3 Takeaways From the CFO Exchange

 CFOs are clearly stressed about the workforce, healthcare policy, and succession planning.

The recent HealthLeaders CFO Exchange gave healthcare CFOs an opportunity to vent about their biggest challenges and collaborate on strategies to address them.,

Here are some of the biggest takeaways:

Monitoring and Strategizing for Regulatory Changes

The regulatory space is making CFOs feel powerless. From potential Medicare and Medicaid cuts, to the impact of tariffs on the supply chain, executives discussed how they aren’t exactly sure where to turn or how to prepare.

Members discussed how tariffs will first manifest in the form of shortages, then lead to price increases. Without a clear idea of how vendors will be affected, they’ll have to be nimble in identifying and addressing supply chain costs when or if those tariffs do actually happen. For example, a tariff that affects implants could hit the orthopedic space hard.

Overall, CFOs must realize that every component in the supply chain matters, and tracing all of the components of the supply chain might not be a bad idea.

Potential Medicare and Medicaid cuts are also a top concern. April Audain, CFO of Denver Health, and a panelist at the exchange, noted that “50% of Denver Health’s patient base is Medicaid,”. Several executives said it’s difficult to plan a budget when they don’t know if or when those cuts will happen.

Some members said the American Hospital Association is not an effective lobbyist, and they felt that local state associations are more effective. As a result, some CFOs are taking a more active role in lobbying efforts and voicing their concerns to lawmakers about the impact of potential cuts.

Working With the Workforce

Workforce hardships took center stage at the exchange, prompting CFOs to discuss what they are seeing in their workforce and how they are preparing for the growing trends and challenges.

A few key topics were:

-keeping nurses and physicians satisfied.

-partnering with educational institutions to train and recruit new staff.

-learning how to keep up with union activity.

Nurses and frontline staff are demanding higher wages, and reducing contract labor is a consistent pain point for CFOs. Many members expressed the need to develop their workforce in-house through expanding education platforms.

Nurse staffing ratios are also a big concern for incoming nurses, and CFOs will have to ensure they are setting their health systems up to produce an environment that incoming nurses want to be a part of.

Cultivating Leadership

Succession planning is also heavy on CFO's minds. As the CFO’s role shifts to include more responsibilities, they’re thinking hard about how they will prepare the next generation of finance leaders, including how they can offer them hands-on experience.

Today's CFOs are expected to play a part in technology and innovation strategy, clinical operations, and staff culture. And many CFOs aren’t ready to take on those responsibilities.

To dive deep into how they can prepare their successors, CFOs can consider their own experience when they first jumped into their roles. At the exchange, CFOs were asked to consider some fundamental questions: Who guided them? What challenges were pivotal?

Preparing future CFOs isn't just about teaching them the numbers. It's about developing their judgment, resilience, and strategic vision.