Prior to her new role, Ms. Tate served as CFO of Coos Bay, Ore.-based Bay Area Hospital. During her time at the hospital, she helped reverse a negative operating margin, reduced employee turnover and improved the hospital’s timekeeping system.
Becker’s connected with Ms. Tate ahead of her new position to discuss why being a strong partner to colleagues is an important key for success and the importance of sharing the story behind the numbers in a CFO role.
Editor’s note: Responses have been edited for length and clarity.
Question: What are your top financial priorities as you step into the CFO role at PeaceHealth’s Oregon network? How do you plan to achieve these goals?
Mary Lou Tate: Given the economic environment in healthcare, being a partner to the existing leadership, managers and staff will be key to being successful in this new role.
Today’s hospitals have to be lean and efficient in order to continue to be viable entities. My top priority is diving in to see how we can continue to reduce costs, reduce denials and eliminate waste.
Q: You’ve successfully led financial turnarounds in previous roles — how will that experience shape your approach at PeaceHealth?
MLT: I will draw from those experiences to help shape and guide my work with PeaceHealth. Collaboration is key to any changes being successful. I look forward to partnering with both clinical and non-clinical stakeholders to see what improvements we can make together.
Q: What is the best piece of leadership advice you have received during your time in healthcare? How will you carry that with you into your new role?
MLT: The best advice I have received is never assume you know what is happening. There is a story to every situation. Financial numbers don’t share the patient experience or are not meaningful to everyone; you need to share the story behind the numbers. I have taken this advice to heart over the years, so I love to visit with clinicians to understand their story and how it impacts the financials.