Labor challenges are one of the top issues plaguing health systems across the country. Here is how three CFOs recently told Becker's they're investing in their workforce to alleviate those challenges.
JoAnn Kunkel, CFO of New Orleans-based LCMC Health, said her role involves a critical focus on connection-building and workforce growth. The system is looking to reduce contract costs by expanding partnerships with nearby educational institutions. It is also looking at ways to improve the experience for existing employees. LCMC recently invested in Workday to allow greater visibility into the workforce's needs and its capabilities to meet them. For example, if employees want to move around or advance their careers, and there is an opening at a different facility that might suit them, the program can facilitate the match.
"[Workforce] is definitely our top priority, not only in contract labor, but also in retaining the staff that we have," she said. "Making sure that we give them the tools they have to work at the top of their license, that they have the ability to grow and enhance their careers where they want to."
Lisa Montman, CFO of Scottsdale, Ariz.-based HonorHealth, said a healthy and stable workforce is their top priority.
"People are at the core of who we are," she said. "As a healthcare system serving a diverse and growing Phoenix market, the collective sum of the individual differences, life experiences, self-expression, unique capabilities and talent that our team members invest in their work represents a significant part of our culture, our reputation and our achievements. To support our team members, we have a wide-ranging compensation program, an Employee Crisis Fund to help those who find themselves in a financial crisis, a robust DEI program, and leadership development programs to ensure team members play an active role in how HonorHealth moves forward as an organization."
Andy Zukowski, CFO of Greenville, N.C.-based ECU Health said that investing in the workforce has come with increased costs, but "it's been a welcome challenge for us to take the dollars that we do have and invest appropriately for the longer term." Those investments have included compensation, training, education and well-being, he said.
"What we're trying to do financially is create a culture that we can win, that we will be successful, that we will find our way to the other side. … Our biggest financial priority right now is changing the culture toward continuous improvement in really empowering and enabling people and teams to do the things that are right and supporting them with the right process and tools to then drive financial success."