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Norfolk State University Health Financial Management Essay

1 Individual Assignment 1: Responsibilities of the Chief Financial Officer Your Name Department of Nursing and Allied Health, Norfolk State University HSM 331-90: Health Financial Management Dr. Batrina Martin August 24, 2020 2 Responsibilities of the Chief Financial Officer In health care organizations, the Chief Financial Officer (CFO) measures and reports on the validity of meeting the business s objectives. The CFO also measures the effectiveness of policies and procedures to attain those objectives (Nowicki, 2018). One of the CFO s primary goals is to protect the assets of the organization and ensure that the hospital systems are running most cost-effectively. To achieve the hospital goals, the characteristics and traits of CFOs will be discussed. Also, the American College of Healthcare Executives (ACHE), conducted a survey in 2015 to identify typical CFO profiles (Nowicki, 2018). Subsequently, the International Journal of Innovation and Research in Educational Sciences published an article that identified healthcare CFO professional development attributes. This paper aims to identify the characteristics, traits, and responsibilities of CFOs and their fiduciary duties in healthcare organizations. Characteristics and Traits of the CFO There are some CFOs that oversee the day-to-day administrative operations of healthcare organizations. They plan and supervise all medical services that include monitoring budgets and updating health records. Nowicki (2018) believes there are six skills that CFOs must have: 1) the ability to communicate clearly, 2) provide day-to-day leadership, 3) manage resources and finances, 4) build coalitions, 5) create a positive organizational culture, and 6) maintain strong physician relationships. ACHE Survey of Typical CFO Profiles The American College of Healthcare Executive (ACHE) conducted a survey that showed CFO compensation trends of middle managers from 2005 to 2015. There were seven CFO job 3 titles that showed a progression of increased salaries. In 2015, the director/manager of managed care s largest salary was $134,000 followed by the director/manager of finance at $127,600 (Nowiski, 2018). Today, the nationwide average CFO hospital annual salary is $152,106 (Zip recruiter, 2020). CFO Professional Development Attributes The International Journal of Innovation and Research in Educational Sciences published an article titled Identifying Healthcare CFO Professional Development Attributes written by Rochester, Wilson, Berkshire, & Houlihan (2017). The article identifies the concern of uncontrolled healthcare expenditures in the United States. The authors also identified fourteen important attributes for CFO development and success. The top five attributes respectively ranked: 1) ability to translate financial information into meaningful action, 2) effective communicator, 3) high integrity, 4) ability to translate financial and performance metrics into useful measures for operations people, and 5) ability to execute (p. 617). The article focused on the importance of financial leaders having a professional development portfolio. Conclusion This paper aimed to identify the characteristics, traits, and responsibilities of CFOs and their fiduciary duties in healthcare organizations. Research and literature reviews were conducted for the past five years. Research showed that the healthcare industry would be the most prominent industry by 2026, employing more than one-third of all jobs in the country with the projected growth rate exceeding every other sector (BLS, 2016). The characteristics, traits, and responsibilities of CFOs play an essential role in helping the United States reduce healthcare costs by improving the CFO professional development portfolio. 4 References Bureau of Labor and Statistics. (2016). Industry employment and output projections to 2024. Retrieved from Hospital Chief Financial Officer Salary. (2020). Retrieved from Nowicki, M. (2018). Introduction to the financial management of healthcare organizations (7th ed.). Chicago, IL: Health Administration Press. Rochester, C., Wilson, A., Berkshire, S., & Houlihan, R. (2017). Identifying healthcare CFO professional development attributes. Retrieved from _1096_FINAL.pdf Name Individual Assignment 1 (30 Points) Rubric Description Health Financial Management, HSM 331-90 Module 2 Rubric Detail Levels of Achievement Somewhat Acceptable Criteria Not Acceptable Acceptable Highly Acceptable Quality 0 Points Work is not clearly connected to the required elements in the assignment. Thesis statement is not clear, logical and sets up the focus of the paper. The Research questions are not clearly stated and capture the full scope of the research effort. 6 Points Work is somewhat connected to some of the required elements in the assignment. Thesis statement is somewhat clear, logical and sets up the focus of the paper. The Research questions are somewhat clearly stated and capture the full scope of the research effort. 8 Points Work is connected to all the required elements in the assignment. Thesis statement is clear, logical and sets up the focus of the paper. The Research questions are clearly stated and capture the full scope of the research effort. Critical Thinking 0 Points Work did not successfully include coherence, clarity, and critical thinking skills. Metacognition is not clearly connected to the required elements. 0 Points Work contained numerous grammatical, spelling, and punctuation errors. 0 Points Work did not include references or in-text citations, according to APA format. References are not peer-reviewed, and they are greater than 10 years old. 6 Points Work included some coherence, clarity, and critical thinking skills. Metacognition is somewhat connected to the required elements. 8 Points Work included coherence, clarity, and critical thinking skills. Metacognition is connected to the required elements. 10 Points Work is exceptional and the ideology was clearly connected to all the required elements in the assignment. The elements of the Thesis Statement are clear, logical, and sets up the focus of the paper. The Research questions are clearly stated and capture the full scope of the research effort. 10 Points Work exceeded expectations including coherence, clarity, and critical thinking skills. Metacognition is connected to the required elements. 3 Points Work contained some grammatical, spelling, and punctuation errors. 4 Points Work is largely free of grammatical, spelling, and punctuation errors. 5 Points Work is free of grammatical, spelling, and punctuation errors. 3 Points Work somewhat included references or in-text citations, according to APA format and/or references are not peer-reviewed, and they are greater than 10 years old. 4 Points Work included references or in-text citations according to APA format. References are peerreviewed and are less than 10 years old. 5 Points Work reflects stellar research efforts. Work shows in-text citations, according to APA format. References are peerreviewed, they are less than 10 years old, and met the requirements. Grammar and Spelling References Used to Support Rational

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