Tony ChenDirector, Product Innovation, HFMA I've been somewhat impressed by the recent coverage of what appears to be the transformation of the CFO role in Corporate America. For example, Booz Allen Hamilton released a report (PDF) a few years ago on the new CFO Agenda. Booz contends that the days of pure cost control are over, CFOs are now charged with value generation. No longer just focused on finance, no longer just "an advisor," CFOs are becoming the primary business partners of their CEOs. The folks over at IBM just wrote an article arguing that CFO should truly stand for "Chief Focus Officer" whereby the CFO is the CEO's right-hand man in defining the organization's core competencies and developing its unique strengths. A Strategy+Business Article, titled "Not Your Father's CFO," reported on some extensive Fortune 500 interviews and noted that more and more CFOs were taking on operations, planning, and business development roles. Based on this research on corporate CFOs, more and more CFOs seem to be: - Wearing more hats - Thinking about their department less as a function, and more as a organizational discipline - Hiring people into the finance department with significant operations, planning, and other nontraditional backgrounds - Spending more time communicating. Externally, to lenders, ratings agencies, shareholders. Internally, to more cross-functional and varied groups across the entire enterprise. - Spending more time on the "growth agenda" - More closely engaged than ever in designing, adapting, and implementing their organizations’ business models - Being asked to be change agents How much of this carries over into our hospital setting?
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