Decision-making amid COVID-19: 6 takeaways from health system CEOs and CFOs

Positioning between CFOs and ceos has become much more necessary throughout the pandemic.

Ayla Ellison, Morgan Haefner and Alia Paavola –
Tuesday, September 1st, 2020
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Lots of health systems halted elective surgical treatments earlier this year at the height of the pandemic to conserve resources while caring for COVID-19 patients. Moving forward, the relationship in between top executives will be vital to make the right decisions for patients and the overall health of their companies.

Here are six takeaways from the occasion:.

Throughout the Beckers Healthcare CEO+CFO Virtual Forum on Aug. 11, CEOs and CFOs for top hospitals and health systems collected virtually to share insights and methods as well as discuss the greatest challenges ahead for their organizations. Click on this link to see the panels on-demand.

1. The three secrets to a strong CEO and CFO partnership are openness, trust and communication.

Its typical for a health system CEO and CFO to have different priorities and different viewpoints about where financial investments need to be made. There are just decisions by the health system. The CFOs said its important to keep in mind that the patient comes initially and that health systems dont exist to make money.

3. Technology has naturally been critical throughout the pandemic in terms of telehealth. But so are nontraditional partnerships with other health systems that have actually allowed service providers to share research and education.

4. Theres a difference between being on the cutting edge versus the bleeding edge when it comes to examining innovation. Purchasing brand-new technology needs firm exit methods. They need to let go of suitables and stick to the exit strategy if alerting signs show a financial investment is not going to provide the return a health system hoped for.

Communication and transparency with staff and the public is crucial while making challenging choices. Lots of tough choices, consisting of personnel or furloughs reductions, were made this spring to secure the monetary viability of health care organizations.

6. The pandemic needed medical facilities to believe on their feet and innovate rapidly. Much of the typical methods to fix a problem might not be used throughout that time. Large systems had to reassess how to get personal protective gear. Normally, in a large health system amid a catastrophe, when a supply product is running low, companies can contact another medical facility in the network and ask them to send out some supplies. Everybody in the pandemic was running low on the same items, which needed innovation and problem-solving that is outside of the norm.

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Its common for a health system CEO and CFO to have different top priorities and different opinions about where financial investments ought to be made. There are just choices by the health system. The CFOs said its essential to remember that the client comes initially and that health systems dont exist to make cash.

Generally, in a large health system amid a catastrophe, when a supply item is running low, companies can call up another healthcare facility in the network and ask them to send out some materials.

If alerting indications show an investment is not going to provide the return a health system hoped for, they need to let go of perfects and stick to the exit technique.

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