From analyzing marketplace dynamics to remedying ongoing workforce struggles, stakes are high for CFOs in 2023.
CFOs are not seeing any relief in 2023—between declining operating revenue for health systems and a fundamental shift in the workforce—this year continues to be financially complex, to say the least.
This is why CFOs need to get creative when it comes to retaining talent, succession planning, and maintaining the overall financial health of their organizations.
From August 9-11, the members of the HealthLeaders CFO Exchange will be meeting in Napa Valley, California, to talk strategy and find workarounds and solutions to the following four trends in hopes of alleviating the headaches.
Current Financial Stress
Does the age old adage "grow or die" apply to healthcare organizations? Many think so. But then how can CFOs ensure their organizations grow while keeping expenses low? There needs to be the perfect set of processes put in place, but what are they?
When considering investments, it’s critical to have strong discipline and balance appropriate risk-taking, and with a changing market CFOs need to be thinking differently about investment portfolios. How can CFOs utilize industry connections to identify new ideas and opportunities to improve?
Supply chain optimization and shortage considerations aren’t only for the clinicians. CFOs need to create a plan for increasing costs of supplies, services, and technology—costs that likely won’t see any relief.
Labor shortages, diminished margins, accelerating expenses, and leadership vacancies: A perfect storm of factors is pressing financial leaders to employ meticulous strategies to rein in costs while creatively thinking about building a sustainable workforce.
Turnover within leadership across the industry has been pervasive, so CFOs are doubling down on succession planning to discourage talented staff from jumping to new opportunities outside the organization. How can CFOs improve physician partnerships, retention, and the encroaching union activity?
On top of this, how are CFOs improving nursing pipelines and filling needs for other key positions across the entire organization—everyone from therapists to tech?
CFO Exchange attendees gather to talk financial and operational strategy during a previous event.
When it comes to smart growth strategies, CFOs have some major decisions to make. Is it best for their organization to build, buy, partner, or merge? There are also major disruptors to worry about. How does a CFO decide to compete or partner? Or better yet, how do you go about competing or partnering?
Acquisitions and mergers are still top of mind as well. How should a CFO respond to practice acquisition by investor-owned entities?
Innovation and Technology
CFOs know that a one-star financial experience can negate a five-star clinical experience, so how can CFOs create a better customer experience and think more like a disruptor? Many CFOs know that implementing AI is the key to a streamlined patient experience, but how do you manage it in the right way and at the right pace?
While AI and technology is essential for the patient experience, digital solutions maximize workflow and increase the business footprint, so how do CFOs decided where to start when expanding into hospital at home, RPM, telehealth, and more?
Stay tuned for more coverage of these topics once the event is in full swing.
The HealthLeaders Exchange is an executive community for sharing ideas, solutions, and insights. Please join the community at our LinkedIn page.
Missed your chance to join us in Napa Valley? Join us in San Diego, CA, May 8-10, 2024, for the 2024 HealthLeaders CFO Exchange. To inquire about attending a HealthLeaders Exchange event, email us at firstname.lastname@example.org. Space is limited so reach out immediately.
Amanda Norris is the Associate Content Manager of Finance, Payer, Revenue Cycle, and Strategy for HealthLeaders.