How Are CFOs Addressing Today’s Workforce Challenges?

Attendees at this week’s HealthLeaders CFO Exchange are addressing how they confront mounting financial and operational pressures, from labor shortages to unions to recruitment.

CFOs gathered this week at the HealthLeaders CFO Exchange to discuss the pressures shaping the financial landscape of health systems. With margins still squeezed post-pandemic, the tone was less about recovery and more about resilience and planning, particularly around the workforce.

Workforce Headwinds Take Center Stage

As expected, workforce issues are still at the top of the agenda. Nurses and frontline staff are commanding higher wages, while those who rely on costly agency staffing are facing their own financial burdens. Many CFOs expressed the need to develop their workforce in-house, through expanding education platforms.

While turnover is down since COVID, it’s still high. But some CFOs are seeing a silver lining: Some employees are completing short-term or contract work with the health system, then deciding to stay on.

Radiology and Anesthesiology Costs

Some CFOs expressed concern with the rising costs of radiologists and anesthesiologists, including CRNAs, all of whom are commanding higher salaries. The hope here is that AI can be used to bring down those costs, particularly in handling administrative tasks that take up a lot of time.

Nursing

CFOs also have a lot to say about nursing costs. Two top concerns are nurse safety and nurse staffing ratios. Nurse staffing ratios, in particular, are often the first thing incoming nurses ask about when being hired. Nurses want to know that they won’t be overloaded from the get-go, and burnout is certainly still a huge pain point for the industry.

Unions

Exchange members spoke about the process of unionizing non-union hospitals and the challenges with keeping non-union wages up to par. Tough market productivity metrics are also difficult to keep up with, some members said. There’s also a feeling of general unproductivity here because of regulated ratios for unions.

Other members found more periodic experiences with unions that typically manifest on the nursing side. It’s clear the nurses know their value and aren’t afraid to speak up. Exchange members said it’s important to be able to sit down and have thorough talks with the nursing staff. Members also pondered how they can set themselves apart culturally from unions.

Recruiting The Community

Many exchange members spoke about the importance of showing their support for the communities they serve by partnering and providing opportunities for local medical students.

Many have started partnering with local universities and tech schools, especially for recruiting for ultrasound tech positions. CFOs agreed the main idea here is to “put your money where your mouth is” and ensure the health system is supporting schools and the incoming workforce. Consistent outreach and offering shadowing opportunities are two components in this strategy.

One of the biggest challenges CFOs have found with recruiting is getting the staff that wants to work the second and third shifts, staff who are willing to work nights or in a Level one emergency department. The timing of shifts is more where the challenges are rather than the roles themselves.