Healthcare CFOs' tenures last an average of 4.7 years, according to a 2023 report from Crist Kolder Associates. Sid Sczygelski, meanwhile, has served as the CFO of Wausau, Wis.-based Aspirus more than six times that average.
Mr. Sczygelski is retiring after more than 30 years in the role. Becker's asked him about his secrets to a long career as a health system CFO:
1. Do your homework and outwork everyone else: Be the most prepared individual in the room regardless of the topic. Speak up, ask thoughtful questions, connect seemingly disparate dots, and actively and convincingly communicate your point of view.
2. Never make the board wrong: If a proposal you are presenting is rejected or modified, realize it is on you. You generated the proposal, you created the work product, you presented it and you failed to convince the board. Reflect on how you could have done a better and more convincing job.
3. Never underestimate the influence the CFO position has in the organization: The formal authority is only a small piece. The power of the position is within your informal ability to make change happen. In other words, generate energy, don't stay in your corner, pull meetings together to solve problems, make definitive and pointed requests, hold people accountable for what they commit to do and meet your commitments in return. Display high energy and drive performance and outcomes whether they are within your formal authority or not.
4. Give the medical staff their rightfully earned respect, but don't let the fact they went to medical school intimidate you: Treat them as a peer, take them on when required, look for win-win solutions, hold them accountable and communicate honestly and openly. Never give them the moral high ground.
5. Develop a thick skin: Expect that there will be unfair criticisms, personal attacks and perhaps even attempts to overthrow you. Accept those as part of the job, always keep moving forward and never retaliate in kind. In a public setting, never say anything negative about anyone, ever. It will invariably come back to diminish you or haunt you in some manner.
6. Be willing to hear what you don't want to hear: Whether it is positive or negative, seek out feedback about how you managed a situation or a project. Don't dismiss it or argue with the person providing the feedback. Learn from it, reflect upon it, and see if you can constantly get better. Typically, it is a rare person who wants to hear feedback they really don't want to hear.
7. Always volunteer for or readily accept new projects or interim assignments: Show that you are willing to put the needs of the organization first. It will give you more visibility within the organization, allow you to be seen as a team player ready to sacrifice for the organization, and you will possibly learn a lot from the experience. If asked and you decline, they may never ask you again.
8. Realize your friends are not the peers within your organization — your friends are outside the organization: Being too close to certain individuals within the organization in other leadership roles can impact your objectivity and your effectiveness. If you take positions contrary to theirs or if you question their leadership or effectiveness, you may lose that friend anyway. If you don't do this, you may not be doing your job effectively as CFO and others will believe you play favorites. Be firm, fair, friendly and collegial with your peers, but don't get too close and definitely never become part of a clique.
9. Never underestimate the power of acknowledging others for exceptional work: This costs you nothing, is typically motivational and is remembered long after by those individuals. Overdoing it, however, loses its effectiveness and is no longer viewed as genuine. Make the acknowledgement mean something.
10. Support the CEO no matter what: You may not always agree with the decisions or direction of the CEO, but understand that your job is to make both the CEO and the organization successful. You cannot be successful if the CFO and CEO are not in relationship and supportive of each other.
11. Lastly, never forget about the need for the organization to deliver strong financial results: Regardless of the circumstances, this outcome is on you. As CFO, you own it — period. Fail in this area and you will not be around very long.