Karen Smoler Heller is an Executive Vice President at the Greater New York Hospital Association. She conducts original research and manages the Department of Health Economics and Finance, which includes the Division of Health Finance, the Division of Managed Care and Insurance Expansion, The Health Economics and Outcomes Research Institute (THEORI), and THEORI Informatics. Mrs. Heller joined GNYHA in 1990 and developed THEORI in the mid-1990s when advances in technology greatly expanded the scope of work in applied health economics. Today, THEORI has a staff of seven economists and analysts, four of whom hold doctorates. The Institute’s research centers on reimbursement policy, comparative quality and efficiency outcomes, and health care market analysis. Its informatics unit develops Web-based applications for GNYHA surveys and management reports. The Division of Health Finance and the Division of Managed Care and Insurance Expansion focus on all aspects of the hospital revenue cycle, public and private payer reimbursement policy, and restructuring of the health care delivery system with a contemporary emphasis implementation of the Federal health reform legislation enacted in 2009. Prior to joining GNYHA, Mrs. Heller served at the New York City Office of Management and Budget where she was responsible for fiscal oversight of the Department of Health and the Department of Mental Health. She began her career as a securities analyst in the financial services sector. Mrs. Heller holds an M.B.A. in finance from New York University and a B.A. from Sarah Lawrence College.