Lipscomb proud of hospital’s achievements and financial team

OAKLAND, Md. – Tracy Lipscomb, senior vice president of financial services and chief financial officer at Garrett Regional Medical Center, recently retired with more than 23 years of service.

A native of Garrett County, Lipscomb graduated from Southern Garrett High School before attending Frostburg State University where she obtained a Bachelor of Science degree in accounting. She began her career working in accounting at Bausch and Lomb for 12 years. 

In 1999, Lipscomb joined GRMC as the director of accounting before being promoted to chief financial officer in 2007. She served as an active member of both the Healthcare Financial Management Association and the Maryland Association of Certified Public Accountants and was also elected to serve on the Maryland Hospital Association’s council on financial policy. 

“At the time Tracy was hired, the hospital operated a single entity with gross revenue of $20 million,” stated Mark Boucot, President & CEO at GRMC. “Over the course of her career as CFO, the hospital expanded to four entities totaling over $88 million in gross revenue. Tracy has been an integral part of the GRMC administrative team since I came here over 8 years ago and has played a key role in our growth and success. I cannot speak highly enough of her dedication and professionalism. She will be sorely missed.”

With more than 23 years of work experience, being part of the GRMC leadership team remains a highlight of Lipscomb’s career. 

“My favorite thing about working at GRMC is being a part of a leadership team that provided important healthcare services for the community and a good place for our employees to work,” noted Lipscomb. 

Lipscomb and her leadership have been at the forefront of many of the hospital’s financial and operational successes and achievements.

Among her successes, Lipscomb was instrumental in navigating the regulatory environment with the Health Services Cost Review Commission and helping secure the financial stability of GRMC.

“As the Chief Financial Officer, I am happy to have been part of a leadership team that successfully achieved significant revenue growth in hospital operations and maintained a solid financial position over the last 15 years,” Lipscomb stated. 

While she will miss her coworkers the most, she is very pleased with her team’s accomplishments over the years. 

“I am also very proud of my finance team leaders that have worked so collaboratively to ensure good planning and communication in continuously working to make process enhancements and solve challenging issues as they presented,” added Lipscomb. 

Once she retires, Lipscomb and her husband are looking forward to traveling and spending more time with family and friends.