Issue link: https://beckershealthcare.uberflip.com/i/1003496
96 THOUGHT LEADERSHIP of healthcare finance, financial goals and financial responsibility of the organization require constant communication. Effective organizations are oen not the ones with the most assets or market advantages; it's the organization [not just individuals] that can effectively communicate to bring the village along to meet our challenges. Q: What is one piece of advice you would offer to other CFOs? DL: Give back. Along my journey, I've been fortunate to connect my professional capacity with a continued academic affiliation. From New York, to Arizona, to Texas, I've been able to maintain an academic af- filiation and teaching appointment, which has kept me connected with students and future professionals for our industry. I began as adjunct faculty for the Rensselaer Polytechnic Institute, where I also earned my MBA, and continued as lecturer for [Tempe-based] Arizona State Uni- versity's W.P. Carey School of Business when I arrived to Phoenix in 2002 working for Catholic Healthcare West. ese teaching appoint- ments allowed me to interface with future finance professionals and also establish a deeper alignment between the schools and my own organization in the community. Spending the last 12 years in Texas, as CFO for both Scott & White and most recently Memorial Hermann, I was able to continue my academic affiliations with University of Texas and today I hold an adjunct professor appointment with Rice Univer- sity's Jesse H. Jones Graduate School of Business in Houston. It's been an honor to be part of some very prestigious graduate schools in the country, and I hope that my contribution to the education experience for the students was as valuable for them as their interaction and edu- cation has been to me. n IU Health CFO Jennifer Alvey: Health system finance chiefs must be 'thoughtful, collaborative and agile' By Ayla Ellison I ndianapolis-based Indiana University Health Senior Vice President and CFO Jennifer Alvey is a seasoned finance ex- ecutive who understands the challenges the industry is facing. Ms. Alvey joined IU Health, a 15-hospital, nonprofit system, in January 2011 and served as treasurer and vice president of revenue cycle services before being promoted to her current position. Prior to coming to IU Health, Ms. Alvey spent five years with the Indiana Finance Authority, where she worked her way up to public finance director. Here, Ms. Alvey discusses the essential skills a health system CFO needs today, the challenges facing the industry and how she stays excited about work each day. Question: What skills are essential for a health system CFO in today's healthcare climate, beyond traditional financial and business acumen? Jennifer Alvey: A health system CFO today still must rely on traditional financial and business acumen to manage traditional financial operations; however, effectively man- aging through the changing healthcare landscape requires creativity, an appreciation for the needs and desires of both patients and providers, and the ability to be thoughtful, col- laborative and agile. Q: What is the greatest challenge facing hospital and health system CFOs today? JA: The lack of stability in healthcare continues to be our greatest challenge. The constant debate surrounding healthcare creates insecurity for our patients and makes it more difficult for us to develop long-range plans. In this en- vironment, it would be easy to say "no" rather than take risks. It is increasingly important to get creative and challenge op- erational and financial teams to figure out how to fund and support needs with the resources we have. As a CFO, I look to provide creative options to ensure that we can continue to provide our patients with the highest quality care in the most efficient way. Q: As the healthcare industry shifts to value-based sys- tems of pay, what is the biggest challenge your system is facing? What strategies are you employing to meet this challenge? JA: The shift to value-based pay requires that we choose to move from fee-for-service care delivery toward a population health model with the right velocity at the right time. It's hard to know what "right" is with so much volatility due to reim- bursement changes from government mandates and con- sumer pressure from payers and patients. To prepare for this large-scale change, we are highly focused on attracting and retaining top talent to ensure we have an engaged and ag- ile team capable of successfully transitioning to this model and deploying strategies that win in both systems. Our team members, from direct clinical care to financial areas, are mis- sion-driven to deliver on our No. 1 priority — providing the highest quality of care for our patients — and are prepared to adapt to changes within our industry to do so. Q: In the face of so many challenges from seemingly all corners of the industry, what keeps you excited and mo- tivated to come to work each day? How do you replen- ish your energy and enthusiasm outside of work? JA: I am energized each day by working alongside a highly skilled team of compassionate and dedicated individuals who inspire and challenge me because of their commitment to serving our patients. I reconnect by volunteering in pa- tient-facing spaces, sometimes just helping to walk patients and visitors around the hospitals to their destination. I also enjoy mentoring up-and-coming leaders because their en- thusiasm and progress are so energizing. Lastly, spending time with my husband and our children rejuvenates me. It's great to have young ones at home to keep you laughing. n