care. 

Krutak played a key role in the Ballad Health merger of Wellmont Health System and Mountain States Health Alliance, which required approval from Tennessee and Virginia state officials. 

Once the merger was accomplished, Krutak was a driving force in Ballad Health’s ability to receive a credit rating upgrade from Fitch and S&P Global Ratings—and more recently an improved outlook to positive from Moody’s—at a time when the national forecast for the health care industry was a downgrade. 

She also oversaw the consolidation and refinancing of the debt of both Wellmont and Mountain States, which is expected to save Ballad Health about $20 million per year in debt payments. 

“Not only is she a leader locally and nationally, she has made it a priority to identify and develop other women within the organization,” Alan Levine, CEO of Ballad Health and chair of the Ballad Health board of directors, said. 

“We are especially proud that women serve as CEOs for nearly half of Ballad Health’s hospitals and believe the diversity in perspectives, skills and experiences of our leadership team is critical to our ongoing success.”

Krutak was born in Kingsport and has worked in the Tri-Cities health care industry since 1995, serving in various positions such as chief financial officer for Johnson City Specialty Hospital, vice president/CFO for Blue Ridge Medical Management, and senior vice president/chief financial officer for Mountain States. 

She is also a Certified Healthcare Financial Professional through the Healthcare Financial Management Association and serves on the advisory board for East Tennessee State University’s College of Business and Technology.