The strategic CFO is not a significant departure from the traditional CFO, but it is the next step in the evolution of the role, according to Forbes.
More hospitals and health systems are recruiting strategic CFOs who are forward-thinking and can adapt to today's tumultuous market while simultaneously maintaining the financial health of their organization.
The traditional role of the CFO has been to focus on operational efficiency, financial reporting and compliance, but few would consider the bigger picture or strategically plan for the future, according to the report. While sound financial fundamentals are critical, strategic CFOs can provide added value during challenging periods.
Three qualities to look for in a strategic CFO, according to Forbes:
1. Financial and analytic expertise
Strategic CFOs have the financial acumen to ensure the financial health of their hospital or health system, but they also embrace new technologies and algorithms to develop financial models that help them plan for the future. Being financially forward-thinking is a defining characteristic of a strategic CFO, who are generally more proactive and welcome more risk than traditional CFOs.
2. A cross-disciplinary strategic mind
CFOs looking to drive strategic decisions must go beyond the numbers and have a deep understanding of each area of their hospital or health system. Cross-collaboration fosters creativity and new perspectives on problem-solving, so opening up dialogues with executive colleagues and physician leaders will improve critical thinking and decision-making skills.
3. Communication and leadership skills
Strategic CFOs should be more of a leader than a manager, meaning they must make strong decisions, stick by them and help rally their organization behind new ideas. Strong communicators more easily build relationships and confidence with other stakeholders. It is also beneficial to have a CFO who is effective at pitching for investments, connecting with executives and board members or executing strategic partnerships for capital projects.