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Behind every successful healthcare organization, without discounting the Chief Executive Officer, The Chief Operating Officer, The Chief Nurse Executive, there is always the mastermind, the person who is responsible for the overall success of the organization, that individual is known as the Chief Financial Officer (CFO). The Chief Financial Officer provides leadership in day-to-day operations. CFO recognizes that the ability to lead is a valuable asset and that he / she is required to demonstrate leadership in the daily operations of the organization. The exercise of this leadership on a practical, day-to-day basis gives the CFO an opportunity to enhance their skills in building relationships and in resolving conflicts. Chief Financial Officer (CFO) may also be known as the vice president, senior vice president, or executive vice president of finance. Whatever the title, a CFO is responsible for the finance and accounting operations of an organization, including financial reporting, and compliance with accepted finance and accounting standards and regulatory requirements. Aside from the education requirement, a healthcare CFO should possess six acquired leadership skills. All CFO's should be able to communicate clearly, provide leadership in day-to-day operations, manage resources and finances, build coalitions, and create a positive organizational culture for the organization.
The formal education for CFOs can vary greatly. No specific degree is an absolute requirement for CFOs, although financially oriented degrees are strongly preferred. CFOs typically have an accounting or finance background. Most would have at least a bachelor's degree in accounting or finance. Many have MBAs and other advanced degrees. CFOs often attend executive education programs to further their skills and understanding of the issues that CFOs manage in their work. Today with the complexity involved in healthcare operations, most hospitals requires that their CFO's have a minimum of 5 years experience in a healthcare setting either as chief accounting officer or a patient financial services director.
Clear communication is always expected in any organization; the likely reason for this expectation is that consensus-driven decision-making processes that require communication among small committees and senior team executives predominate in health care today. The CFO is a member of the senior leadership team.
The job duties of a CFO can differ depending on whether he works for a public or a private company. The job duties of a CFO can include but not limited to hands on management of all accounting and business office functions, including financial analysis and budgeting. Operational responsibilities for Health Information Management also known as Medical Records, Materials Management, Information Systems, and Utilization Management also known as Case Management. The CFO is also responsible to maintain his knowledge and to keep abreast of legislative/regulatory issues. Understanding current legislative and regulatory issues is another traditional area of focus for healthcare CFOs. Because the number and complexity of healthcare billing regulations are increasing rapidly, CFOs underscore this duty as more significant to their overall success.
Finance executives often find themselves overworked and under stress. R. P. former CFO of a Hospital thinks the solution to reducing stress may be a little more basic. "I think a half-hour walk every day is the best medicine," he says. Executives should relax as often as possible, and sometimes those 30 minutes without a BlackBerry is the only creative time they have." As with any leadership positions there can be a high level of stress, when people are feeling overworked and anxious, it is suggested that they take time off from work, go on a family vacation, do something fun before returning to work. Lastly, the best remedy is to leave work at the office. Work hard and play hard.
Rose Marie Chaperon works a Director of Revenue Cycle for healthcare operations. Rose-Marie's experience is process improvement and redisigning patient access and patient financial services areas. Rose Marie is an exceptional A/R guru and has held many Business Office and Patient Financial Services positions throughout her twenty year tenure in revenue cycle. She is a very proactive leader and the kind of person who can direct a group of people towards their goals. Rose Marie has experience with a variety of software systems and led three hospital through a system conversion during her assignments there. She holds a Bachelor's in Healthcare Management and is pursuing her MBA. She also is a Certified Healthcare Access Manager (CHAM).
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