FEB 01 / Jeff Lagasse, Associate Editor
New payment and delivery models are steadily seeping into the healthcare industry, and chief financial officers at hospitals and health systems across the country report a lack of confidence in their current financial tools’ ability to handle the changes.
In fact, according to Kaufman Hall’s 2019 CFO Outlook: Healthcare report, only 13 percent of CFOs say their organization is “very prepared” to handle the new models. In 2018, that number was 15 percent.
Being nimble and adapting to changes is a key component to financial success for most U.S. healthcare organizations, which has a lot of CFOs worried about the changing landscape.
Less than a quarter, 23 percent, say they’re “very confident” their organization could switch strategies on the fly if it was required, which is a two percentage-point drop from a year ago at this time.
There was one big area of consensus: that their organization could be doing more to inform their strategies via financial and operational data. In total, 96 percent said they should be doing more in this regard, while 94 percent said they feel the need to offer more insights into how their group’s financial health is affecting the overall strategy of the business.