What’s Next for CFOs? Care Access and Clinical Buy-In

Finance executives shared their worries and strategies at the HealthLeaders UpNext CFO Exchange.

For upcoming CFOs the road ahead is paved with numerous challenges, from labor scarcity to optimizing care access to organizational collaboration. For those preparing to step into this critical role, networking is the key to gaining perspective and planning outside-of-the-box strategies.

The HealthLeaders UpNext CFO Exchange dove into several topics to provide invaluable insights into these challenges for upcoming finance leaders.

Optimizing Care Access

Mayo Clinic CFO Jim Wilson, recalled a time when he couldn’t get an appointment for specialty care at his own health system and how frustrating the process was. The experience gave him some insight into what patients deal with when trying to schedule their care.

One of the primary concerns among healthcare CFOs is ensuring patients can access quality care without burdening the financial health of their organizations. Rising operational costs, coupled with unpredictable reimbursement rates, have led many healthcare providers to rethink their service delivery models. CFOs will need to explore innovative strategies for balancing patient access with fiscal responsibility, such as the use of telemedicine and other tech to optimize scheduling, expanding outpatient care options, and increasing collaboration with insurance companies to enhance reimbursement rates.

Clinical Buy-In

Another topic that dominated discussions at the exchange was ensuring that clinical teams understand the financial and operational challenges that CFOs must manage.

Historically, the clinical and financial sides of healthcare organizations often work in silos, which is how several financial leaders described the current state of their organization. Experts highlighted the importance of fostering communication and collaboration between these teams to improve efficiency and long-term reduce costs.

Wilson explained the process of communicating to his clinical team that he wants to make sure the value of what they do is recognized, and how they understand that better when they have a financial understanding of the challenge.

Tonya Johnson, Director of Financial Operations at Emory Healthcare, said she wants to help her clinical team understand how their work impacts the bottom line. Future CFOs must consider the training and education that goes into developing this type of mindset for their clinical teams.

There has to be “someone from both sides” she explained, who can translate that value back and forth between clinical and financial teams.

Wilson said CFOs will need to explore strategies for educating clinical staff about the financial impact of their decisions. For instance, managing the utilization of expensive diagnostic tests or medications can have a significant effect on an organization’s bottom line, or how many patients are put into observation.

When clinicians understand the cost implications of their choices, they are better equipped to make decisions that align with financial sustainability without compromising patient care. Additionally, CFOs will need to discuss the importance of involving clinical leaders in budget planning and resource allocation, ensuring that financial strategies align with the overall goals of clinical excellence.

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