Why Healthcare CFOs Are Shifting to Sales: Key Insights for Industry Leaders | PYMNTS.com

Finance is the common thread that connects all businesses, especially in healthcare.

Today, healthcare CFOs are no longer just number crunchers. They play a crucial role in leading their organizations. Once focused on budgets and compliance, they are now integral in strategy and partnerships.

One significant change is how CFOs are stepping into business-to-business (B2B) sales. With rising costs and complex reimbursement structures, CFOs are becoming essential in forming partnerships and negotiating contracts. Their involvement is key to maintaining the financial health of their organizations.

Mark Flakne, CFO of Included Health, highlighted this shift. He believes that CFOs will increasingly engage in sales conversations, even discussing financial matters directly with their counterparts at other healthcare firms. Their understanding of both costs and market demands makes them well-suited for this role.

In the past, CFOs concentrated mainly on accounting, ensuring financial accuracy and managing expenses. While these tasks will always be vital, the future holds a more dynamic role for CFOs in driving business growth and creating financial agreements.

Today’s CFOs contribute to their organizations’ success by diversifying revenue streams. They seek partnerships with insurers, employers, and tech vendors, enhancing their organization’s market reach. This involves building relationships, pitching services, and negotiating favorable deals.

Flakne emphasizes that at Included Health, the CFO is steering financial strategy with a focus on growth through strategic partnerships. He identifies three key areas of focus: operational excellence, expanding services, and treating finance as a sales function.

“You have to excel at what you do,” Flakne said, stressing that excellence in healthcare services opens more opportunities for growth and value.

He also sees navigation and virtual care as crucial parts of Included Health’s offerings. Yet, the aim is to extend services even further, ensuring they meet a broader range of healthcare needs.

Flakne believes that finance teams can make a significant impact by understanding financial models and effectively communicating their organization’s value to decision-makers. “Having a finance background provides a common language that helps us make company-wide decisions,” he noted. “CFOs will be vital in shaping the financial frameworks that enable value-based care.”

To manage their evolving responsibilities, CFOs are tapping into new technologies like artificial intelligence (AI) and automation. These tools can simplify financial operations and cut down on repetitive tasks, allowing finance teams to focus more on strategic decisions.

“AI listens and manages administrative tasks, which is invaluable in both healthcare and finance,” Flakne explained. This technology can free up time for insights and impactful business strategies.

As healthcare organizations develop advanced financial models, CFOs will need to adopt a consulting role, going beyond traditional financial management. They must keep the patient at the center of their mission.

Flakne stressed the importance of understanding the healthcare landscape: “The better we understand clinical needs, the more informed our business decisions will be. We may not become doctors, but incorporating clinical insights into finance is essential.”