One of the key positions in Medical Services is Health Care Chief Financial Officer (CFO) in Hospitals. The main responsibility of a CFO is to manage all types of financial operations and strategic management in the line of medical business. CFO is one of the top three major positions of a business. Services of CFO are necessary to handle the medical business which mainly relates to the complex affairs of Human Resource i.e. Public Dealings between Doctors and Patients, Hospital staff management and day-to-day aspects of other spheres of medical categories. The CFO is responsible for strategic management of the medical business. The CFO is responsible for significant investment of the medical business, its capital information, revenue collection and expenditure hierarchy etc. A health care CFO must adhere to the Company’s core principles of accounting and financial management like risk management, fundamentals of budgeting and other principles of accounting.
Medical accounting help as a field of Medical Business mainly deals with revenue collection and circulation of money in the form of direct capital i.e. cost of medicine, hospital dues and so on, therefore, Medical CFO Services are mandatory to tackle all these complex issues of monetary transactions at mass level. The Medical CFO is the main stakeholder to boost revenue for the medical business. Its core functions mainly revolve around the devising of new ways to boost medical business and spread business in better ways of progress. With the help of contacts between other companies, like Pharmaceuticals, Surgical Equipment Providers and Chemical Industries, CFO vitality saves capital and the business environment for the business. It aligns financial streaming like investment, profit with the current Marketing Trends so that the medical business may run at the best possible boosting level. A Business Oriented CFO boosts the medical business at the wide Enterprise level. CFO enables a Cross-Functional Data Flow so that the top line growth and bottom line profitability may be ascertained for better and prosperous business flexibility.
The Medical CFO maintains strategic management of the medical services. Crisis management amidst the pandemic of Covid-19 has been the main task of health care CFOs since the last two years. Hiring of professional and business oriented staff and working with desired necessary manpower are becoming more prominent sectors of health care CFOs. Medical services mainly deal with direct public / patient contact, therefore, health care CFOs are focusing on driving their organization to transform into an environment of a post pandemic future. Financial Chiefs of all large organizations of health care providers are well aware of the post pandemic future of health care business; therefore, strategic organizational reformations are planned. Organizational and professional spheres have changed their way of progress after the world has endured the destruction of Covid-19; therefore, financial chiefs have to maintain the strategic planning of their organizations according to the post pandemic future.
Being responsible to the Board of Directors of a hospital, a medical CFO is an important post which is responsible for a hospital’s financial position. All capital information, profit loss statements and other monetary transactions are directly headed by the financial chief of the hospital. Cost effective business environment, profitable, productive and progressive organizational financial management is the key function of the CFO. A CFO is the helping hand of the CEO of a hospital who helps to divide the financial burden and boost contacts between the investors. The CFO provides key insights of financial data to the CEO for the productive growth of the business. Health care CFO is responsible for the hospital’s investment management, sustainable cost reduction and efficiency. Agility, Adaptability, People Skills, Leadership and Flexibility are beauties of a good healthcare CFO.