Navigating Policy Pressures, Growth and AI Strategy at Sutter Health with Jonathan Ma

Summary

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Episode Overview

Podcast: Becker’s Healthcare Podcast
Host: Alan Condon
Guest: Jonathan Ma, Chief Financial Officer, Sutter Health
Episode Title: Navigating Policy Pressures, Growth and AI Strategy at Sutter Health with Jonathan Ma
Air Date: February 20, 2026

This episode features Jonathan Ma, CFO of Sutter Health, in his debut podcast appearance. The conversation centers on key trends affecting healthcare in 2026, especially for not-for-profit health systems in California. Jonathan discusses organizational strategy around policy developments, workforce culture and retention, growth initiatives, and the emerging role of AI in the revenue cycle. The dialogue highlights Sutter Health’s forward-looking approach in the face of regulatory, operational, and technological shifts.

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Key Discussion Points & Insights

1. Jonathan Ma’s Role and Background

Timestamp: 01:14–01:59

• Joined Sutter Health in 2019 as Treasurer, moved to financial planning, interim CFO, then permanent CFO as of May 2025.
• Background in healthcare investment banking at Morgan Stanley in both San Francisco and New York.
• Broad experience in healthcare finance, emphasized privilege of contributing to Sutter Health under Warner Thomas’s leadership.

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2. Top Trends Shaping Healthcare in 2026

Timestamp: 02:26–03:58

• Policy and Regulatory Pressures:
  • Heightened attention to federal and state healthcare policy changes, especially around Medicare and Medi-Cal.
  • Importance of staying informed on legislative developments and understanding potential financial impacts.
  • Quote: "Making sure that we have... ongoing eyesight as we can into ongoing developments in the policy realm."
• Digital Transformation and AI:
  • Rapid evolution in digital and artificial intelligence strategies.
  • Executive team is focused on understanding and supporting AI-driven initiatives from a financial perspective.
  • Recognizes the transformative potential of technology for healthcare delivery.
  • Quote: "[Digital and AI] is a huge area of interest for us as an executive management team."
• People and Talent:
  • Continual focus on attracting and retaining top talent.
  • Connection to the organization’s mission is central to Sutter’s culture.
  • Quote: "How do we continue to retain and attract the best talent here at Sutter Health within our finance team..."

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3. Navigating California’s Policy and Reimbursement Challenges

Timestamp: 03:58–05:45

• Detailed scenario planning and stress testing around incoming Medi-Cal policy changes and ACA subsidy expirations.
• Emphasis on open dialogue with policymakers and industry associations.
• Sutter Health’s external affairs and finance teams collaborate to provide data for advocacy at state and federal levels.
• Quote: "...Keep the lines of communication open so that we can continue to make sure that healthcare is supported in our communities."

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4. Workforce Retention and Culture

Timestamp: 06:05–07:51

• Large workforce (about 60,000 employees, 12,000 physicians).
• Brings focus to aligning employees with organizational mission and purpose.
• Encourages learning, curiosity, and continual improvement.
• Memorable phrase emphasizing growth:
  • Quote: "Give yourself the right to always get smarter." — Attributed by Jonathan Ma (07:11)
• Organizational messaging supports openness to feedback and professional growth.

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5. Organizational Growth Focus and National Ambitions

Timestamp: 08:14–10:23

• Sutter Health is approaching $20 billion in annual revenue.
• Growth is motivated by a desire to expand access and increase impact, not just financial metrics.
• Board and management share the vision for serving a broader patient base.
• Exploration of opportunities for regional and potentially national expansion.
• Collaborative approach with new EVP of Corporate Development and Partnerships, Scott Norland.
• Quote: "Revenues are one way to... think about the potential for our platform and... the scale of our mission..." (08:33)

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6. Tactics for Near-term Growth

Timestamp: 10:23–11:36

• Comprehensive, “all of the above” growth strategy:
  • Recruiting necessary clinicians.
  • Expanding digital presence and access (digital front door, bricks-and-mortar growth).
  • Improving access for underserved populations.
• Emphasis on interconnected initiatives, forming a 'virtous cycle.'
• Quote: "...It all kind of goes together, meaning making sure we're recruiting the clinicians... serving more people... through digital front door or bricks and mortar..."

