Black Book, a market research and public opinion research company focused on healthcare, surveyed nearly 1,600 hospital and health system CFOs, vice presidents of finance and revenue cycle management, controllers, business office managers, staff, consultants and directors in 2019 about issues related to financial technology administration.
Four findings:
1. Most CFOs surveyed (91 percent) of CFOs surveyed said “managing organizational cost reductions” is their top priority for 2020.
2. Eighty-five percent of CFOs surveyed identified “needing to predict the impact of new payment models through enhanced reporting” as their top priority for next year.
3. Ninety-five percent of CFOs surveyed agree that CFOs will require stronger data analytics skills in the future compared to 2019 CFOs.
4. Seventy-six percent of all financial leader respondents, from supervisor through CFO levels, said they need better performance management dashboards.
“Financial leaders will need to recruit and retain staff who possess traditional financial expertise, flexibility in adopting new payment models, willingness to accept nontraditional responsibilities such as cybersecurity, patient satisfaction and innovation, but most importantly the eagerness to learn new technologies and process designs,” Doug Brown, president of Black Book, said in a news release. “The technological complexities of transforming financial systems and business integrations across health system units may well hasten the retirement of many old-guard CFOs from the industry.”
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