From deciding on capital allocations to collaborating on efforts to reduce waste, healthcare CFOs have many opportunities to set a tone that influences behavior throughout their organizations.
- Being ethical is about more than just following the rules — it’s about leading with integrity and courage.
- Choosing where to allocate limited capital is one of the most difficult ethical dilemmas facing finance leaders.
- CFOs should model ethical behavior and serve as examples for other leaders in the C-suite and for their departments.
When CFO Michael Szubski reads headlines about healthcare providers defrauding the government or engaging in unethical behaviors, he considers such events to be failures of leadership.
“You hear some bad stories out there and you wonder how a culture allowed for something so negative to happen,” said Szubski, who is chief financial and system services officer at University Hospitals (UH) in Cleveland.
At UH, an integrated delivery system that serves 15 counties in Northeastern Ohio and has more than $4 billion in annual revenues and $5.2 billion in assets, Szubski and his colleagues in the C-suite aim to create an ethical culture. For seven consecutive years, the organization has been designated one of the most ethical companies by the Ethisphere Institute.