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7. Harnessing AI in the Revenue Cycle

Timestamp: 11:36–13:20

• AI is prioritized for improving manual and repetitive workflows in the revenue cycle.
• Digital transformation led by Chief Digital Officer Laura Wilt, collaboration with technology partners R1 and Epic.
• Optimistic about AI's potential to drive meaningful operational changes.
• Quote: "Our hopes for AI are very high and we definitely see a lot of opportunity there." — Jonathan Ma (13:12)

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Notable Quotes and Memorable Moments

• On Policy:
  “We have to keep the lines of communication open so that we can continue to make sure that healthcare is supported in our communities.” (Jonathan Ma, 05:26)

• On Organizational Philosophy:
  “Give yourself the right to always get smarter.” (Jonathan Ma quoting, 07:11)
  “We’re all works in progress, both as career professionals, but just being open to getting smarter each... is part of the curiosity and learning part of our organization.” (07:30)

• On Measuring Growth:
  “Revenues are one way to... think about the potential for our platform and... the scale of our mission and the fact that we can continue to grow more just because there’s such a need for healthcare services, not just in California, but nationally.” (08:33)

• On AI Strategy:
  “With AI we’re... fortunate to have a remarkable digital team... Our hopes for AI are very high and we definitely see a lot of opportunity there.” (13:12)

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Timestamps for Key Segments

• Introduction & Background: 01:14–01:59
• Top Healthcare Trends: 02:26–03:58
• Policy & Reimbursement Challenges: 03:58–05:45
• People & Culture: 06:05–07:51
• Growth and Expansion: 08:14–10:23
• Growth Tactics: 10:23–11:36
• AI in Revenue Cycle: 11:36–13:20

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Conclusion

Jonathan Ma’s insights reflect Sutter Health’s multi-dimensional approach amid evolving policy landscapes, growth ambitions, talent strategy, and technology adoption—particularly AI. The organization’s collaborative spirit, commitment to mission, and readiness to adapt position them at the vanguard of healthcare transformation in 2026 and beyond.

Transcript

[A]

Every year, Becker's annual meeting brings healthcare leaders together to unpack the most pressing issues facing the industry. And every year, those conversations shift in profound and unexpected ways. This April, more than 3,500 healthcare executives will return to Chicago for Becker's 16th annual meeting. 795 elite speakers will offer new lessons, new case studies, and predictions about what comes next. Join us April 13th through the 16th. For the agenda and event details, visit Beckershospitalview.com and click on the Events tab in the upper right.

[B]

This is Alan Condon, back with another episode of the Becker's CFO and Revenue Cycle podcast. And today I'm thrilled to be joined by Jonathan Ma, CFO of Sutter Health. That's a nonprofit integrated health system that includes 27 hospitals across Northern across central Central California. Jonathan, a real pleasure to have you make what I think is your debut podcast appearance, not just at Becker's debut podcast ever. For those of our listeners who might not be as familiar with yourself, the great work that you do at Sutter Health, do you mind just giving us a little bit more insight into your background and your role at the health system?

[C]

Thanks, Alan, for having me and really pleased to be here. So I've been at Sutter Health since 2019. I joined the company as the treasurer and then spent some time with financial planning and analysis before stepping into the interim CFO role last year and then into the permanent position last May. Before that I was in healthcare investment banking at Morgan Stanley in New York, so had worked in both the San Francisco and the New York offices. So I've spent all of my career since college focusing on healthcare. And it's just a really great privilege to be at Sutter Health today and watching our company grow and pursue all our strategic initiatives, especially under Warner Thomas leadership.

[B]

Yeah, absolutely fantastic leaders surrounding you as well. So Jonathan, excited to kind of dive in and pick your brains here? You're approaching almost a year in that permanent CFO seat which you appointed in last May. No doubt there are some things we could touch on here, but as start of 2026, as February at the time of recording, what are the kind of top two or three trends that you're paying closest attention to in healthcare today? Sure.

