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Strategic Enabler: The New Healthcare CFO
Advances in personalization, preventative
treatment and innovative care delivery
models are having a profound impact on
healthcare in the United States.
In turn, CFOs across the sector are pivoting
to a more strategic and wider-ranging role
Copyright © 2019 Accenture. All rights reserved. 2
THAN EVER BEFORE.
think healthcare
CFOs must
become more
engaged in
conversations
around patient
outcomes
Copyright © 2019 Accenture. All rights reserved. 3
78%
say CFOs will
focus more on
unlocking
revenue streams
and creating
new value
86%
assert that CFOs
are striving
to make the
enterprise more
efficient through
technology
77%
Copyright © 2019 Accenture. All rights reserved. 4
Sarah Daubenspeck, Managing Director, Accenture Stategy
“ CFOs in healthcare are being asked to play an
increasingly strategic role. They're getting
asked to evaluate their organizations'digital
investments, new business models, and the
ecosystem of the population they serve--all
while running their day jobs. Ultimately, this is
enabled by their oversight of dispersed data
sets, analytic and digitalcapabilities which
empower them to identify threats, flag
opportunities and drive sustainablechange.”
Copyright © 2019 Accenture. All rights reserved. 5
We see this playing out across
three core dimensions:
ANALYTICS AUTOMATION TALENT
CFOs at the highest-growth health enterprises—
those whose revenues are exceeding expectations—
are the most likely to be embracing non-traditional,
value-adding responsibilities.
5
Embracing analytics for growth
80%
Identify and take control of the
organization’s most critical data
Identify which data represents the
greatest potential value for the business
Developing best practice for
combining data sets
High growth respondents Other respondents
Combiningperformance data with an understandingof changing trends
in the wider health ecosystem,CFOs can identify areas where revenue
streams can be optimized and new revenue streams unlocked.
82%
69%
85%
64%
91%
71%
Copyright © 2019 Accenture. All rights reserved. 6
Key outcomes achieved
through analytics
Identification of future risks and
opportunities
Cost reduction and margin improvement
Increased connectivity with other
parts of the business
Wider adoption of technology
throughout the business
Value creation
(e.g. Pursuing a new business model)
40%
37%
37%
34%
29%
Copyright © 2019 Accenture. All rights reserved. 7
Copyright © 2019 Accenture. All rights reserved. 8
Joanne Ouellet, Director of Finance, Houston Methodist West Hospital
“The data's voluminous, so you have to have
the people and the tools to manipulate large
databases. It can be time-consuming and
tedious, and anytime you're looking at data
you have to go through a whole validation
process, that you're using the correct logic
to get the results, that the data's complete
and accurate, and has integrity, before you
make any decisions based on it.”
Shifting the burden to automation
80%
37%
70%
45%
67%
18%
Scaled the use of RPA across
all finance professionals
High growth respondents Other respondents
One of the mostpressing challenges thatCFOs face is to give their teams
the bandwidth to focus on non-core,value-adding tasks.
agree that tools like RPA—through performing routine and process-
oriented tasks—give finance the flexibility to focus on providing
insight to the rest of the organization77%
30%
Copyright © 2019 Accenture. All rights reserved. 9
Healthcare finance organizations lagother sectors in adopting RPA,
but some are startingto make progress
ADOPTION OF RPA DIGITAL TECHNOLOGIES
Deployment across all
finance professionals
None—this technology has
not been adopted at all
Scalable
applications
Don’t
know
Isolated
pilots
2% 2%
16%
36%
44%
Other
Healthcare
Respondents
High-growth
Healthcare
6% 5%
25%
34%
31%
Non-
healthcare
Global
38%
23%
24%
4%
11%
Copyright © 2019 Accenture. All rights reserved. 10
Copyright © 2019 Accenture. All rights reserved. 11
DougLischke, CFO, University of Virginia Health System
“Financial reporting, from a health-system
standpoint, was fraught with issues and it
took 15 or more business days to close the
books. With the advent of this integrated
financial reporting system, we could cut
the closure process to five days, so we
were releasing financial statements in six.
That freed up a lot of people's time.”
