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Tuesday, Apr 9, 2024

Ballad Health names Shane Hilton as new chief financial officer, honors Lynn Krutak upon her retirement

Shane Hilton head and shoulders

Lynn Krutak Foundation headshot

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.

“Lynn has been a key contributor to our leadership team, bringing a mature and compassionate perspective to our finance team’s role in serving our region. The affection our entire team has for Lynn is infinite, and while she will ultimately be missed here, we are grateful she will continue to be a part of our lives and our family. As the chief financial role is so critical to our operations, I’m also grateful we have someone of Shane’s experience and caliber ready to step in – I’m wholly confident in his talent and look forward to the tremendous benefit his financial stewardship and guidance will bring us.”

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.

“As I move on to this next stage of life and spend more time with my family, I’ll remain a supporter of Ballad Health and the tremendous work I know our system will continue accomplishing.”

This decision to name Hilton as the health system’s new chief financial officer was made with the input and support of David Lester, chairman of the finance committee of Ballad Health’s Board of Directors, along with the health system’s senior management team.

Hilton began his healthcare career in 1991 as a pharmacy technician at Holston Valley Medical Center. After earning experience as a hospital accountant and finance director outside of the health system, Hilton returned and began building a financial career with Ballad Health in 2000, serving in roles such as senior accountant, controller of regional financial operations, chief financial officer of Washington County operations, chief financial officer of all Tennessee operations, chief financial officer of market operations for all hospitals and chief financial officer of corporate, retail and non-acute services. Outside of healthcare, Hilton is a farmer, raising cattle and sheep.

“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.

“This region and this health system are my home, and I look forward to working to make them both stronger.”

Hilton earned a bachelor’s degree in accounting and business economics from Milligan University and a master’s degree in business administration from King University.