At the Heathcare Financial Management Association Annual National Institute in Orlando on June 17, Steven Rose, chairman of HFMA and CFO of Conway (Ark.) Regional Health System, discussed current opportunities and challenges facing healthcare financial leaders and the importance of doing "whatever it takes" to improve the health of organizations in the industry.
One of the first challenges facing leaders, he said, is adapting operations in response to the Patient Protection and Affordable Care Act, which he called “the greatest change to American healthcare in several generations.”
Mr. Rose, who has served Conway Regional for 23 years, called his tenure at the hospital a “feather in my cap.” The reason he has stayed after so many years, he said, is because the facility is a place where “passionate, committed people work together.”
He then discussed the theme he's promoted this year throughout HFMA: “whatever it takes.” The concept of “whatever it takes” means doing whatever is needed to improve our organizations, and the future of healthcare, he explained.
On a personal level, Mr. Rose said doing whatever takes means he is above no task required to keep his hospital running, including picking up trash on a unit floor, and he encourages other leaders to adopt the same attitude. This “whatever it takes” mindset is “more than just a slogan to me, I’m serious about it,” he said, adding that the mindset shouldn’t end with hospital leadership. Instead, leaders should demonstrate the “whatever it takes” approach at all times, inspiring others – including physicians and hospital staff – to do the same.
“You can’t just focus on debts and credits if you want to be a successful as a CFO,” he said.
On an organizational level, Mr. Rose said doing “whatever it takes” will be increasingly challenging. Changes to payment structures, new organizational models and partnership, and downward reimbursement pressure create new tests for hospitals. “While this is a good thing, it also means a change in business as usual,” he said. “We will need to challenge ourselves to reach out to physicians and payers as well.”
As the healthcare landscape evolves, so too with HFMA as a representative of healthcare financial leaders. HFMA recently inducted two physicians and two individuals with payer ties to its board, and members should “expect this to continue,” said Mr. Rose.
While the challenges are formidable, Mr. Rose said he is optimistic that healthcare can adapt and adjust to this new way of doing business. “We know we can count on each other to accomplish this, whatever it takes,” he said.