[C]

I would say just like many other not for profit healthcare systems out there, we're very focused on kind of federal and state developments. You know, serving Medicare and Medi Cal patients are also core to our mission in addition to many of the commercial patients in our markets. So making sure that we have kind of just ongoing eyesight as we can into ongoing developments in the policy realm. You know, our colleagues in digital and AI and technology. That is a huge area of interest for us as an executive management team. So I'm trying to read up as quickly as I can, even though those developments are changing at light speed as well. But just trying to make sure that I understand from a financial perspective at least how I can support those initiatives and really understand the best I can how that could really transform the delivery of health care as we know it. And then I guess a third in terms of trends or just a constant focus for us here at Sutter is our people. I'm really fortunate to have a remarkable, talented team that really cares about our mission. So always wanting to keep in mind how do we continue to retain and attract the best talent here at Sutter Health within our finance team, making sure we're meeting the needs of our colleagues and the mission. And that's also a constant focus for me.

[B]

I'm curious about the first trend that you'd mentioned. I think certainly a challenging time for CFOs across the board, I think, particularly in California. I recently spoke with Scripps Health CFO Brett Tandy, also their CEO Chris Van Gorder, just about the the multitude of challenges facing reimbursement in the state. No doubt we have some of those Medicaid medical cuts coming down the pipeline end of 2026 into 2027. There was a lot of, a lot of back and forth in terms of ACA subsidies at the end of last year now expired. I'm curious, how is Sutter thinking about this year and into next with some of those challenges facing not just Sutter Health, but indeed health systems across the state? And we think about some of those Medi Cal cuts.

[C]

Yeah, I mean, we've been working just like many of our peers on different scenarios, on stress testing, on kind of how different policies could eventually unfold. Obviously, we're trying to prepare the best we can for the legislative developments as we know them today. I would also say we're hoping that we're keeping the lines of communication and dialogue open with our policymakers and our different associations that we're a member of. I have to give a big shout out to our external affairs team here at Sutter, and they're constantly partnering with us here in finance to help make sure that we each on both sides, have the data exchange so that we can best advocate for our organization and for the industry at both the state and federal level generally. Again, we'd just like to say that we have to keep the lines of communication open so that we can continue to make sure that healthcare is supported in our communities.

[B]

And then maybe just a word on your people. Sutter Health, fantastic organization, I believe just shy of 60,000 employees, if I'm not mistaken, 12,000 physicians, whatnot, kind of. What are the key focuses in terms of retention from your workforce? What are the key focuses as you refer to your people, your culture this year?

[C]

Yeah, I think overall, it really is about connecting the purpose and the mission and making sure we're all aligned on kind of the reason why we're here. And I think over the past several years, as we've seen the organization evolve with kind of the team and the mission and the energy that Warner has brought to the organization and the broader management team, I think it's just making sure the teams that we have here know that they belong at Sutter Health and are contributing to the mission every day. I think just that connection to purpose is what we've really focused on in trying to make Sutter the best place to work in healthcare. And we know we're a learning organization. I think that that's also been kind of a key part of our messaging to our people and how we've built our teams just to encourage curiosity, new ways of thinking, and that we're constantly a work in progress. We're all trying to get better each day we give. Somebody had a great phrase the other day, so I can't claim it for myself, but he said, give yourself the right to always get smarter. And I really liked how that was phrased because it just allows for constant growth. And I think that that's how we've been trying to shape our teams here at Sutter.

[B]

Give yourself the right to always get smarter. I like that one. I'm going to have to keep a hold of that one for future reference.

[C]

It wasn't my. I can't claim credit for it, but I liked how it was phrased and, you know, taking feedback, understanding growth, we're all works in progress, both as career professionals, but just being open to getting smarter. Each, I think, has been part of the curiosity and the learning part of our organization.

[B]

Yeah, no, absolutely, Jonathan. We touched at the top of the conversation about some of the ubiquitous challenges. I don't want to kind of focus too much on the challenges in healthcare. There are many. There are always going to be many, but there's also a lot of opportunity. There's also a lot of room for excitement in healthcare. No doubt it's Sutter Health as well as you look ahead as CFO of the organization, what most excites you now?

