Health

OHSU Finance Chief Plans to Depart in December

Lawrence Furnstahl is leaving when OHSU, like many hospital systems, is struggling to contain costs.

By Andrew Schwartz
The aerial tram docks at OHSU. (JP Bogan)

Oregon Health & Science University’s chief financial officer plans to depart in December for another job, leaving the institution to seek a replacement at a time when leaders warn of “structural” budget challenges.

After 15 years at OHSU, Lawrence Furnstahl is headed to the University of California San Diego, OHSU president Dr. Shereef Elnahal told staff in a note Wednesday. Elnahal said he would name an interim CFO to serve while a national search is conducted.

With more than 20,000 employees, OHSU, Oregon’s flagship medical institution, reported a 2024 operating budget of nearly $5 billion. (For context, that’s more than half the city of Portland’s annual budget.)

Elnahal, in his message, emphasized the growth that occurred at OHSU during Furnstahl’s tenure—including a 66% increase in the number of employees, a 150% increase in revenue, and a 125% increase in net worth.

“He helped guide the university through extraordinarily challenging financial situations, like the COVID-19 pandemic,” Elnahal wrote, “and also helped to secure the historic $2 billion gift from Phil and Penny Knight.”

Furnstahl is set to leave at a moment when OHSU, like many hospital systems, is struggling to contain rising costs. Since 2019, Elnahal has said, the institution’s core revenues increased 6.4% annually, while core expenses climbed 9.1%—largely driven by salary and benefit costs, which rose 10.5% annually.

Furnstahl also served for several years on the Oregon Public Employees Retirement System board, according to an OHSU biography.

Andrew Schwartz

Andrew Schwartz

Andrew Schwartz writes about health care. He's spent years reporting on political and spiritual movements, most recently covering religion and immigration for the Chattanooga Times Free Press, and before this as a freelancer covering labor and public policy for various magazines. He began his career at the Walla Walla Union-Bulletin.

Willamette Week’s reporting has concrete impacts that change laws, force action from civic leaders, and drive compromised politicians from public office.

Help us dig deeper.

Support