What makes a strong CEO-CFO partnership? 4 health system execs weigh in

Michael Breslin: When I came to NewYork-Presbyterian, I had actually invested 20 years at a public accounting firm, and NewYork-Presbyterian was a customer of mine for the much better part of a years. When I got to NewYork-Presbyterian, it ended up being quite apparent quite quick that this was an extremely, really competent, successful organization with some unbelievable talent and an extraordinary chance to discover and kind of expand horizons. I think that truly is what kind of keeps us going here at NewYork-Presby.

There are other things that are necessary– communication, having a sense of humor, constructing a relationship. Don and I are lucky because were in the same suite. We both are from this area. We have deep and abiding concern for the area in which we live. We grew our families here. Therefore that makes a connection that may be a little uncommon for a relationship between the CEO and the CFO.

Heres an excerpt from the discussion, edited for clarity. To see the complete session on-demand, click here..

I would say theres one thing that makes a distinction which is I can be amazed by good news, never ever surprised by bad news. I think being blindsided by bad news is a hallmark for failure. And I think thats the type of relationship that weve constructed.

All of us are able to share kind of a true north, if you will, and comprehend, think in, share in the values that the organization has laid out. I think all of that brings a closeness and a positioning that is truly crucial in making it effective.

More articles on management and management: 4 health center chiefs sign up with band of New York CEOs pledging to employ 100,000 from underrepresented communitiesNearly half of Americans do not predict womens office equality in next decadeWho leads United States News top 20 medical facilities.

Dr. Laura Forese: I want to choose up on, Nancy and Don, a little bit of what you simply stated, since Nancy, I believe youre. Mike and I absolutely have had this where weve been teaching each other some things over the course of years. And in truth, as weve done discussions together or weve been talking with the board, often were playing each others parts, which constantly strikes everybody as funny that were doing that. I had the experience where the board member resembled, wait a minute, why is he doing your function and youre doing his? Part of it is because were doing so much of it. We absolutely do not settle on whatever and are generally quite transparent about that with our group as were talking about that. However we do have terrific respect for all the various pieces that enter this, and youre sort of attempting to model that for everybody else.

The other thing I d say, which is maybe a little unusual for us, and also appears to be true for NewYork-Presbyterian, is that I have a clinical background and Don has a monetary background. Together we both have great management and organization intel, we bring 2 pieces together. And while financing is not my very first language, his very first language is not in the scientific space. We bring that together and its rather a great relationship.

Nancy Howell Agee, RN, MN, president and CEO of Carilion Clinic.
Donald Halliwill, executive vice president and CFO of Carilion Clinic.
Laura Forese, MD, executive vice president and COO of NewYork-Presbyterian.
Michael Breslin, CFO of NewYork-Presbyterian.

Mike has actually taught me a lot. Whether were preparing for going to the bond market or some other setting, Ive learned a lot from that interaction.

Question: What are the qualities of a strong CEO and CFO partnership?.

Whether navigating through the challenges presented by the COVID-19 pandemic or deciding where to make financial investments in the year ahead, a strong collaboration in between C-suite executives is necessary to health centers and health systems today..

Nancy Howell Agee: The bottom line is trust– that we trust each others abilities, talents– which we have a fantastic relationship thats based on stability. I was thinking of this concern and would it matter if you didnt have a trusting relationship? And I think it sinks it.

Techniques for constructing a strong CEO-CFO partnership was among the subjects gone over during a session at the Beckers Healthcare CEO + CFO Virtual Forum on Aug. 11. The panel consisted of the following executives:.

Donald Halliwill: I believe an indication of an effective relationship weve probably all knowledgeable is when either you complete each others sentences or once a single person explains something theres nothing left for you to explain since you share so closely your viewpoints. I believe that all of the important things that Nancy pointed out are real. I would include a number of things. One is you often hear the saying, “no money, no objective.” While thats an acknowledgement that theres a financial element to providing care to our patients in our communities, on the financing side, you also have to understand that the client comes initially and we dont exist to make cash. There are companies where that is a primary fundamental top of the pyramid objective for them. That is not our reason for existence. We exist to offer care to the communities we serve.

Donald Halliwill: I think an indication of an efficient relationship weve most likely all experienced is when either you end up each others sentences or as soon as one individual discusses something theres absolutely nothing left for you to discuss due to the fact that you share so closely your perspectives. I believe all of that brings a closeness and a positioning that is really important in making it successful.

© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies by click on this link.

I was believing about this concern and would it matter if you didnt have a relying on relationship? And I believe thats the kind of relationship that weve constructed.

Dr. Laura Forese: I want to select up on, Nancy and Don, a little bit of what you just stated, since Nancy, I think youre.