CFOs across many industries, including healthcare, are expected to take on a more strategic role, but 32 percent of CEOs believe their organization's CFO doesn't understand and assist them with challenges in running their business, according to survey results from Forbes Insights and KPMG.
The responses from 178 chief executives, business owners and chairmen of large companies across 13 countries and territories in the Asia-Pacific region revealed CEOs want their organization's CFO to be more strategic thinkers.
Most CFOs would like to do more on the strategic side of the business, according to Egidio Zarella, clients and innovation partner and data & analytics head at KPMG in China. "But they're buried under regulation. They can't get past the operational and tactical aspects of their jobs," he said.
However, 42 percent of CEOs said CFOs need to use the regulatory environment in their favor and translate it into an opportunity to derive competitive advantage.
The survey also revealed CEOs want their CFOs to improve on using financial information to "play a more strategic role in assessing new markets, improving performance and meeting the regulatory burden," according to the survey.
In addition, CEOs want their CFOs to do a better job at managing their teams and see their CFOs as lacking in people skills.
Although CFOs may not be able to rise to the challenge, given the CEOs' expectations, "chief technology evangelizer, chief strategic engineer or chief operations partners should share the billing with the finance title," according to the report.
More articles on healthcare finance:
Financial turnaround allows Brockton Hospital to expand services
Contracts extended for private companies running RAC program
How the new IRS rules affect nonprofit hospitals' collection practices