From private equity to physician burnout, are CFOs in touch with their whole organization?
CFOs are no longer simply the ‘financial police’ or accountants for a health system. They must now be dynamic executives that examine how each part of their organization functions together.
This shift will require them to have their finger on the pulse of all the issues within their organization, from operational and business structure issues, to workforce and cultural challenges like physician burnout.
Physician burnout can negatively impact finances, as well as patient outcomes and quality of care; making it an area of concern for CFOs as well as CMOs.
“I think we need to start being more thoughtful about the business and finance structure of our organizations and how it impacts physician burnout, but also how it impacts our business models and the way we staff,” said Kyle Wilcox, vice president of finance for MercyOne Medical Group and a HealthLeaders Exchange member.
Lawmakers and healthcare executives are questioning the place of private equity in healthcare, like its involvement in the unraveling of Steward Health. Known to be associated with higher prices, lower-quality care, and reduced access to core health services, private equity will require even stricter examination going forward as it creeps into other areas like ambulatory care.
This topic is one of the many highly anticipated discussions CFOs will dig into at the upcoming HealthLeaders CFO Exchange.
“One topic I'd like to lean into with everyone with ambulatory strategy is private equity and very large groups that lean more into the ambulatory type work,” said Wilcox. “In some states, there's no requirement for a certificate of need, so I'm just interested to see what's happening across the country in this aggressive ambulatory strategy, both for private equity and the health systems.”
There’s a lot for CFOs to consider as more nuanced challenges enter the healthcare sector. CFOs must be equipped with innovative strategies not only to keep finances in check, but also to ensure the health of their system in its organizational culture and how it operates.
An expanding position needs big ideas to stay ahead and CFOs can lean on each other to brainstorm and shed light on the industry's deepest challenges.
The HealthLeaders Exchange is an exclusive, executive community for sharing ideas, solutions, and insights. Please join the community at our LinkedIn page.
To inquire about attending a HealthLeaders CFO Exchange event and becoming a member, email us at exchange@healthleadersmedia.com.
Marie DeFreitas is the CFO editor for HealthLeaders.
KEY TAKEAWAYS
The CFO role is expanding and executive ideas and strategies must expand with it.
Physician burnout and private equity’s presence in healthcare must be at the top of a CFOs agenda.
CFOs will need to consider all angles of addressing prevalent issues in order to be successful in their role.