A CFO's job is evolving and its mission impossible. What will it take to survive as a modern CFO as isolated decision-making isn't a part of the future?
Welcome to our October 2024 cover story. Each month, our editors will be taking a deep dive into the topics that matter most to you in our cover story series. From ways to win the payer/provider war to the new era of the APP, we've been working hard this year.
So, what did our team look into this month? Well, the role of the healthcare CFO has reached a breaking point. No longer just the financial gatekeepers, today's CFOs are thrust into an unforgiving landscape where the stakes couldn’t be higher. With the entire fiscal health of their organization resting on their shoulders, they must make critical decisions in the face of economic turmoil, shrinking margins, and escalating labor costs.
Every misstep risks not just the bottom line but the clinical outcomes that patients depend on. In this high-pressure environment, failure is an option. In the rare cases when hospitals do fail, the CFO will be in the conversation about why.
This begs the question: is this responsibility too immense for one individual? Many healthcare CFOs are burning out, crushed by the weight of these ever-expanding expectations. On top of this, CEOs are now asking themselves if it’s too risky for the entire financial wellbeing of a healthcare organization to hinge on one person?
As the job description continues to grow, CFOs are now required to oversee everything from operational strategy to technology investments—all while navigating the daily pressures of shrinking margins, labor shortages, and payer disputes.
In this high-stakes environment, where every misstep can be costly, is the modern CFO’s role becoming unmanageable? Our finance editor Marie Defreitas found out.
Read the full cover story here.
Did you miss our September cover story on the growing tension of AI? No worries, you can read it here.
Amanda Norris is the Director of Content for HealthLeaders.