In this special Speaker Series, Becker's Healthcare caught up with Jeff Wakefield, CFO of Marion (Ind.) General Hospital.
Mr. Wakefield will speak on a panel at Becker's Hospital Review 7th Annual CEO + CFO Roundtable titled, "Striking the Balance Between Financial and Quality Initiatives," at 11 a.m. on Tuesday Nov. 13. Learn more about the event and register to attend in Chicago.
Question: What keeps you excited and motivated to come to work each day?
Jeff Wakefield: Several things come to mind when considering this question, with one of most important being people — both the people I work with and the people in our community, those who need care and their families. We exist as a hospital to take care of the folks in our community, not just in their time of need, but also when working with our community partners to improve their health outside of the hospital.
Another motivator is the opportunity to learn and be challenged. Major issues such as healthcare delivery, along with the costs of healthcare, have taken center stage and impact most everyone at some point in their lives. Providers are being challenged to provide top notch care at the lowest possible cost. Unique partnerships are forming more frequently than in the past. It is an exciting time to be in healthcare.
Q: How can hospital executives and physicians ensure they're aligned around the same strategic goals?
JW: For starters, it's important to include physicians in the formation of the strategic plan for the organization. To be effective at that, it certainly helps to have a good working relationship with the physicians — one that incorporates a mutual respect and brings all parties to the table with the driving motivator being to do what is in the best interest of the community we serve.
Once the foundation has been completed, it's critical to keep the lines of communication open, especially when major changes or initiatives happen. Major changes themselves can cause disruption if not handled properly. This also points to the importance of educating those involved, allowing physicians to ask questions and have those questions satisfactorily answered.
Q: What initially piqued your interest in healthcare?
JW: I was first exposed to healthcare early in my career working at a small accounting firm that had a contract to audit Medicaid cost reports of nursing facilities. I did this for a couple of years and then went on to conduct financial audits of hospitals across the state. As I became more exposed to seeing the hospitals and the employees carry out their mission, it resonated with me, and from then on, I knew I wanted to work for an organization that did such important work.