Editor’s Note: This article originally appeared on VisitPay’s website.
Summary: To be effective, health system Chief Revenue Officers (CRO) need to have the right mindset to create a culture of growth, to experiment, and to orchestrate transformation across the entire health system. It’s no surprise that many health systems have a former CFO or a budding, emerging CFO do this role. The CRO is the CFOs righthand resource for all things revenue. The CFO is the person who understands the most about where a health system’s vulnerabilities are on the revenue side. For the CFO who is onboard with the concept of a CRO, here are five attributes to consider when promoting or recruiting your best new asset.
Recruiting the right talent for success in the revenue stream
In many health systems, only the CFO gets to see the big picture when looking across the organization’s financial, clinical, and operational performance. Given the scale and complexity of the revenue stream, we believe the CFO needs a new wingman or wing-woman to see that same big picture.
Conway’s Law, an adage named after computer programmer Melvin Conway, supports the idea that an organization’s social boundaries define its technical architecture. Consolidation and cross-functional integration in our health systems are now a fact of life. As multiple institutions come together into large regional systems, CFOs are convening executives and teams working across different projects, systems, and audiences.
The typical health system finance organizational chart is packed with a squad of talented executives focused on their specialized domains, e.g., VP of Revenue Cycle, Director of Patient Accounting, Director of Patient Access, Director of Managed Care Contracting. With such a granular degree of sub-specialization in the revenue cycle, there isn’t anyone below the CFO looking after the whole revenue picture. Continue reading>>
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