New hospital CFO onboard, approved $90K salary

After over two years of searching for a chief financial officer that would handle, manage, and hopefully turn around the troubled finances of the public hospital, a candidate has finally been named to the position and is ready to start work today at the Commonwealth Healthcare Corp.

Jack Taisague, originally from Guam who lived most of his life in the U.S. mainland, will officially assume the CFO position today, June 2, after he recently signed a two-year contract with the corporation.

CHCC CEO Esther L. Muña disclosed to Saipan Tribune Friday that Taisague will receive a $90,000 per annum salary.

Taisague, who lived on Saipan for a short while, was selected from about 30 candidates for the position.

Based on his credentials, the new CFO has a bachelor’s degree in accounting and BA degree in finance from the Portland State University. He earned his master’s degree from Loma Linda University.

Among the highlights of his career include serving as comptroller of a $20-million medical healthcare clinic with 220-plus employees and part of a worldwide entity.

Taisague, according to Muña, has prepared annual budgets for 27 departments and completely analyzed revamped benefits system for medical providers and hourly staff to replace antiquated systems.

He has also produced full financial statements complete with budget variance analysis and has put together comprehensive business plans for clinic expansion or relocation and analyzed and reported on the benefits of both.

Muña disclosed that Taisague had also documented existing international financial processes and prepared manuals, among his related experiences in the field.

In a previous CHCC board meeting, Muña reported that top candidates for the CFO position were provided information and documents about the corporation and its finances, including the HealthTech report completed by an independent firm, the Sustainability Plan completed by the U.S. Health Commissioned Corps that provided a 90-day technical assistance to the hospital, available financial statements and audit report, among others.

Taisague is moving to Saipan from Alexandria, Virginia.

Last Friday, the Marianas Public Land Trust board disclosed in a meeting that initial communications between the MPLT and Taisague began last week when the MPLT asked the new CFO’s initial input on the financial data and information submitted by the corporation management.

MPLT consultant Bruce McMillan said that CHCC has already submitted a request to drawdown the $3-million line of credit approved for the corporation. Despite the pronouncement of the critical need to provide assistance to the CHCC, McMillan said that negotiations remain on the table due to somewhat “conflicting” and “inadequate justifications” as well as incomplete data reporting earlier provided by the corporation.

The MPLT board on Friday decided to defer any action on the drawdown request pending a formal meeting with the new CFO.