Declining quality of care, poor credit ratings, and high-deductible health plans just barely begin to address the primary concerns voiced by healthcare administrators today. Financial Executives and CFOs across health care segments agree, this industry’s diagnosis is poor. And the prognosis? More challenges on the horizon.
Researching a sampling of middle-market companies in Florida, we are seeing higher than ever reductions or terminations in company-paid healthcare benefits, for employees. “It is simply just not affordable, and offers no value to our team. They would rather have the cash in their pocket”, noted one CEO at a recent economic forecasting forum in Orlando, FL.
More patients are obtaining insurance coverage through cost sharing insurance programs, and fewer companies offering this benefit. This dynamic has resulted in an upwards trend in the critical and urgent care facilities. This challenges revenues and requires CFO’s to rethink internal processes, and develop out-of-the-box tactics to protect revenue.
These challenging times require more horsepower than a single CFO can offer. At CFO Strategic Partners, our clients hire our entire firm of over 20 CFO’s, for less than the average cost of a full-time financial resource. Yet our model offers a scalable approach, with on-demand terms and no permanent impact to ongoing overhead costs. Through our collective collaboration process, our experts share best practices and lessons learned from hundreds of health care and pharmaceutical institutions, across the country. Today’s healthcare industry demands the power of many to ensure high value patient care, that is operationally sustainable.Tags: ACA, Cfo, Healthcare, Insurance