Like healthcare in general, the role of a health system CFO continues to evolve. Previously responsible solely for an organization’s financial oversight, CFOs now take on strategy, operations and information technology. This expansion is essential; as payment models move from fee-for-service to value based care, a CFOs role in data management and maximizing productivity becomes critical.
A few weeks ago, TeleTracking had the opportunity to meet with CFOs from many of the nation’s leading healthcare systems at HealthLeaders Media Chief Financial Officer Exchange. The Exchange gives partner organizations and CFOs the opportunity to share ideas on the significant changes occurring in healthcare. So what are some of the things that are on the minds of today’s CFOs?
- As healthcare reform continues to change the competitive landscape, CFOs are thinking about the communities that they serve, and are taking a more consumer-based approach to care. For example, looking at delivery systems and how patients want to receive care. Continuing that line of thinking, they are also evaluating the role their facility plays in the continuum of care—from urgent care to post-acute care— along with the type of analytics needed to effectively monitor performance and define success.
- In order to prepare for the shift to value-based healthcare, CFOs are focusing on improving clinical outcomes, improving inefficiencies, and making the right capital and human investments. One way they are meeting these goals is by re-engineering processes to more effectively utilize resources and reduce expenses.
- CFO’s are also thinking about the types of strategic partnerships that will help them manage the financial and operational impacts of industry changes, while maintaining quality patient care standards. In fact, more than half are already taking moderate strategic step that balance risk and opportunity , such as setting aside budget dollars for health IT and electronic medical records.
Healthcare continues to transform and CFOs can feel confident that their concerns are being heard and that there are solutions to help improve inefficiencies at their facilities—ones that address their goals of eliminating redundant systems and integrating the effective ones. Solutions that are related to access and capacity, financial dynamics and the resource constraints that can help save more than $150B in annual operational waste in US healthcare—all while making sure that quality patient care remains at the forefront.
Almost 25 years ago, TeleTracking introduced the idea of patient flow technology by streamlining the bed cleaning process— ensuring the right people, were in the right places, at the right time. Today we offer a comprehensive enterprise solution that optimizes healthcare operations and improves the overall quality of care delivery.
To learn first hand about the experiences that other organizations have had with our solutions and to discover what TeleTracking can do for you, click here.