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Trish Rivard & Todd Nelson — 2024 Study of CFO Pain Points with HFMA
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Summary
On this episode of Healthcare Market Matrix, host John Farkas delves into the pressing challenges facing healthcare Chief Financial Officers (CFOs) with esteemed guests Todd Nelson, a former hospital CFO and current Director of Partner Relationships at Healthcare Financial Management Association (HFMA), and Trish Rivard, founder of Eliciting Insights. The episode is anchored on findings from HFMA's comprehensive 2024 study, which surveyed one hundred and thirty-five CFOs from one hundred and thirty-two health systems, exploring economic constraints, margin pressures, and emerging trends in healthcare finance.
A staggering forty-seven percent of CFOs identified supply chain issues as a primary margin pressure, while escalating costs in pharmaceuticals and medical devices were noted as significant challenges by eighty-six percent and seventy-three percent, respectively. There's a delicate balance between innovation and cost efficiency, especially when clinician familiarity with products and physician malpractice insurance comes into play. The ongoing labor shortage, particularly in nursing, exacerbates these challenges, pushing health systems to adopt strategies like outsourcing and wage increases to retain staff.
Cybersecurity, though less pressing than supply chain issues, has seen a fifty percent uptick in spending, further amplified by a major vendor data breach. While the potential of AI in healthcare elicits mixed reactions—split equally among those expecting cost reductions, increases, or no change at all—only eight percent of health systems feel ready for AI integration. Vendors are urged to educate health systems on AI implementation and governance for sustainable partnerships.
The episode also sheds light on the pandemic's lasting impact on labor costs, with ninety-six percent of CFOs citing labor as a major concern, and a whopping ninety-nine percent highlighting nursing worries specifically due to contract labor costs. Reimbursement complexities and payer denials, particularly with Medicare Advantage plans, are other significant pain points. Effective vendor relationships and tailored solutions are emphasized as crucial for navigating these multifaceted challenges.
Ultimately, the dialogue underscores the importance of understanding and addressing CFOs' specific pain points for building trust and driving effective, long-term partnerships in the healthcare sector.
Show Notes
(6:12) Understanding CFO Pain Points
(17:42) How Remote Works Increases Competition for IT Talent
(29:22) Entangling Patient Care Decisions with Automated Denials
(35:40) Assessing R&D Cost Value in Healthcare
(45:05) Prioritizing Automation and Cybersecurity over AI
(1:01:24) Building Trust with CFOs to Pitch Health Tech Solutions
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