2023 was a difficult year financially, but two challenges in particular were top of mind for one CFO.
The challenges that go along with maintaining the financial stability of a healthcare provider are vast and ever-evolving, but there were two major challenges in particular that weighed heavy on CFOs in 2023.
John McMahon, CFO for Elara Caring, chatted with HealthLeaders and detailed two major challenges that kept him up at night this year: wages and automation.
McMahon found that you can’t always beat the competition’s wages. So, in order to battle the increasing costs of labor, he had to place a focus on automation to make the organization a more desirable place to work than the competition.
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Amanda Norris is the Associate Content Manager of Finance, Payer, Revenue Cycle, and Strategy for HealthLeaders.