The CFO Can Not Be A Loner, Quality Demands Inclusion

When one thinks about quality and patient safety, the role and impact of the Chief Financial Officer doesn't immediately come to mind. Well, this mindset is beginning to change. In fact, some organizations have already made the transformation, for the better.

As the business case for operational efficiency and process waste reduction becomes stronger within the hospital, the need for CFO (and COO) engagement is essential. Moreover, increased patient safety has been found to occur within those hospitals that reduce variation and waste. The correlation is meaningful. Consumers and payers have their eyes open.

Organizations can no longer afford to continue emphasizing the monthly financial statistics while relegating quality and clinical performance to the periphery. I submit that those senior management teams who don't adapt to the changing environment will find themselves less competitive and burdened with decreases in patient loyalty, market share, and favorable contracting from commercial payers.

Indeed, there needs to be a marriage between finance and quality improvement within the hospital.

A temperature reading:

• Does your CFO (and or COO) attend your monthly hospital quality committee meetings?
• Is your CFO well-versed and understand the organization's quality and patient safety objectives?
• Does your CFO perform weekly/monthly rounds of the hospital, including clinical areas?
• Is your CFO a member of your hospital Board sub-committee - - Board Quality Committee?
• How would you describe the relationships between your CFO and the Director of Quality and/or Vice President for Performance Improvement?

What is the thermometer reading?