As the winds of financial challenges buffet healthcare organizations, many are turning to technology for enhanced automation and efficiency. With this technological convergence, CIOs are being urged to go beyond their traditional roles and emulate the language of their financial counterparts.
In December 2021, a Gartner survey revealed that organizations with robust CFO and CIO collaborations had a 51% higher chance of securing funding for digital initiatives effortlessly, a 39% higher likelihood of maintaining digital spending within budget constraints, and an 18% greater probability of attaining intended business outcomes.
Despite these advantages, only 30% of CFO and CIO relationships were perceived as strong partnerships.
According to Aaron Miri, senior vice president and chief digital and information officer at Jacksonville, Fla.-based Baptist Health, it is the CIO's job to talk like a CFO.
"It is my job to make sure that I'm sitting down with our CFO and talking like a CFO," Mr. Miri told Becker's. "The reality is, I have to know enough to be dangerous. If you can't do that, you can't be in the seat in the future."
As the digital landscape continues to evolve, the symbiotic relationship between CFOs and CIOs emerges as a linchpin for organizational success, demanding a recalibration of communication and collaboration strategies at the intersection of finance and technology. And according to Mr. Miri, for a health system to function seamlessly, the CIO must primarily act as an operator before being a technologist.
"Understanding the intricacies of the healthcare business is now paramount for the role," he said.