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How CFOs Can Be Champions of Women’s Health

Analysis  |  By Marie DeFreitas  
   October 31, 2024

Boosting women's health outcomes also shows promising financial outcomes.

CFOs sit at the crossroads of clinical outcomes and financial sustainability, and women’s health has a major impact on both. When health systems prioritize women’s health, the effort emerges not only as a moral imperative but also as a strategic financial opportunity.

Women often suffer worse health outcomes than their male counterparts. With many more factors to consider, like longer life spans and more reproductive health care needs, women often require more intensive care.

However, that care is not always a given. Women are generally 20% to 30% more likely to be misdiagnosed than white men, and one study even found that women are 50% more likely to be misdiagnosed when having a heart attack.

This gap in women’s healthcare also totes some economic consequences. A report by  McKinsey found that in 2020, for example, only 1% healthcare research and innovation

was invested in female-specific conditions beyond oncology. But according to that same report, every $1 invested in women’s health would return around $3 in economic growth.

With strategic investment and operational initiatives, CFOs have the opportunity to take the reins on women’s health, for financial and clinical success.

The CFO Playbook

Step One: Education

The first step towards tackling women’s health challenges is to acknowledge them. CFOs should start by recognizing where their organization stands by examining women’s care utilization, readmission rates and misdiagnoses.

Surveys among medical staff can also help paint the picture of women’s health in your organization. What challenges are physicians and nurses seeing in direct care? Take note and focus on the most solvable challenges.

Examine the opportunities for better education around women’s health by looking at what programs or tools that staff, as well as patients, can access to better understand the complexities of women’s healthcare. When medical staff better understand women’s healthcare, including diagnoses and symptoms, women patients are more likely to trust their doctor.

Step Two: Examine The Options

Once a health system has identified the challenge it can tackle, examine the options for doing so. Would specific services need more attention or might they work better as outpatient services? Would a third-party partnership make a difference? For example, CommonSpirit, UCSF Health, and Cedars-Sinai have all partnered with Tia to provide in-person and virtual care for women’s physical, mental, and reproductive health.

Would a specific technology help ease the challenge? Collaborating with CMOS and CNOS can help CFOs get the full picture on clinical outcomes, and collaboration with CTOs can help them decide where new tech might help. Be resourceful and examine all options.

Step Three: Invest

CFOs can set their organization up for success by investing in women's health initiatives. Whether that’s in research and data collection, education programs, clinical tools, or specialist staff. CFOs can create a framework to monitor investments and identify gaps and unmet needs.

CFOs can also consider the tax implications and opportunities of investing in women's health.

Step Four: Build

Lastly, CFOs can focus on building initiatives to create better, more informed health outcomes for women. Creating a space for continued education for staff on women’s healthcare can be a simple initial solution. Better informed staff can create better clinical outcomes.

Another option is zooming in on current care models. Health systems can examine building new care models that work cohesively for women patients. One example is Kaiser Permanente, which developed the Cocoon Care Program in Georgia to reduce maternal morbidity and mortality.

Marie DeFreitas is the CFO editor for HealthLeaders.


KEY TAKEAWAYS

Women often suffer worse health outcomes than men.

Investing in women’s healthcare can produce an impactful economic return.

CFOs can get the ball rolling on prioritizing women’s health through strategic financial initiatives.


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