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How Healthcare CFOs Can Foster a Strong Team

Analysis  |  By Marie DeFreitas  
   October 17, 2024

CFOs can have a big influence in how their team operates and communicates.

The healthcare environment is packed with rapid change and uncertainty, and CFOs play a pivotal role in ensuring their organizations remain financially healthy and operationally resilient.

To get there, though, a resilient team is vital. A well-prepared team can not only adapt to changes but can also drive innovation and efficiency.

How can CFOs build a great team?

Crucial Communication

Clear communication is the bedrock of a resilient team. In a sector as complex and dynamic as healthcare, where regulations, technologies, and patient needs continuously evolve, CFOs must prioritize transparent communication at all levels of their organization. This involves not just top-down directives but also creating channels for feedback and dialogue among team members.

“It is my responsibility to make sure those managers have the tools, education and resources to find their answers about their budget, about what they can do to make money,” said Kyle Wilcox, VP of finance for MercyOne Medical Group.

Effective communication ensures that all team members understand the organization’s financial goals and challenges, aligning their efforts towards common objectives. Also, it cultivates a culture of trust, where employees feel valued and empowered to voice their ideas and concerns.

By implementing regular check-ins, updates, and open forums for discussion, CFOs can foster an environment where everyone is informed and engaged, leading to quicker and more effective decision-making.

Cultivating a Positive Organizational Culture

A positive organizational culture sustains resilience over time. A health system’s culture should be built on core values such as collaboration, accountability, and innovation. There are several strategies that CFOs can implement to promote these values.

First, CFOs must lead by example. A CFO should demonstrate a commitment to the organization’s mission and values in their daily interactions. When team members see their leaders embodying these principles, they are more likely to adopt them. Additionally, recognizing and rewarding behaviors that align with organizational values can reinforce an excellent culture.

CFOs must also be proactive about investing in professional development. CFOs can work with CEOs and other executives to provide team members with opportunities for training, mentorship, and career advancement. This may include investing in new technology to help staff streamline their work processes. These could not only boost their skillset but also show that the organization values their growth.

Adventist Health CFO John Beaman ensures he is recruiting the right physicians for his health system by creating opportunities for growth that are tailored to his organization.

“We've become more intentional around recruiting physicians that want to work for a not-for-profit health system or want to be in some of our communities that are very rural,” Beaman previously told HealthLeaders. “In fact, we have a rural residency program where we actually train physicians to be practitioners in a rural setting.”

Offering more opportunities like this leads to more satisfied employees, and also better staff retention. This investment fosters loyalty and encourages employees to take ownership of their roles, contributing to a more resilient team.

Marie DeFreitas is the CFO editor for HealthLeaders.


KEY TAKEAWAYS

CFOs can take charge of building a resilient team in their organization with a few key strategies

CFOs can lead by example to promote certain values in their organization

Strong communication and development opportunities can significantly help staff and improve retention


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