Sanford Health selects Scott Wooten as CFO
Following a comprehensive national search, Sanford Health in Sioux Falls, South Dakota, has named Scott Wooten, MBA, FACHE, as executive vice president and CFO. Wooten is a seasoned finance leader in the nonprofit healthcare sector. Prior to joining Sanford, he led Wooten Strategic Advisors, providing consulting services to physician groups, health systems, insurance companies, retail…
Jill Geisler: 8 proactive ways to keep your top performers engaged
Here’s to the best performers on your team. Their high standards, reliability, creativity and problem-solving skills are a joy to behold. They’re your self-starters, your pacesetters, your go-to people — the ones who’d leave a big hole in the operation if you lost them. And you surely don’t want to lose them. That’s why managers…
Dennis Dahlen: New year, not-so-new struggles call for revamped approach
In January, 8,000 investors, innovators and market participants gathered in San Francisco for the J.P. Morgan Healthcare Conference. This gathering has become a required event for healthcare leaders to take stock of the industry. You could feel the pulse of the conference accelerate during key moments, like when comments from an FDA regulator led to…
Alan Lovelace: Healthcare CFOs require stamina to respond to post-COVID pressure
What can modern hospital or health system CFOs do to keep their organizations on a stable financial footing in the financially fraught post-COVID-19 era? In answering this question, most CFOs will begin by telling horror stories and tales of woe involving revenue squeezes and expense proliferations. Pressures come from everywhere, including: It’s tough being a…
Downgrades topple upgrades: 5 key takeaways from rating activity in 2023
As expected, 2023 saw a material increase in downgrades over 2022 while the number of upgrades declined from the prior year. Volume showed favorable growth for many hospitals during 2023, although some indicators remained below prepandemic levels. Other hospitals reported a payer mix shift toward more Medicare as the U.S. population continued to age and…
Honor Roll: HFMA certifications were awarded to 1,877 members Oct. 1, 2023 – Dec. 31, 2023
HFMA offers eight certifications for members to validate their expertise and demonstrate their commitment to the profession. The HFMA certifications are as follows: Certified Healthcare Financial Professional (CHFP), Certified Revenue Cycle Representative (CRCR), Certified Revenue Cycle Representative (CRCR) – GCC, Certified Specialist Accounting and Finance (CSAF), Certified Specialist Business Intelligence (CSBI), Certified Specialist Physician Practice…
Healthcare News of Note: 4 in 5 healthcare leaders received credible job offers in early 2023; what kept most of them from jumping ship?
Over the past few weeks, I have found these recent industry news stories that should be of interest to healthcare finance professionals. 1. Culture and compensation were the top reasons why most healthcare leaders did not of accept ‘viable’ job offers in early 2023 Although four of five healthcare leaders received viable job offers in…
2024 outlook: Hospitals can expect a steadier year financially, but key questions loom
Although the past year brought more stability for the not-for-profit hospital sector, analysts foresee 2024 as a pivotal period in determining the viability of individual organizations. Fitch Ratings continues to describe the sector’s outlook as “Deteriorating.” In a year-end report, the credit-rating agency said downgrades of hospitals and health systems in 2023 had outpaced upgrades…
Healthcare News of Note: What topics did healthcare finance professionals find of most interest in 2023?
Workforce issues drew the most engagement in HFMA’s Healthcare News of Note blog Three of the 10 most-read Healthcare News of Note blog posts of 2023 were workforce-related, making it the No. 1 topic sparking blog readers’ interest. Those stories were: 7 stories round out the top 10 of 2023 Additional topics that piqued reader…
HFMA strategy session highlights challenges and opportunities for healthcare finance leaders: payer relations, supply costs, AI and more
The legacy healthcare provider’s position in the industry could grow tenuous if leaders don’t respond boldly and strategically to ongoing trends, according to insights recently presented to HFMA leaders. “We’re at a crossroads right now,” Ashraf Shehata, principal and U.S. national sector leader for healthcare and life sciences with KPMG, said in November during a…