Issue link: https://beckershealthcare.uberflip.com/i/1460433
17 PRACTICE MANAGEMENT THOUGHT LEADERSHIP In terms of challenges — there were times that I didn't do that great. I think you relive some of those times when you have great goals, but you don't really execute on them. Some of those missed opportunities are things that I think about. In our quest to always put the patients and community first over the course of this pandemic, I could have done a better job of supporting the staff. ere were numerous times that I knew the staff was tired. I knew that there were a lot of patients relying on us. I think there were probably some opportunities where I could have done more for the staff. Although we provided special compensation, created a mental health hotline, and provided other support, we probably could have done more to give our staff a break from work. We're so humbled by the amazing hard work [our staff ] has put in. At a certain level, when you reflect on the pandemic, I think every healthcare leader of every healthcare organization probably has that on their list. We wish we could have done more, because this pandem- ic has been so much harder on healthcare workers than it has been on everyone else. I always think I could do more. I think that that's some- thing that all healthcare leaders need to challenge themselves with as we move forward. n Skills CFOs need to thrive today, according to Advocate Aurora's CFO By Alia Paavola D ominic Nakis serves as the CFO of Advocate Aurora Health, one of the largest nonprofit health systems with $13.1 billion in annual revenue and about 75,000 employees. Mr. Nakis is responsible for the health system's overall financial well-being and strategy, including revenue cycle management, reporting, decision support and inter- nal audits, among other responsibilities. Mr. Nakis became finance chief of Advocate Aurora Health when it was formed by the merger of Downers Grove, Ill.- based Advocate Health Care and Milwaukee-based Aurora Health Care in April 2018. Prior, Mr. Nakis served as CFO of Advocate Health. Overall, Mr. Nakis has been at Advocate or Advocate Aurora Health for more than 30 years. Here, Mr. Nakis shares with Becker's Advocate Aurora's planned capital projects, the health system's top financial priorities for 2022 and advice he'd offer to his peers. Editor's note: Responses were edited lightly for clarity and style. Question: What are Advocate Aurora's top financial prior- ities for 2022? Dominic Nakis: We are focused on supporting the execution of our three-pronged strategic plan to drive best-in-class re- sults in safety, health outcomes, growth and affordability; improve our consumer experience; and develop new care models and consumer-facing businesses to serve people's broader health and wellness needs. These areas of focus will support our drive to sustain positive operating margins and support our desired strategic investments and capital expen- ditures related to our Transformation 2025 strategic plan. Q: What capital projects does Advocate Aurora have in the works? DN: Our investments and capital spending are evaluated and planned in the context of how they support our strategic direction. Capital and investment capacity is determined in conjunction with the development of our long-range finan- cial plan. For 2022, we have planned significant investments earmarked to support Advocate Aurora Enterprises, a subsid- iary established in 2021 and focused on investing in whole person health; health information technology spending in the areas of implementing an enterprise resource planning system; and enhancing cyber security defenses and digitiza- tion projects to enhance the consumer experience. Additionally, we are expanding our ambulatory care foot- print with the addition of at least six new sites in our mar- kets. We are also engaged in three other significant capi- tal projects. We are building a hospital and medical office building in Mount Pleasant, Wis., which we look forward to opening to patients in 2022. To replace some of our old- est inpatient acute care operations, we are developing a medical campus in Sheboygan, Wis., that is expected to be completed in 2022, and we are expanding our Center for Advanced Care at Advocate Illinois Masonic Medical Cen- ter in Chicago to replace existing facilities and expect to be complete in 2024. Q: What skills are essential for health system CFOs to thrive in today's healthcare landscape? DN: While health system CFOs will always need to retain an operational focus and ensure solid operating margins, to- day they also need to assume larger strategic planning and change management responsibilities. As health systems become geographically larger and more complex, finance leaders need to reach across business units and clinical op- erations to understand priorities and challenges. They then need to augment these insights with data to guide better strategic decision-making across the organization. This work will lead to improved financial and patient outcomes and ensure that health systems can fulfill their purpose of help- ing people live well for many years to come. Q: What advice would you offer to another healthcare CFO? DN: Embrace the challenges of complexity. As our job re- sponsibilities expand, so do the opportunities. We need to constantly look forward to finding new ways to generate revenue, evaluate new delivery models and partnerships, and leverage technology and automation. n