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The role of the healthcare CFO is changing.
Written by Michael O'Brien, EdD
The days of managing solely by the numbers are over. Increasingly, healthcare CEOs are looking to their organizations' CFOs to help determine how the organization can do things better and faster. More and more, the CFOs are expected to bring innovative ideas to the table, to act as change agents, and to help lead the charge to make improvements that lead to improved patient satisfaction. Healthcare CFOs are being asked not only for ideas on how to improve margins, but also to lead the hospital or health system through the process of carrying out these initiatives.
Unfortunately, moving in this direction usually goes against the CFO's risk-averse nature. By definition, a CFO seeks to minimize the possibility of failure and work to protect the organization's bottom line. But innovation can come only from stepping out on a limb and trying new things, which is antithetical to the risk-averse professional.
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