Rob Chestnut might have started his new role as CFO of Lawrence, Kan.-based LMH Health a little more than two months ago, but Lawrence Memorial Hospital and the community it surrounds has always held a special place in his heart.
"I was born in this hospital. I raised my kids in this community. I grew up in this community" Mr. Chestnut told Becker's. "It's an advantage for me to be able to talk to people as friends and as part of this community to kind of get a sense of what's going on."
Lawrence Memorial Hospital is a 174-bed, non-profit facility that comprises multiple primary and specialty care locations, according to its LinkedIn page.
It's this deep-seated connection that has helped guide Mr. Chestnut as he and his colleagues work to combat healthcare industry challenges like labor.
"Post-pandemic has been a huge challenge," he said. "Turnover is a huge challenge. I think we've been reasonably successful here in this community. Our turnover numbers, from historic terms, are a little bit higher, but probably a little bit lower than maybe national averages."
To create a stronger workforce culture, Mr. Chestnut pointed to actions that will make people want to come to work, like healthcare leaders leaving their office, walking the floors and connecting with people to keep a pulse on an organization's environment.
"It starts with the physicians, the providers and the clinical staff, and making sure that you're taking care of them," he said. "If you're not providing great patient care, the whole thing is irrelevant. I think a CFO needs to understand that, to figure out how you can serve and create the environment for them to succeed."
Another challenge for many financial leaders is working to get their organization's margins up. A recent Kaufman Hall "National Hospital Flash" report found that while hospital operating performance has shown improvements, growth appears to still be uneven between higher- and lower-performing hospitals.
"I don't think there's any magic formula," Mr. Chestnut said. "Get your analytics down, figure out what you feel comfortable with and then watch as things start to create problems for you and address them accordingly."
When asked if LMH Health has any major plans or partnerships in the near future, Mr. Chestnut said the system's main focus is strong relationships with community nonprofit partners.
"They provide a lot of support on mental health and provide a lot of support on a number of different fronts," he said. "Aligning with them, understanding how we can work with them to serve the community is an important part because you have to put together those pieces and figure out what are the best outcomes for the community."