Lessons learned during a time of turmoil
The four CFOs offer the following advice for how finance leaders can guide their teams and partner with operational leaders on recovery strategies in the months ahead.
Make every operational leader accountable. “As a CFO, don’t let yourself be the only person responsible for the budget,” Zimmerli said. He meets every month with Intermountain’s CEO, chief medical officer and chief nursing officer to review financials and promote accountability across the organization. His team also works to build solid relationships with operational leaders and offer coaching when needed to help improve their performance.
Engage physician leaders in strategic planning and continuous performance improvement. MemorialCare created a society of physician leaders who help drive clinical outcomes and performance across the health system. The physician society reports directly to the board and helps the organization adopt best practices and achieve positive clinical and financial results, Testman said.
Know where you stand. Robust financial performance reporting allows Glass of Cleveland Clinic to make the most of daily leadership huddles, during which the day’s surgical cases, patient safety issues and financial performance across the enterprise are discussed. “We know what our revenue is every single day,” he said.
Recognize and build on your achievements. Finance leaders are staying optimistic by focusing on what they have achieved so far during the pandemic and recognizing that their skills are needed now more than ever. Hancock has been inspired by the innovative changes that leaders at VCU Health System have made to implement remote care and rethink their traditional bricks-and-mortar services this past year.
“When you think about the speed and magnitude of the decision-making that we’ve had to do,” she said, “it’s like bringing all the different skill sets that we’ve learned over our careers together at once.”