Cone Health CEO Tim Rice Announces Retirement Plans
After nearly 36 years with Cone Health, Chief Executive Officer Tim Rice has announced plans to retire at the end of this year. Rice will be succeeded by Cone Health President and Chief Operating Officer Terry Akin on Jan. 1, 2015.
“Under his leadership, Cone Health has evolved from a local community hospital to a viable regional health network that is well positioned for the future of healthcare,” says Cone Health Board of Trustees Chairwoman Deborah Hooper. “Tim has been a tireless advocate for the patients we serve, and our community’s healthcare is stronger for it.”
Rice has led Cone Health on a drive to rank among the top hospitals in quality, service and cost in the delivery of healthcare. In recent years, Cone Health has been recognized for high-quality healthcare by U.S. News & World Report, Leapfrog Group and CareChex. Patient satisfaction scores routinely hit new highs, and Cone Health is one of the area’s best values in healthcare according to Medicare’s Hospital Compare website. During his tenure, Cone Health has merged with Alamance Regional Medical Center, signed a management services agreement with Carolinas HealthCare System, installed Cone HealthLink, an electronic medical records system, and established Triad HealthCare Network, an innovative accountable care organization.
“I turn 60 in September, and at that point, I will have been in this role for 10 years,” Rice says. “I have always felt this was the right time to make this life change for myself and my family. It will also be an ideal time to transition the leadership of our organization, which will provide exceptional care to our communities for decades to come.” Rice is weighing various options for his retirement years.
Rice is a thought leader in the healthcare industry. He serves on the boards of the Joint Commission, the National Center for Healthcare Leadership, the North Carolina Hospital Association, the Committee for Economic Development (a national, non-partisan think tank) and others. He is also a state delegate to the American Hospital Association.
Rice joined Cone Health as a pharmacist. He held numerous leadership roles including president of The Moses. H. Cone Memorial Hospital and chief operating officer of Cone Health. Rice was named president and chief executive officer in 2004.
Akin came to Cone Health in July 2009 as Chief Operating Officer. He was named Cone Health President in April 2012 and has been responsible for the day-to-day operations of the health network. “I want to thank our Board of Trustees for appointing me the next CEO of Cone Health,” says Akin. “Until that time, it is my honor and pleasure to continue to work with Tim, through his tenure as our CEO. Tim and I have built a strong relationship that will serve the organization well through this transition.”