Embedding talent with
non-traditional skills
80%
37%
70%
Advanced data visualization skills will be
critical among finance teams of the future
High growth respondents Other respondents
CFOs need to upgrade their talentand embed a culture that supports a new
“way of finance.”Attractingand retaining talentwith digital,analytical and
non-traditional skills is critical.
Traditional finance skills—typical of
individuals who are seen purely as
accountants within their organizations—will
be the most important capabilities to have
believe that finance skills will continue to move away from core finance
to advanced digital, statistics, operational and collaborative talent72%
46%
31%
24%
42%
Copyright © 2019 Accenture. All rights reserved. 12
Copyright © 2019 Accenture. All rights reserved. 13
Robert Kasdin, CFO/COO, Johns Hopkins Medicine
“We're always looking for people who
have a keen sense of how data could be
utilized, and then applied to improve
the quality of our patient care. If you
can help us bridge from innovative
technology to improving the quality of
the care we give to our patients, you're
a very important individual to us.”
Copyright © 2019 Accenture. All rights reserved. 14
TAKE AN ENTERPRISE
VIEW WITH ANALYTICS.
Take ownership of the data
agenda, marrying decision
support, population health,
supply, financial and clinical data
for actionable insight. Define an
integrated analytics structure.
ADOPT AND SCALE
AUTOMATION.
Change the conversation
around automation, focusing
on how it will be an enabler to
evolve and transform the
workforce. Set appropriate
expectations with early pilots.
BUILD THE
FUTURE WORKFORCE.
Define skills required to
manage in this new
environment and establish
a talent plan. Establish new
sources of talent and re-
skilling plans early. The
time to invest is now.
As financeconsolidates its reputationfor evidence-based guidance and
insight,it will notonly be about reportingand control,but it will also
increasinglybecome a driver of strategicopportunities.
CFOs can act now in these areas:
1 2 3
SARAH DAUBENSPECK
Managing Director, Accenture Strategy
sarah.e.daubenspeck@accenture.com
Copyright © 2019 Accenture. All rights reserved. 15
For more information:
DAVID GAYDOSH
Managing Director, Health and Public Service, Management Consulting
david.p.gaydosh@accenture.com
https://www.accenture.com/us-en/insights/health/new-healthcare-cfo

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Strategic Enabler: The New Healthcare CFO

  • 2. Advances in personalization, preventative treatment and innovative care delivery models are having a profound impact on healthcare in the United States. In turn, CFOs across the sector are pivoting to a more strategic and wider-ranging role Copyright © 2019 Accenture. All rights reserved. 2 THAN EVER BEFORE.
  • 3. think healthcare CFOs must become more engaged in conversations around patient outcomes Copyright © 2019 Accenture. All rights reserved. 3 78% say CFOs will focus more on unlocking revenue streams and creating new value 86% assert that CFOs are striving to make the enterprise more efficient through technology 77%
  • 4. Copyright © 2019 Accenture. All rights reserved. 4 Sarah Daubenspeck, Managing Director, Accenture Stategy “ CFOs in healthcare are being asked to play an increasingly strategic role. They're getting asked to evaluate their organizations'digital investments, new business models, and the ecosystem of the population they serve--all while running their day jobs. Ultimately, this is enabled by their oversight of dispersed data sets, analytic and digitalcapabilities which empower them to identify threats, flag opportunities and drive sustainablechange.”
  • 5. Copyright © 2019 Accenture. All rights reserved. 5 We see this playing out across three core dimensions: ANALYTICS AUTOMATION TALENT CFOs at the highest-growth health enterprises— those whose revenues are exceeding expectations— are the most likely to be embracing non-traditional, value-adding responsibilities. 5
  • 6. Embracing analytics for growth 80% Identify and take control of the organization’s most critical data Identify which data represents the greatest potential value for the business Developing best practice for combining data sets High growth respondents Other respondents Combiningperformance data with an understandingof changing trends in the wider health ecosystem,CFOs can identify areas where revenue streams can be optimized and new revenue streams unlocked. 82% 69% 85% 64% 91% 71% Copyright © 2019 Accenture. All rights reserved. 6
  • 7. Key outcomes achieved through analytics Identification of future risks and opportunities Cost reduction and margin improvement Increased connectivity with other parts of the business Wider adoption of technology throughout the business Value creation (e.g. Pursuing a new business model) 40% 37% 37% 34% 29% Copyright © 2019 Accenture. All rights reserved. 7
  • 8. Copyright © 2019 Accenture. All rights reserved. 8 Joanne Ouellet, Director of Finance, Houston Methodist West Hospital “The data's voluminous, so you have to have the people and the tools to manipulate large databases. It can be time-consuming and tedious, and anytime you're looking at data you have to go through a whole validation process, that you're using the correct logic to get the results, that the data's complete and accurate, and has integrity, before you make any decisions based on it.”
