In the post-ACA world, financial leaders need to become more involved in improving patient outcomes.
The role of the modern hospital CFO has changed considerably in recent years. Not only do they perform a vital strategic role overseeing enterprise planning and performance, by necessity they have become more involved in the clinical aspects of healthcare.
This is not to say that CFOs are taking blood pressure readings or prescribing medications. Rather, in the aftermath of the Affordable Care Act, finance has realized that to improve business outcomes, they must be more involved in enhancing patient outcomes – partnering with physicians in the development of initiatives that attract patients and ensure their experiences are positive.
“The role of the CFO has changed significantly in the last few years and will continue to evolve,” said Mark Bogen, senior vice president and CFO at South Nassau Communities Hospital (SNCH) in Oceanside, N.Y. “In today’s world, you cannot be an effective CFO if you do not have an appreciation of the clinical side of healthcare.”
Finish the article at Healthcare Finance.