Becker's Hospital Review

8 CFO / FINANCE CFO is a people-focused role at LCMC Health By Alexis Kayser T he CFO role isn't just about numbers. Right now, it involves a critical focus on connection-building and workforce growth, according to JoAnn Kunkel, CFO of New Orleans-based LCMC Health. The health system is planning to reduce its reliance on travel workers, Ms. Kunkel told Becker's: an initiative that, if successful, could have a massive impact on savings. "We have a huge opportunity right now with contract labor, we are really focused on reducing our usage of contract labor," Ms. Kunkel said. "I think especially in the New Orleans area, our ability to reduce the reliance and the cost has been a little bit slower." One way LCMC Health is looking to reduce contract costs is by expanding its partnerships with nearby educational institutions. The system has partnered with New Orleans- based Tulane University on a nursing school that will be located on LCMC grounds, strengthening the pipeline of new graduates. The first cohort will begin in the fall of 2025. The health system also went through the Request for Proposal process last fall to develop a healthcare professions pipeline. It invested in partnerships with other academic institutions in the area, offering healthcare students tuition support in exchange for a work commitment. Future nurses, respiratory therapists, surgery technicians, radiology technicians and lab technicians have benefitted from the program, which has 780 participants — 85 percent of whom aim to become nurses, a role in major shortage. Ms. Kunkel and her team are also looking for ways to improve the experience for existing employees. LCMC Health recently invested in Workday to allow greater visibility into the workforce's needs and its capabilities to meet them. For example, if employees want to move around or advance their careers, and there is an opening at a different facility that might suit them, the program can facilitate the match. "[Workforce] is definitely our top priority, not only in contract labor, but also in retaining the staff that we have," Ms. Kunkel said. "Making sure that we give them the tools they have to work at the top of their license, that they have the ability to grow and enhance their careers where they want to." n Why healthcare CFOs are eyeing Venmo, Zelle By Alexis Kayser H ealthcare CFOs see potential in apps such as Venmo and Zelle beyond splitting the bill at a restaurant, according to a recent survey conducted by U.S. Bank. U.S. Bank surveyed 200 finance professionals in U.S. healthcare to compile its Healthcare Report, shared with Becker's in October. Respondents identified improving vendor and patient payment experiences as their second-highest technology priority (next to cutting costs/driving efficiencies). Patients oen find healthcare bills confusing and are unclear on whether they can pay bills online — and if they can, how to go about it. As a result, 55% of leaders ranked payment efficiency an important consideration. Although only 47% use instant payment methods like RTPNetwork today, 70% say they plan to implement RTPNetwork or FedNow — the Federal Reserve's new service which launched in July — in the next two years. Healthcare is ahead of the curve when it comes to other modern payment methods: 54% of healthcare companies already use business- to-consumer payment methods such as Venmo and Zelle, compared to 43% of businesses in other sectors. And 47% of healthcare companies already offer real-time payments, compared to 41% outside the sector. Although healthcare leaders are ambitious in their desire to revamp payment methods, little has changed in their adoption of new avenues over the past year, according to the report. "By transitioning from paper to digital refund processes, providers can improve efficiency, reduce costs, eliminate manual errors and enhance patient satisfaction," said Meghan Wilmes, senior vice president and head of healthcare product at U.S. Bank. "And educating patients on the benefits, as well as the security of digital payments, is also important. We hear a lot about fraud, so educating patients about the safety of digital patient refunds is important. Education will be key in driving adoption." n "[Workforce] is definitely our top priority, not only in contract labor, but also in retaining the staff that we have. Making sure that we give them the tools they have to work at the top of their license, that they have the ability to grow and enhance their careers where they want to." — JoAnn Kunkel

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