CFOs in healthcare enterprises, especially those in the highest-growth payer and provider organizations, are taking on more strategic roles that are bolstered by demand for new types of talent, according to a new research report.
Leaning into more strategic responsibilities, healthcare CFOs will increasingly play a bigger role in setting direction. As healthcare organizations evaluate new care and business models, CFOs—enabled by data and analytic capabilities—are ideally positioned to drive this journey forward, targeting operational improvements and pivoting to more profitable growth.
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In terms of the path forward, CFOs are looking to their teams to help drive higher revenues and enable new value, especially as individuals increasingly demand convenient, personalized healthcare services. They are identifying areas where existing revenue streams can be optimized and where new revenue streams can be created. At the same time, as these operating models aren’t designed for today’s level of complexity, core financial functions will play an important role in enabling organizational agility across the value chain.
Addressing internal challenges
If healthcare CFOs are to succeed as strategic growth enablers, they need more than technology and access to data. They need to upgrade their talent and foster a culture that supports the new role of finance. Attracting and retaining talent with digital, analytical and non-traditional skills is critical here. Accenture’s research confirms this, with 72 percent of healthcare CFOs stating that finance skills will continue to move away from core finance to advanced digital, statistics, operational and collaborative talent.
High-growth finance organizations in healthcare are particularly interested in non-traditional talent. Almost half (46 percent) of this group say advanced data visualization skills will be critical among finance teams of the future, compared with a quarter (24 percent) of other respondents.
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In contrast, 42 percent of non-high-growth respondents believe that traditional finance skills—typical of individuals who are seen purely as accountants within their organizations—will be the most important capabilities to have moving forward; just 31 percent of high-growth respondents agree with that statement.
It is crucial that this shift in expectation is communicated clearly to new and existing talent, which will involve redefining existing roles and relationships. CFOs will need to engage with talent who have the capabilities to help their healthcare organization bridge the gap between innovative technology and practical improvements in the quality of care for all patients.
In return, and to attract and retain highly sought-after talent, CFOs need to recognize the value that these individuals bring. After securing the appropriate talent, CFOs must ensure that their teams feel challenged within their roles and are encouraged to be creative and offer strategic insights.
Shaping future opportunities
The competitive landscape is driving every business to continually seek new sources of value. This applies to new and existing talent, and is especially true for healthcare organizations, which operate in more complex and difficult environments. Ultimately, this shift creates an opportunity for CFOs and their teams to engage new minds that can challenge existing processes and introduce innovative plans for improvement.
Photo: FotografiaBasica, Getty Images
Dave Gaydosh is a Managing Director in Accenture’s Health and Public Service practice and serves as the North America Service Offering lead for Accenture’s Enterprise Operations practice that focuses on the CFO agenda. Dave has 35+ years of healthcare management experience concentrating in the areas of financial management and operations. His consulting focus has been on large transformation engagements with an emphasis on Revenue Cycle and Back-Office Transformation including development of shared services, IT optimization, operating model design and implementation, process re-design, change management and interim management. Dave is a CPA, former CFO and has a B.S. in Accounting from Bloomsburg University. He resides in Buffalo, New York.
Sarah Daubenspeck is a Managing Director for Accenture Strategy, where she is part of the leadership of the CFO and Enterprise Value practice, specializing in the healthcare sector. She supports the CFO function of large organizations, helping them put in place strategies to achieve digital driven efficiency and effectiveness improvement, better cost management, growth opportunities and competitiveness. Based in Cleveland, Ohio, Sarah has been a hugely influential sponsor of programs focused on expanding access to female education and job readiness. Since 2016, she has been a member of the World Economic Forum’s Young Global Leader group, where she helps drive support for these causes.
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