The shift to value-based care has changed the role of the hospital CFO. As this recent article on CFO recruiting notes, “Today’s healthcare CFO is much more focused on operations, patient care and quality control.”
The HFMA Florida chapter published an excellent CFO’s perspective on this operational and care delivery focus in the fall issue of its quarterly Sunspots magazine.
In the article, CFO Joanne Aquilina of Bethesda Health in Boynton Beach, Fla., does a phenomenal job of explaining how they identified and improved key leading measures of care and efficiency to guide financial success:
“Bethesda Health knew that it had to create an infrastructure for efficient, reliable, predictable care delivery, to sustain exceptional operational performance. That, in turn, would be the key to increasing volumes and revenue while controlling costs—and moving margins back into the black.”
She goes on to describe the “production model” for care and patient-first, zero defect culture Bethesda adopted. With this new model, the hospitals are achieving dramatic improvements in length-of-stay, CMI and reimbursements, care quality, patient satisfaction, and financial performance.
Her closing says it all: “Put the patient first, and all good things will follow.”