The Virginia Birth-Related Neurological Injury Compensation Program announces the hiring of William “Billy” Johnston as Chief Financial Officer.
The CFO position was created from a recommendation of the Board of Directors and follows the hiring of a new Executive Director last April. Commonly referred to as the Virginia Birth Injury Fund (VBIF), the program provides a lifetime of benefits for children who suffer from birth-related neurological injuries.
“We are excited to welcome Billy to our team to enhance financial integrity and accountability with our families and partners and bolster further confidence in our program,” said Executive Director Dawn McCoy. “While the program has experienced some growing pains and hurdles since its inception, it is fundamentally working and will work even better with the current efforts to improve operations.”
McCoy brings nearly three decades of public service leadership experience to the organization along with Johnston’s similar decades of financial oversight background.
“We appreciate Program Director McCoy’s effort and time in leading the program and bringing her expertise to further enhance and shore up the program. Since last April, she has worked tirelessly to build accountability into the program including integrating greater financial safeguards and program oversight. We are equally delighted to have a CFO in place to further reinforce the board’s commitment to financial integrity,” VBIF Board Chairman David Ratz said.
The program, established in 1987 by the Virginia General Assembly, supports approximately 300 admitted claimants and their families and has an investment portfolio of approximately $735 million.
In addition to a new CFO on board, the program now has 12 full-time employees, and three more on the way, up from only five full-time employees one year ago. The additional staff are essential to operating a program with additional oversight, more checks and balances, and gives the program the ability to respond more efficiently and effectively to claims submitted by families.
“The Virginia Birth Injury Fund plays an important role in so many families’ lives. I look forward to ensuring the earmarked funds are distributed where they are allocated to go. With the new team in place, combined with enhanced financial controls and safeguards that have been implemented, we are well positioned to keep the program sound well into the future,” Johnston said.
To safeguard the program’s financial integrity for all claimants and financial resources, the VBIF Board of Directors has instituted new measures, which include engaging additional legal counsel to ensure compliance; commission of a forensic audit to thoroughly review financial processes and oversight; and instituting new policies to mandate ethics standards and financial procedures, including the anticipated reestablishment of an audit committee to oversee financial operations.
VBIF is also making a concerted effort to increase communications with program families and partners to explain what changes are being made and how they might affect participants. One such effort involves mandatory documentation that needs to be submitted with claims for services. The baseline layer of documentation for all participants ensures program dollars are allocated and distributed in a fiscally responsible way and in accordance with the program’s governing principles.
“Our commitment to transparency and accountability is steadfast. We are determined to make the VBIF Program a stronger, more resilient organization focused on directing resources to support the families we serve,” McCoy said.
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Rebecca Barnabi
