5 minutes with Tim Birkenstock

Tim Birkenstock is the treasurer and chief financial officer of Children's Hospital and Health System. He has overall financial management responsibility for the 14 entities that make up the health system. He also manages the Materials Services and Facilities departments, as well as Med-Health Financial Services and Surgicenter of Greater Milwaukee.

Birkenstock earned a bachelor's degree in Business Administration, with a major in Accounting, from the University of Wisconsin-Whitewater. He began his career
in 1975 as an auditor and consultant at a Milwaukee accounting firm. He joined Children's Hospital as director of Internal Audit in 1983, was promoted to director of Financial Services in 1984 and appointed treasurer in 1991. In 2008, he was named CFO of the Year by The Business Journal.

You joined Children's a few years before the move to the Wauwatosa campus. What do you think have been the organization's most memorable achievements?

The move to the new campus (in 1988) was a big deal. Another landmark event was building Children's Research Institute. The building became a visible monument to our research mission. And, of course, the west tower. This is the first time we built something bigger than was needed.

I also have to say that the first Double A rating we received by national bond rating agencies was a pretty big deal. It demonstrated that the financial markets believed in us.

Most people consider you to be a nontraditional CFO. Why do you think this is the case?

I'm not always financially focused. I'm a mission-driven guy. I've been allowed to use my financial background to achieve organizational strategies. And, I know that finance is only one tool – a piece of what is necessary. My satisfaction comes from achieving the No. 3 honor, The Joint Commission accreditation, Magnet designation and Better Business Bureau Torch award, and seeing so many involved to make these things happen.

What do you see as challenges for you and your team this next year?

The economy is affecting everyone. We are looking for opportunities to renegotiate contracts, seek investment opportunities and create partnerships that could never happen if we were not going through such a difficult time. We need to keep our eyes open and our heads up. For example, take the work we are doing around quality and safety. One more step in this improvement process is to do things more efficiently, to find sustainable savings.

How do you stay motivated?

Children's health is addicting. I tell applicants during the interview, "Some days will be mundane. And when they are, take a walk in the hospital. See the services we're providing. See the outcomes. Listen to the great stories." Our children and their families are my motivation.

Other observations?

People need to step back once in a while to see how lucky they are to be here. This organization is well recognized – we're on the radar, we're on the list. It's so amazing to have this kind of resource in the community. I'm lucky to have stumbled into my role here and appreciate that I have contributed in my unique way.

What do you enjoy doing in your free time?

I like to hunt and shoot targets. I also enjoy travel. I like water and warm places so Caribbean-type vacations are nice. I'm currently consumed by my kids – one is getting married this year – and my young grandson.