March 6, 2023, Healthcare CFOs’ Strategic Challenges
Historically, the Chief Financial Officer (CFO) is responsible for managing the financial operations of the organization, ensuring that the organization’s financial reports are accurate and completed in a timely manner. However, the CFO role encompasses a wide range of responsibilities and continues to expand. According to the McKinsey Global SurveyCFOs are being asked to take on a greater level of responsibility to improve the financial performance of their organizations. Per the survey, 41% of respondents said they spent most of their time on non-financial roles of a strategic nature.
Healthcare CFOs are no exception. Due to the complexity of healthcare organizations these Executives must also take leaderships roles in the adherence and reporting related to CMS and other governmental programs as well as formulating strategies for boosting revenue. Healthcare in the US has undergone a dramatic change over the last decade. The pandemic, a greater dependence on data, a shift in care from volume to value, and the rise of consumerism have all created their own unique challenges to the economic viability of healthcare providers.
The accompanying infographic depicts the strategic nature of the healthcare CFO along with six of the leading issues hospital CFOs were faced with in 2021. Paramount to their success, CFOs today are central to helping their organizations reduce their costs, grow, adapt to value-based care, optimize care, and effective workforce management. Each of these areas requires the assimilation and analysis of complex data to identify and implement the appropriate strategies. Leading healthcare provider networks are adopting business decision support solutions such as Trisus® Decision Support to help them to quickly identify their costs, margins, trends, and opportunities to achieve their goals. Click here to learn if Trisus Decision Support is right for your organization.
Download Trisus Decision Support Healthcare CFO infographic
 “Are today’s CFOs ready for tomorrow’s demands on finance”, McKinsey & Company, Survey, December 9, 2016, mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/are-todays-cfos-ready-for-tomorrows-demands-on-finance.
“Top 10 Issues for Hospital CFOs in 2021”, Morrison Healthcare, https://www.morrisonhealthcare.com/blog/top-10-issues-for hospital-cfos-in-2021/