“Hospitals and health systems have no shortage of excellent CFOs who, from a technical and operational standpoint, do their jobs well,” writes Witt/Kieffer’s John McFarland. “However, those CFOs who exhibit ‘next-level’ leadership qualities are the most successful in leading their organizations through the changing healthcare landscape.”
What defines “next-level” can be subjective, McFarland says. He outlines four capabilities a successful healthcare CFO must be able to accomplish in a recent article for HFMA’s CFO Forum:
The capabilities include:
- “Connect the dots” strategically.
- Effectively communicate what the numbers mean.
- Encourage relationship building and partnerships between finance teams and administrative leaders.
- Mentor and coach by building financial literacy within teams and across enterprises.
“In the quest for attaining next-level CFO status, healthcare finance leaders should ask themselves if they can not only excel at the technical aspects of their roles, but also find ways to take their organization to higher levels,” McFarland concludes. “Being able to speak to the financial efficiencies and best practices they or their team imparted to others in the organization and the impacts of that information on organizations’ bottom lines goes a long way toward showing next-level leadership qualities.”