As healthcare reform becomes an all encompassing consideration medical professionals need to do all they can to break through their traditional roles and get ready for the changes that lie ahead.
In particular, Healthcare Chief Financial Officers (CFOs) have to prepare as the American healthcare system transforms from an uninsured market, placing unprecedented pressure on the pre-existing cost model. In this reform-era, scenario planning will be a key focus, according to Sharon Kelley, CFO, MetroHealth Medical Center, Memphis.
A speaker at the marcus evans National Healthcare CFO Summit Spring 2011 taking place in Hollywood, Florida, May 25-27, Kelley explains that CFOs should prepare for the impacts of healthcare reform.
In the US, hospitals will have to adjust for the cost differential within their delivery model, says Kelley. “They must ensure that they offer a delivery model that will encompass the necessary success items for an accountable care organization (ACO). They also need to establish the right efficiencies in the organization, to be effective in an environment of increased volume and lower payments.”
Kelley adds that scenario planning must be done to determine the nimbleness and readiness of an organization, for example, to adjust to changes in infrastructure.
“In a lot of these areas we are not going to see growth as the solution. The focus will be more on the leadership competencies and how it can be approached from an efficiency and cost perspective, as well as from a growth perspective.”
CFOs are well-placed to enhance an organization’s competitive edge and infusion of talent is important, Kelley believes.
“The best and brightest finance people are not necessarily putting healthcare as their number one choice, even though it is one of the few sectors projected to have significant growth over the next 10 to 20 years. We must start attracting talent even if it is from other industries that may have gone through some of the same types of struggles that the healthcare industry expects to experience in the next four to five years.”
The marcus evans National Healthcare CFO Summit will take place on May 25-27 in Hollywood, FL.
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