Most Influential Women: Kari Cornicelli, Phoenix Children’s Hospital



Az Business and AZRE magazines announced the publication lists of the most influential women in Arizona for 2021, including Kari Cornicelli from the Phoenix Children’s Hospital. To celebrate the 10th anniversary of the “Most Influential Women” program, portrays one of the most influential women of the year 2021 every day in the run-up to the Dinner and reception of the most influential women of 2021.

ALSO READ: The Most Influential Women in Business in Arizona in 2021

The most influential women in 2021 will be honored at a reception on August 26th at the Chateau Luxe in Phoenix. For sponsorship information, email [email protected] For information about the event honoring the most influential women, email Lynette.Carrington[email protected]om or click here.

To purchase copies of The Most Influential Women in Arizona Edition, click here.

Today in the spotlight: Kari Cornicelli

Executive Vice President and CFO

Phoenix Children’s Hospital

Cornicelli has extensive experience in health financing, value creation and developing health reform initiatives such as population health strategies. As CFO, she leads comprehensive financial initiatives across the healthcare system and the operations of the Phoenix Children’s Care Network and Phoenix Children’s Pediatrics.

Findings from 2020: “I’ve always valued teamwork. Last year, the importance of a cohesive team became even more apparent. The initial shutdown of the economy to flatten the curve and slow the spread of the virus had an immediate impact on hospitals as it was related to the suspension of scheduled surgeries, clinical services, and office visits. It took every hands-on-deck effort to mobilize telehealth services, reopen clinical services and resume scheduled cases to the 1st employee across the organization were affected and contributed to reopening, including obtaining personal protective equipment, rigorous testing and screenings, universal masking, social distancing, improved cleaning and patient care for COVID-19 positive patients.

“It also showed the value of teamwork within the finance department. Working remotely brought with it the real challenges for individuals working alone on a project, including project development creativity, timely decision making and project completion. All of these challenges can be more easily overcome through teamwork, where multiple individuals who are individually qualified in an area can contribute to the overall development of a project and thereby achieve a better result. Teams use the strengths of each individual and compensate for individual weaknesses. Everyone who takes part in a project learns from the process and grows professionally. While I didn’t mind working from home, I am thrilled to see the staff getting back to work and resuming the camaraderie and partnership that are the foundation of any highly functioning team! Teamwork counts! “

Source of pride: “When I look back on my professional career, I highlight some personal and team achievements. The latest achievement relates to the $ 290 million new money bond that Phoenix Children’s signed in August 2020. This transaction marked the first time in seven years that Phoenix Children’s went public to raise funds. The offering would allow us to expand our presence to provide vital access to our pediatric populations in underserved areas and to advance Phoenix Children’s 35 year mission of providing hope, healing and the best of health care to children and their families.

“The funding plan was presented to the Board of Directors in April 2020, right at the start of the COVID-19 pandemic, which, in a time of fiscal uncertainty, seemed like a risky time to add to the organizations debt burden. Based on our successful track record in executing key strategic initiatives, we have taken the position to stay on course and continue to expand. The management team worked hard on implementation a plan to contain COVID-19 that would guide the organization through these unprecedented times. I was confident that our system was financially sound and that new community offerings would provide more patients and families with quality care while improving the financial sustainability of the organization.

“In mid-July we set ourselves the strict task of submitting our financial and strategic plan to the rating agencies Moody’s, S&P and Fitch. The agencies reviewed our five-year forecast and asked questions about COVID-19 containment, financial projections, cash flows, revenue growth, philanthropic contributions from the Phoenix Children’s Hospital Foundation, EBIDA margins, and project ROI, among other things. At the end of the process, all three agencies confirmed Phoenix Children’s A, A1, and A + credit ratings, despite hundreds of hospital systems being downgraded during the pandemic due to financial uncertainty.

“Upon completion of the confirmations, our CEO, Bob Meyer and I, met with bond investors in August to discuss the details of the offering. Days later, when the bonds hit the market, investors showed a robust appetite: the offering was 22.1x oversubscribed with a total order volume of over $ 5.4 billion.

“As it turns out, the Phoenix Children’s issue” hit an all-time low in healthcare as it matures in 2050 – 4% coupon and 2.12% on-demand yield. “Despite the uncertainties, Phoenix Children’s has a strong value proposition for patients among investors and families in the Southwest region, strong financial metrics and a dynamic strategic growth plan for the future. As Bank of America stated, ‘This impressive reception was testament to the strong creditworthiness of Phoenix Children’s Hospital, the management’s track record in executing strategic initiatives and responding to COVID-19 and the continued positive momentum expected from the planned capital investments. ‘“

Surprising fact: “I probably seem like a workaholic … which is not uncommon for this type of leadership position. But I like to have fun …. I am an outdoor enthusiast who enjoys jeeping, camping, biking, and hiking. My husband and I love to spend the weekends exploring the beautiful state of Arizona. We have only lived here for two years so everything is new to us. We found the geographic diversity of the state to be astonishing and beautiful. We enjoy the mountains and the desert alike and enjoyed exploring the many small historic towns. From the Grand Canyon to the Mogollon Rim and the beautiful town of Pine to the Sonoita Wine Trail in Elgin and everything in between – we really enjoyed our adventures in Arizona. “



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