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Posted: November 10th, 2021

Individual Assignment 1: Responsibilities of the Chief Financial Officer

Individual Assignment 1: Responsibilities of the Chief Financial Officer

HSM 331-90: Health Financial Management
The Chief Financial Officer’s Responsibilities

The Chief Financial Officer (CFO) of a health-care company assesses and reports on the business’s ability to achieve its goals. In order to achieve those goals, the CFO assesses the effectiveness of policies and procedures (Nowicki, 2018). One of the CFO’s main responsibilities is to safeguard the company’s assets and guarantee that the hospital systems are working as efficiently as possible. The characteristics and traits of CFOs will be discussed in order to attain the hospital’s aims. In addition, in 2015, the American College of Healthcare Executives (ACHE) performed a poll to determine typical CFO profiles (Nowicki, 2018). Following that, the International Journal of Innovation and Research in Educational Sciences published an article identifying professional growth attributes for healthcare CFOs. The purpose of this paper is to identify the characteristics, traits, and responsibilities of CFOs in healthcare organizations, as well as their fiduciary duties.

The CFO’s Characteristics and Traits

Some CFOs are in charge of healthcare companies’ day-to-day administrative operations. They organize and supervise all medical services, including budgeting and keeping track of medical records. According to Nowicki (2018), CFOs must possess six skills: 1) the capacity to communicate effectively, 2) to give day-to-day leadership, 3) to manage resources and money, 4) to form coalitions, 5) to foster a healthy organizational culture, and 6) to maintain excellent physician relationships.

ACHE’s Profiles of Typical CFOs

From 2005 to 2015, the American College of Healthcare Executives (ACHE) performed a survey that looked at CFO compensation trends for middle managers. There were seven CFO job titles that had risen compensation over time. The highest salary in 2015 was $134,000 for the director/manager of managed care, followed by $127,600 for the director/manager of finance (Nowiski, 2018). The average yearly compensation for a CFO in a hospital is $152,106 now (Zip recruiter, 2020).

Attributes of CFO Professional Development

Rochester, Wilson, Berkshire, and Houlihan published an article titled “Identifying Healthcare CFO Professional Development Attributes” in the International Journal of Innovation and Research in Educational Sciences (2017). The article addresses the issue of out-of-control healthcare spending in the United States. The authors also identified fourteen key characteristics for CFO performance and development. “1) capacity to transform financial knowledge into meaningful action, 2) excellent communicator, 3) high integrity, 4) ability to translate financial and performance indicators into relevant measures for operations employees, and 5) ability to execute…” were ranked as the top five traits. (Ibid., p. 617). The essay emphasized the need of establishing a professional development portfolio for financial executives.

Conclusion

The purpose of this article was to identify the qualities, attributes, and responsibilities of CFOs in healthcare businesses, as well as their fiduciary duties. For the previous five years, research and literature reviews have been done. According to research, the healthcare business will be the most important industry by 2026, employing more than one-third of all jobs in the country and growing at a faster rate than any other sector (BLS, 2016). CFO features, traits, and responsibilities are critical in assisting the United States in lowering healthcare costs through enhancing the CFO professional development portfolio.

References
Bureau of Labor and Statistics. (2016). Industry employment and output projections to 2024.
https://www.bls.gov/opub/mlr/2015/article/industry-employment-and-output-projections-to-2024.htm
Hospital Chief Financial Officer Salary. (2020). https://www.ziprecruiter.com/Salaries/Hospital-Chief-Financial-Officer-Salary.
Nowicki, M. (2018). Introduction to the financial management of healthcare organizations
(7th ed.). Chicago, IL: Health Administration Press.
Rochester, C., Wilson, A., Berkshire, S., & Houlihan, R. (2017). Identifying healthcare CFO professional development attributes.
https://www.ijires.org/administrator/components/com_jresearch/files/publications/IJIRES_1096_FINAL.pdf

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