Financial leadership playbook: The essential skills for a CFO in gastroenterology

Patrick TakahashiWhat qualities does a successful CFO in the gastroenterology field need to cultivate?

Ask a Gastroenterologist is a weekly series of questions posed to GI physicians around the country on business and clinical issues affecting the field of gastroenterology. We invite all gastroenterologists to submit responses. Next week's question: What is the most important lesson you have learned while practicing in the GI field?

Please submit responses to Carrie Pallardy at cpallardy@beckershealthcare.com by Thursday, November 6, at 5 p.m. CST.

Patrick Takahashi, MD, CMIO and Chief of Gastroenterology Section of St. Vincent Medical Center (Los Angeles): A chief financial officer in the field of gastroenterology will need to understand current market forces in relation to their effects on physician workflows both in the office setting as well as the ambulatory surgical center setting. With decreasing reimbursements across the board, it is important for the CFO to stay ahead of the curve and serve as an informed soothsayer of sorts.  

Obviously, revenue streams will be dependent on patient volume, but without proper documentation or the tools to properly document, potential sources of  revenue can be lost by not adhering to clinical quality measures or government mandates. In fact, I believe it is only a matter of time before practices will be penalized for failing to document such simple things such as "colonoscopy withdrawal times." It is not enough for the CFO just to follow the finances of the practice, worrying about overhead costs, etc. Cost benefit analysis is paramount to the success of any CFO.  

However, they must understand potential trends and pratfalls as they pertain to issues outside of the standard dollars and cents discussions. Having an understanding of workflows as they pertain to gastroenterology and reporting of core measures is important to secure the financial success of the practice. The CFO will need to be vital cog of a new integrated portion of the practice, serving also as an information officer of sorts if such as designee is not available, or potentially as a hybrid of the two.

The ability of the CFO to adroitly navigate these tumultuous times will define their ability to succeed. Without compromise, there can be no perspective and this is where the CFO will need to be an effective communicator with his constituents, in this case Gastroenterologists. By imparting the importance of compliance in this setting of healthcare and by painting a broad yet clear picture for the practice, the CFO can position the group for success for many years to come.  

 More articles on gastroenterology:
Dr. Lawrence Kosinksi: 4 thoughts on the future of gastroenterology
How to impact revenue and profitability in the changing GI endoscopy market
New data supports efficacy of Fuse endoscopy system

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