  • 9. Shifting the burden to automation 80% 37% 70% 45% 67% 18% Scaled the use of RPA across all finance professionals High growth respondents Other respondents One of the mostpressing challenges thatCFOs face is to give their teams the bandwidth to focus on non-core,value-adding tasks. agree that tools like RPA—through performing routine and process- oriented tasks—give finance the flexibility to focus on providing insight to the rest of the organization77% 30% Copyright © 2019 Accenture. All rights reserved. 9
  • 10. Healthcare finance organizations lagother sectors in adopting RPA, but some are startingto make progress ADOPTION OF RPA DIGITAL TECHNOLOGIES Deployment across all finance professionals None—this technology has not been adopted at all Scalable applications Don’t know Isolated pilots 2% 2% 16% 36% 44% Other Healthcare Respondents High-growth Healthcare 6% 5% 25% 34% 31% Non- healthcare Global 38% 23% 24% 4% 11% Copyright © 2019 Accenture. All rights reserved. 10
  • 11. Copyright © 2019 Accenture. All rights reserved. 11 DougLischke, CFO, University of Virginia Health System “Financial reporting, from a health-system standpoint, was fraught with issues and it took 15 or more business days to close the books. With the advent of this integrated financial reporting system, we could cut the closure process to five days, so we were releasing financial statements in six. That freed up a lot of people's time.”
  • 12. Embedding talent with non-traditional skills 80% 37% 70% Advanced data visualization skills will be critical among finance teams of the future High growth respondents Other respondents CFOs need to upgrade their talentand embed a culture that supports a new “way of finance.”Attractingand retaining talentwith digital,analytical and non-traditional skills is critical. Traditional finance skills—typical of individuals who are seen purely as accountants within their organizations—will be the most important capabilities to have believe that finance skills will continue to move away from core finance to advanced digital, statistics, operational and collaborative talent72% 46% 31% 24% 42% Copyright © 2019 Accenture. All rights reserved. 12
  • 13. Copyright © 2019 Accenture. All rights reserved. 13 Robert Kasdin, CFO/COO, Johns Hopkins Medicine “We're always looking for people who have a keen sense of how data could be utilized, and then applied to improve the quality of our patient care. If you can help us bridge from innovative technology to improving the quality of the care we give to our patients, you're a very important individual to us.”
  • 14. Copyright © 2019 Accenture. All rights reserved. 14 TAKE AN ENTERPRISE VIEW WITH ANALYTICS. Take ownership of the data agenda, marrying decision support, population health, supply, financial and clinical data for actionable insight. Define an integrated analytics structure. ADOPT AND SCALE AUTOMATION. Change the conversation around automation, focusing on how it will be an enabler to evolve and transform the workforce. Set appropriate expectations with early pilots. BUILD THE FUTURE WORKFORCE. Define skills required to manage in this new environment and establish a talent plan. Establish new sources of talent and re- skilling plans early. The time to invest is now. As financeconsolidates its reputationfor evidence-based guidance and insight,it will notonly be about reportingand control,but it will also increasinglybecome a driver of strategicopportunities. CFOs can act now in these areas: 1 2 3
  • 15. SARAH DAUBENSPECK Managing Director, Accenture Strategy sarah.e.daubenspeck@accenture.com Copyright © 2019 Accenture. All rights reserved. 15 For more information: DAVID GAYDOSH Managing Director, Health and Public Service, Management Consulting david.p.gaydosh@accenture.com https://www.accenture.com/us-en/insights/health/new-healthcare-cfo