Healthcare finance leaders have a unique opportunity to influence policy change, according to a hospital CEO at this week’s HealthLeaders UpNext CFO Exchange.
Healthcare’s financial executives are taking more interest in affecting policy decisions.
At this week’s HealthLeaders UpNext CFO Exchange, Bristol Hospital CEO Kurt Barwis led a discussion focused the role finance executives can play in healthcare policy. The discussion highlighted the growing need for healthcare finance executives to become proactive advocates for legislative change to ensure the long-term sustainability and effectiveness of their health systems. Upcoming finance leaders may need to play the role of the lobbyist more so than their predecessors did.
According to a poll of attendees, 55% of healthcare finance exectuives said they were staying informed and actively engaging with policymakers to stay ahead of policy matters, while another 33% were prioritizing flexibility and adaptability and 11% said they were focused on scenario planning and risk management,
Barwis, a registered lobbyist in Connecticut, and former governor of the American College of Healthcare Executives, said healthcare CFOs have a unique position to influence policy, particularly in advocating for reforms that can alleviate financial pressure on healthcare providers.
“You can make incredible change, and not just for your organization,” he said.
CFOs must take a more active role in shaping healthcare policy, he said, particularly in issues like reimbursement rates, insurance practices, and Medicaid funding. He encouraged financial leaders to use every tactic they can when it comes to payers, including simply filing a complaint when needed.
In relation to lawmakers, he said, CFOs are in a prime position to bring data-driven insights by using financial metrics to show how specific policies could impact their hospitals' financial health and, by extension, the communities they serve.
Barwis encouraged Exchange attendees to get to know the community they serve and other local healthcare finance executives and understand where their challenges may lie. A supportive community can make the collective voice for policy reform even stronger.
Barwis also highlighted the importance of collaboration between financial leaders and other stakeholders within the healthcare system. By working with clinical leaders, administrators, and even patient advocacy groups, CFOs can craft a united front when lobbying for changes that will improve both the financial stability and the quality of care provided by health systems. This alignment, he argued, is critical in making a persuasive case to policymakers.
The session concluded with a call to action: Finance leaders must shift their mindset from passive observers to active participants in policy discussions. While their primary role remains in managing budgets, optimizing revenue cycles, and ensuring financial stability, they must also embrace their potential as drivers of change. By doing so, they can help create a more sustainable and equitable healthcare system that better serves both providers and patients.
“We just have to keep fighting,” said Barwis.
The HealthLeaders Exchange is an executive community for sharing ideas, solutions, and insights. Please join the community at our LinkedIn page.
To inquire about attending a HealthLeaders Exchange event, email us at exchange@healthleadersmedia.com.
Marie DeFreitas is the CFO editor for HealthLeaders.
KEY TAKEAWAYS
The HealthLeaders UpNext CFO Exchange started off with a fiery discussion on healthcare policy.
By leveraging financial expertise and data, CFOs can advocate for reforms that improve care access, inefficiencies, and the sustainability of health systems.
Taking strategic and consistent action towards payers and policymakers will be critical for future finance leaders.