Healthcare CFOs have incredibly demanding roles, with responsibility for complex organizations with tight margins in a strict regulatory environment. As hospital and health system CFOs transition into more strategic roles, what is the most important aspect of their jobs? That is, what is the most important thing a CFO does?
Scott Becker, publisher of Becker's Healthcare, recently asked CFOs this question at the Becker's Hospital Review 7th Annual Meeting in Chicago. Here's how top leaders in the industry responded.
James Porter, CFO of St. Bernard Hospital in Chicago, said the most important thing he does is eye the future of the business. "CFOs are looking forward more and helping the C-suite and the board understand where we need to go to have improved financial performance," he said.
Although he's not a finance chief, F. Morgan Gasior, CEO of BankFinancial, has great insight into the CFO role. He said one of the most important things hospital and health system CFOs do is make decisions regarding debt.
"CFOs are leading the charge in the effective deployment of capital," he said. "Sometimes organizations will take on too much debt, and that debt level is critical in today's market. This decision is critical for the CFO."
The healthcare CFO role has evolved from a position focused strictly on finance to one that encompasses a more holistic view of the organization. This new role requires CFOs to perform many duties, but most important is "putting finance in English…for managers and for the board," said Robin Norman, senior vice president and CFO of Virginia Hospital Center in Arlington. Educating others in the organization is the most important part of the role, she said.
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