[C]

I think what has excited me over the past few years and then also as I'm looking forward is just our growth. And really that's translating into the ability to serve more people and patients and make a bigger impact when we're already. We're fortunate at Sutter to at this point be nearly a $20 billion revenue organization. And what I try and communicate not just with the finance team, but also others outside of finance, that revenues are one way to kind of are just one metric overall. We should think about how that is the potential for our platform and really the scale of our mission and the fact that we can continue to grow more just because there's such a need for healthcare services, not just in California, but nationally. I think being part of a team and thankfully being supported by a board of directors that really shares in that vision on growing to serve more patients to the best we can, I think is what is really motivating and helps me focus my team and energies as I'm looking at the year ahead.

[B]

Yeah, it's fascinating. It ties nicely into my next question. I think we'd covered many systems recently growing into new states, multi state health systems, new regional expansions. I know Sutter recently appointed Scott Norland as an EVP of corporate development and partnerships. As you grow beyond this $20 billion revenue health system, is nationally something that you're looking at potentially expanding outside of California into new markets and what potentially might make sense for sort of health in that regard?

[C]

Yeah, I think just like all not for profit health care systems, we're looking at different scenarios. I know kind of the reporting on Scott's position kind of captured all of that. I'm, I'm really excited to have the opportunity to work with him and learn from him. We've already had, we spent quite a bit of time together. So overall, I think as we're continuing to grow, we're looking at a lot of different scenarios just in any way that we can make the best impact we can.

[B]

Absolutely. And I guess maybe just in the near term, 12 months or 24 months. You said growth no doubt is a key focus for sort of for yourself, your executive team, I guess more specifically, what does that growth mean? Is that improving access to care, digital expansion, recruiting more physicians, I guess. Is there a key one or two areas that you're really focusing on for the near term?

[C]

I think it's all of the above that you just mentioned and probably even more than that but I think it's in our management presentations. It's not just only to Sutter, but I know in a lot of systems think about the flywheel or virtuous cycle, it all kind of goes together meaning making sure we're recruiting the clinicians that we need in our communities to address the patient needs to make sure that we're serving more people in different settings. Whether that's through digital front door or bricks and mortar. I think all of that really goes together. So it's probably and kind of all the items that you mentioned.

[B]

Got it. Definitely multi pronged approach to growth across the board. It sounds like Jonathan, one final question I'd love to ask you as just kind of popped up I think as it relates to catchword. Here we go. AI. I think not a conversation goes by with CFOs revenue cycle leaders about AI not popping up into the conversation, but I guess from your perspective a CFO sort of. I'd love to kind of get your opinion. How is Sutter using it specifically in the revenue cycle? As we see this kind of push pull dynamic with payers. Payers have no doubt been using AI in the revenue cycle for quite some time. Feels like providers like Sutter Health and these tech forward health systems playing catch up in terms of embedding AI more meaningfully into the revenue cycle. Curious to hear maybe your perspective at Sutter. Any kind of real impacts that you're seeing here? Anything you're particularly excited about in that regard?

[C]

Yeah, that's definitely on our roadmap, especially with all of the manual interventions and repetitive natures of really not just revenue cycle but a lot of workflows in healthcare. I would say with AI we're again fortunate to have a remarkable digital team led by Laura Wilt, our Chief Digital Officer. She has been instrumental in helping us put together a roadmap that incorporates AI and digital advancements in revenue cycle. We also have partners through R1 and Epic, so it'll be a collaboration among ourselves and our outside partners. But our hopes for AI are very high and we definitely see a lot of opportunity there.

[B]

Absolutely. Well Jonathan, a real pleasure to have you on the podcast with us today. No doubt a lot of exciting things ahead for Sutter for you and your executive team. Really, really appreciate you taking the time out of your busy schedule and I look forward to catching up with you again down the line anytime.

[C]

Thanks so much Alan. Appreciate.