As the pace of change continues to accelerate, healthcare organizations are finding new and creative ways to keep up. Today’s leading healthcare organizations are perfecting the art of virtual patient care and telemedicine. They’re implementing fresh patient engagement strategies. They’re creating innovative cost-management programs. And they’re driving their missions forward despite a myriad of ongoing global challenges.
It’s a complicated landscape. That’s why operations need to be as simple as possible. So, why do so many healthcare leaders find themselves spending more time on day-to-day tasks and less time on the type of strategic thinking that will drive their organizations forward?
Trying to be a part-time CFO and run a healthcare organization just won’t work anymore. To be a true visionary leader, healthcare executives need real-time financial information to make the right decisions that can embolden their organizations’ missions.
If you’re trying to do everything yourself, it’s time to stop and find a partner who can give you the people, proven processes, and software to handle your finances so you can focus on strategy.
1. Healthcare Organizations Need Strategic Leadership Now More Than Ever
When you’re asked to make strategic decisions for your organization, do you base them on data, gut feeling, or a combination of both? If you said you decide by gut alone, it may be time to rethink your decision-making process.
The only path forward for healthcare leaders is to back up gut feelings with real-time financial information. But before that can happen, leaders need the time to think strategically. Sadly, they’re not getting enough of it in today’s evolving environment.
Ask yourself: What does your healthcare organization need to do to keep up?
2. Healthcare Organizations Need Real-Time Insights That Power Quick, Smart Decision-Making
When you make big decisions, you need to access and understand data fast so you can evaluate all the possible scenarios. And if you or your finance team is using outdated software or other manual processes that leave you drowning in a sea of disconnected spreadsheets, you won’t be able to move quickly enough.
Spreadsheets don’t just inhibit decision making for healthcare leaders. They also rely on too many manual keystrokes that raise the risk of inaccurate reporting. They don’t create and deliver dashboards you can use to view your success and take your organization to the next level. And they don’t give you the kind of transparency into your finances that you need to plan patient care programs and resource allocation that will resonate most with key stakeholders.
If your healthcare organization is experiencing any of these challenges, it’s time to consider how a partner can help you take finances off your plate.
3. Healthcare Organizations Need Highly Advanced Financial Expertise Without Adding Headcount
Having financial data that is as accurate as possible isn’t a nice-to-have in the healthcare industry. It’s a necessity. It takes just one error or omission to put an organization at risk. Any noncompliance issues can jeopardize your eligibility for critical funding or partnerships.
But that’s where it gets hard for leaders. Many healthcare organizations do not have the budget for a CFO, let alone a large, in-house financial staff. And when staff turnover happens, that financial professional you trusted the most takes their expertise out the door with them, leaving you in a mad dash to hire someone new fast in a challenging job market.
You can’t afford to lose your best people, especially those who know the ins-and-outs of healthcare finances and have the power to help your organization go further with limited resources.
Your Fastest Path To Data-Driven Success: Partner Up
If you’re spending too much time on operational tasks and not enough time on strategic thinking, you don’t need a new smartwatch. You need outside expertise. At The Bonadio Group, we provide outsource accounting services that help healthcare leaders recapture lost time, increase financial efficiency, improve data accuracy, and accelerate their mission’s success.
We’ll give you access to a team of qualified financial professionals who work with healthcare organizations of all sizes. We perform everything from core accounting functions to strategic financial analysis and virtual CFO services — all without breaking your budget. Best of all, outsource accounting services can scale as your organization grows. We’ll serve as a true financial partner, helping you brainstorm new ways to expand your mission impact and accelerate your success.
If you need further guidance or have any questions on this topic, we are here to help. Please do not hesitate to reach out to discuss your specific situation.
This material has been prepared for general, informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Should you require any such advice, please contact us directly. The information contained herein does not create, and your review or use of the information does not constitute, an accountant-client relationship.
