With record numbers of mergers and acquisitions in the healthcare industry in recent years, hospital and health system CFOs are often tasked with getting "cost synergies" or savings out of the transactions.
Integrating two companies is a complex process, and it is up to the CFO to make it happen as "efficiently as possible," Mary Henry, CFO of Foley Carrier Services, told The Wall Street Journal.
The integration process is a key determinant of a deal's success and CFOs play a key role during that time. On top of the financial tasks associated with a transaction, the CFO of the acquiring company is responsible for setting the tone from the top about the integration. The target company's finance chief is charged with communicating what will happen to existing processes and providing clarity to employees about their jobs.
Although taking the lead in a merger or acquisition is a tremendous amount of work for a finance chief, it can also be a career boost as the process touches all parts of the business, according to The Wall Street Journal.
More articles on healthcare finance:
Hospital CFOs' top concerns for 2016
Healthcare spending hits $3 trillion under ACA: 10 things to know
BJC to close Missouri hospital: 5 things to know