As new CFOs step into their roles, how can they forge a leadership mindset?
Shifting into a new role can be intimidating, especially if it’s an executive role .. Healthcare CFOs must be adaptable, analytical, and equipped to make decisions that affect millions.
One thing we learned at the HealthLeaders UpNext CFO Exchange is that many future healthcare finance leaders grapple with imposter syndrome. Healthcare finance is a high-stakes field, so it’s not uncommon for leaders to feel overwhelmed by the complexity of their roles.
Feeling confident in one’s skillset and leadership is easier said than done. For those stepping into leadership roles, overcoming this psychological barrier is essential not only for personal growth but also for the health of the organization.
How Imposter Syndrome Impairs
The responsibility to make high-stakes decisions for both the financial health of the organization and the care of patients can feel overwhelming, especially when new execs are surrounded by seasoned professionals with years of experience.
If an executive leader isn’t confident in their ability to solve a challenge, their team is going to be unsure as well. In order to lead and have the vote of confidence from staff, executives must focus their mindset on believing in themselves and their skillset.
The Rise Of Imposter Syndrome in Healthcare Finance
Several factors contribute to imposter syndrome among emerging healthcare finance leaders. One key factor is the steep learning curve in the industry. Healthcare finance is multifaceted, blending traditional financial management with an intricate understanding of healthcare policies, reimbursement systems, regulatory frameworks, and patient care economics. For leaders new to these dynamics, it's easy to feel like they are constantly catching up.
More than that, the healthcare sector is marked by rapid change, driven by technology, policy shifts, and evolving patient expectations, which can leave finance leaders feeling uncertain and vulnerable.
Overcoming Feelings of Imposter Syndrome
Many leaders, even those with decades of experience, grapple with self-doubt. Acknowledging these feelings can be liberating, allowing new leaders to see that they are not alone in their struggles. Building a supportive network of peers, mentors, and colleagues can help normalize these feelings and provide reassurance.
Seeking out mentors—whether senior leaders within the organization or professionals from outside networks—can provide invaluable perspectives and insights. Regularly engaging in professional development opportunities, such as attending healthcare finance conferences and webinars or earning certifications, can also build confidence by deepening expertise and staying current on industry trends.
Emerging leaders need to focus on developing a leadership mindset rather than merely having the technical expertise. They will need to think of ways to build trust across their teams while being transparent, and keep in mind that there is always more to learn.
Building resilience is the second piece to creating a solid leadership mindset. Fostering a culture of collaboration and being open to feedback from both financial peers and clinical teams can also help new leaders gain confidence and demonstrate their ability to lead effectively.
Marie DeFreitas is the CFO editor for HealthLeaders.
KEY TAKEAWAYS
There is a rise of imposter syndrome across upcoming finance leaders as they approach new roles.
Imposter syndrome and feelings of self-doubt can hinder executive leadership and led to an unconfident staff.
Upcoming finance leaders can explore a few strategies to deal with imposter syndrome including mentorship and focusing on a growth mindset.