Infographic: 5 Must-Know Tips for CFO Success

Top finance executives share their tips on how to succeed in today's volatile healthcare economy.

CFOs have a lot to battle with in today's healthcare financial climate. The HFMA conference brought many CFO ideas together and gave insight into the their most prevalent and taxing issues. We’ve narrowed down the best tips for CFOs from the conference. 

To Worry Or Not To Worry? 

To Worry: 

Value Based Care: Value based care won’t happen overnight, CFOs need to ensure they are patient and diligent around implementation of these models. Health systems should examine any and all options to stay on top of the national payers, including joint ventures to expand areas of care.

To Not Worry: 

Market Disruptors: Market disruptors are coming and going at a fast pace, from Walmart to Amazon, everyone is seeking the lucrative aspect of healthcare. But as discussed by CFOs at HFMA, these disruptors don’t seem to understand the healthcare economy and are often stepping back. What these disruptors don’t understand is that primary care economics do not work on their own, and there must be a connection to the payer side or value-based play in order to be profitable. CFOs at the conference were not so concerned here. 

CFO Focus: 

Artificial Intelligence: The governance of AI and how smaller organizations are having trouble implementing it are top concerns here.  An ‘automation roadmap’ is an important aspect that should not be overlooked. AI implementation is a process that needs to be taken slow with the right type of governance in order to do it successfully.

Big Pharma: Hospitals and health systems face a great financial burden as drug companies increase prices. There is an important need for health systems to push back against big pharma lobbying efforts, as well coming together to speak with one voice.

Payers: Payer denials are increasing rapidly and hurting health systems everywhere. CFOs at HFMA discussed the importance of strong tactics like implementing weekly payer meetings and putting an emphasis on strict documentation.