May 4, 2005
HFMA IDENTIFIES CRITICAL COMPETENCIES FOR PROFESSIONAL SUCCESS
A common question from HFMA members is, "What does it really take to be successful in the healthcare finance profession?" Besides accounting and finance expertise, successful healthcare finance leaders understand the business environment, make change happen, and lead others. HFMA has identified eight specific critical competencies that are essential to
SUCCESS:
Strategic Thinking. Healthcare finance leaders integrate industry knowledge with an understanding of long-range vision. They use this perspective to focus current activities on what is critical to achieve strategic objectives and to eliminate activities that don't add value to the organization.
Systems Thinking. Leaders consistently think in terms of all aspects of the organization's total system, and how their own roles or functions fit within the organization. Their actions support overall organization effectiveness.
Results Orientation. Successful healthcare finance leaders are driven to out-perform the competition, and they succeed by continuously upgrading organizational standards, diagnosing and correcting process inefficiencies, and "raising the bar" to ensure continuous improvement.
Collaborative Decisionmaking. Leaders strive to broaden the decision-making process to include all the relevant stakeholders who are needed to ensure the quality of decisions or who would affect a decision's impact.
Action Orientation. Leaders proactively do things rather than just think about them. Beyond just completing the requirements of their position, they act decisively and boldly to drive projects forward and lead the way to improved services, processes, and products.
Champion of Business Thinking. Healthcare finance leaders are able to help others understand, focus on, and become energized about accomplishing the organization's business goals.
Coaching and Mentoring. Successful healthcare finance leaders increase the capabilities, authority, and responsibilities of others. They actively promote responsibility, trust, and recognition. They maintain personal accountability for work delegated to others and ensure the appropriate degree of monitoring and support/direction is provided. Often, they don't limit these coaching behaviors to their own direct reports, but extend beyond functional lines.
Influence. Leaders communicate ideas or positions in a persuasive manner to build support or commitment to enhance the organization's best interests. They actively work to create buy-in, gain trust, and motivate actions in others, without damaging relationships. They negotiate skillfully to achieve positive outcomes for their organizations in difficult or risky situations.
Each competency has several levels at which someone can perform. For example, at a basic level, strategic thinking involves an understanding of the organization's goals and objectives. This is appropriate for people in entry-level positions. Positions such as chief financial officer, however, require more sophisticated strategic thinking skills, which allow the professional to develop contingency plans that allow the organization to respond effectively during periods of rapid change.
SOURCE:
HFMA's Professional Development Assessment Program
Additional Resources
- HFMA's Talent Manager
- Career Development Activities at ANI
- Financing the Future Report 5: Core Competencies in Capital Planning (Available to HFMA members only. Not a member? Join today!)
If you have questions or comments about HFMA Wants You to Know, contact editor Laura Noble.
HFMA Wants You to Know ISSN: 1540-0697. Volume IV, Issue 9. Copyright 2005, Healthcare Financial Management Association. All rights reserved.