MaineHealth announced Dec. 12, 2024, that it has selected an executive with extensive experience as a financial advisor to not-for-profit health systems as its next chief financial officer.

Richard Bayman will assume the role of CFO for the health system effective in early January, succeeding Al Swallow, who announced his retirement earlier this year after 30 years with MaineHealth.

Bayman will oversee the financial positioning and sustainability of MaineHealth and will lead efforts to integrate the health system further, advance payer strategy and relations and support MaineHealth’s growth strategies and innovation initiatives.

“Rich’s experience and collaborative leadership style make him uniquely qualified to guide MaineHealth through the evolving financial and strategic challenges facing health systems,” said Dr. Andy Mueller, chief executive officer of MaineHealth, in a news release. “He has a proven track record of building trusted relationships and delivering strategic insights that align with our commitment to providing exceptional care to the communities we serve.”

Bayman brings more than two decades of experience as a strategic advisor to not-for-profit healthcare organizations to the role. His career spans healthcare strategy, financial advisory, capital formation and mergers and acquisitions. He has worked with prominent healthcare systems across the country, including Henry Ford Health System in Detroit, Baptist Health in Louisville, Kentucky, Seattle Children’s Hospital in Seattle and Prisma Health in Greenville, South Carolina. Most recently, Bayman served as managing director of Cincinnati-based Fifth Third Bank’s Healthcare Investment Banking Group, where he led the Health Systems and Higher Education practice.

Bayman’s career highlights include advising on acquisition, divestiture, and joint venture transactions for health systems and ancillary service providers, as well as structuring public and private debt for healthcare organizations. Prior to joining Fifth Third, he was a co-founder of H2C Securities and a Managing Director at Shattuck Hammond Partners. His early career included roles at SG Cowen & Company, based in New York, and GE Capital, based in Stamford, Connecticut, where he honed his expertise in operations, risk management and business development.

Bayman earned a Bachelor of Arts in Economics from the University of Connecticut and a Master of Business Administration from Emory University’s Goizueta School of Business in Atlanta, where he graduated Beta Gamma Sigma.

“I am honored to join MaineHealth at such a pivotal moment in its journey,” said Bayman. “The organization’s vision and values resonate deeply with me, and I am eager to collaborate with the talented finance team, executive leadership and Board of Trustees to further strengthen MaineHealth as it pursues its vision of working together so our communities are the healthiest in America.”

MaineHealth is a not-for-profit, integrated health system whose vision is, “Working together so our communities are the healthiest in America,” and is committed to a mission of providing high-quality affordable care, educating tomorrow's caregivers and researching better ways to provide care. MaineHealth includes a Level 1 trauma medical center, eight additional licensed hospitals, comprehensive pediatric care services, an extensive behavioral health care network, diagnostic services as well as home health, hospice and senior care services. With more than 2,000 employed providers and approximately 23,000 care team members, MaineHealth provides preventive care, diagnosis and treatment to 1.1 million residents in Maine and New Hampshire. MaineHealth hospitals include MaineHealth Behavioral Health at Spring Harbor in Westbrook, MaineHealth Franklin Hospital in Farmington, MaineHealth Lincoln Hospital in Damariscotta, MaineHealth Maine Medical Center in Portland, Biddeford and Sanford, MaineHealth Memorial Hospital in North Conway, N.H., MaineHealth Mid Coast Hospital in Brunswick, MaineHealth Pen Bay Hospital in Rockport, MaineHealth Stephens Hospital in Norway and MaineHealth Waldo Hospital in Belfast. MaineHealth also includes the MaineHealth Barbara Bush Children’s Hospital in Portland, MaineHealth Behavioral Health in Westbrook, MaineHealth Home Health and Hospice in Saco, the MaineHealth Institute for Research in Scarborough, the MaineHealth Medical Group and MaineHealth NorDx in Scarborough. MaineHealth affiliates include Maine General Health in Augusta and Waterville and St. Mary's Health System in Lewiston. It is also a significant stakeholder in the MaineHealth Accountable Care Organization in Portland and a joint venture partner in the New England Rehabilitation Hospital in Portland.