Hospital chief financial officers bear the primary responsibility of ensuring that the overall fiscal operations of a medical facility runs smoothly. CFO’s are multifaceted professionals.
According to INC.com, CFO’s are people who can create strong business strategies, act as administrative leaders, and provide in-depth analyses of financial policies that will keep an organization competitive in the market. The task of hospital CFO’s is not just to balance the books, but also to find avenues for expanding the institution’s profit base.
Because of the demands of their job, hospital chief financial officers are on the upper rungs of the job market payscale. According to healthmanagementcareers.org, hospital CFOs can make up to $257,000 / year. The educational requirements for this position is not set in stone, although higher education is often linked with higher pay. Chief financial officers who possess an MBA are paid 14% more than those who only have a bachelor’s degree.
There are various college majors that can prepare one for a career as hospital CFO. The most common are accounting, finance, and health administration. Some CFO’s are certified public accountants (CPA) who have years and years of experience dealing with the financial aspects of organizations and corporations.
The competition for top-level executive jobs is very keen, according to the Bureau of Labor Statistics. Experience and demonstrable skills are the most important things that hospitals and other employers look for in a chief financial officer. While getting an advanced degree is often beneficial, successful chief financial officers are often those that possess years and years worth of learning experiences from various managerial and executive positions.
Hospital CFOs are expected to be results-oriented and to be visionaries. After all, they have a considerable stake in the overall direction of their facility. As INC.com puts it, they are more than just regular paid employees, they are “business partners”.
That said, people who are eyeing a CFO position at hospitals must be able to learn technical aspects of finance, accounting, and personnel management. It is a good idea to start off as an accountant or in similar positions because it helps one to have a better understanding of fiscal nuances.