Becker's ASC Review

106 HEALTHCARE NEWS 106 Where innovation is needed most in healthcare By Naomi Diaz I nnovative solutions are needed in almost every aspect of healthcare including its delivery to consumers, its technology and its business models. ree health system chief innovation officers told Becker's areas where healthcare innovation can grow. Question: Where do you think innovation is most needed in the healthcare space? Note: Responses were edited for length and clarity. Elizabeth Hagerman, PhD. Chief Innovation Officer of UW Health (Madison, Wis.): ere is room for innovation in every corner of the healthcare space. Innovation inherently involves some level of trial and error, and that can feel antagonistic to quality systems designed to support continuous improvement of health and safety, which is core to the mission of every healthcare organization. In the healthcare space, we must therefore be astute about when it is appropriate to try something new and disrupt an established way of doing things, while still maintaining high standards for health and safety. e more we can build in mechanisms to support early adoption and evaluation of new ideas and processes without compromising quality and safety or larger operational goals, the faster we will be able to advance innovations that can improve all aspects of health, care delivery and support. Jesse Goodwin, PhD. Chief Innovation Officer of MUSC Health (Charleston, S.C.): I believe there are big opportunities related to enhancing our patient and family experience as well as improving our own care team members' mental health and overall wellness. ese two areas of opportunity represent approximately 40 percent of the ideas submitted by our care team members through our innovation gateway last year and are areas which our leaders are keenly focused on transforming. omas Graham, MD. Chief Innovation and Transformation Officer of Kettering (Ohio) Health: Popular dogma may gravitate to the tech solution that enables volume-to-value transition or leveraging genomic information to reverse disease. Honestly, I think we need to "Innovate Innovations." We as CINOs must continue to collaborate both on the ways we stimulate and gestate tomorrow's solutions and how we convince our systems that innovation is an essential element of operations and strategy. If successful, we will protect the values of ideas and the importance of the role. n Talent is top concern for U.S. healthcare CFOs By Nathan Tucker T alent is a top concern of U.S. healthcare finance leaders as they prepare for economic challenges in the coming year, according to the Deloitte Center for Health Solutions. The center surveyed 61 finance leaders in U.S. healthcare systems and health plans and interviewed six CFOs to understand their organization's financial outlook, opportunities, and top challenges and to illuminate their perspectives on preparing their organizations to succeed. All interviewees listed talent as their top concern and said their organizations are focused on talent investments, among other solutions like automation and upskilling. Most finance leaders said they view talent investment equally to other major capital expenditures. Challenges facing healthcare organizations include labor expenses which have significantly outpaced historical rates. This is attributed to talent burnout and retention challenges, particularly in the nursing field. Additional challenges include inflation and a bleak economic outlook, which compounds other expenses, including the supply chain. One in two surveyed CFOs predict stagnant or declining operating margins in 2022 compared to last year. Cyberthreats remain a consistent problem, and finance leaders are making greater investments in digital spaces and cybersecurity as they navigate business model transformations. Sustaining business model transformations was also a concern while balancing budgeting to achieve cost efficiencies, virtual and in-person care delivery, and a hybrid workforce. As challenges grow, finance leaders have a growing stake in their organizations' stability, climate, and equity efforts. Four in 5 surveyed CFOs indicated an interest in leading broader organizational efforts to address sustainability, climate, and health equity issues. Nine in 10 CFOs said they defined their organization's environmental, social, and governance strategy or are in the process of doing so. To accomplish these goals, they are creating task forces, assessing measures and risk, and aligning investments based on the outlined strategy. Furthermore, two-thirds of CFOs report overseeing implementation at full scale and measuring the impact, while one-third said they are still in the initial stages of the process. n

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