Becker's ASC Review

21 HEALTHCARE NEWS 21 How CFOs keep finance teams' morale high in challenging times By Andrew Cass H ealthcare finance teams have faced no shortage of challenges in recent years. Becker's asked three CFOs how they are working to bolster morale under difficult circumstances: Editor's note: Responses were lightly edited for clarity and length. Sophia Holder. Executive Vice President and CFO at Children's Hospital of Philadelphia: During difficult circumstances, I focus on two levers to sustain morale: meaning and transparency. Our team draws strength from understanding the "why" behind tough decisions and how those choices connect to the broader mission. In finance, it is easy to get lost in spreadsheets and targets, but every efficiency, every improvement in our financial performance, translates into more capacity to care for children and families. at perspective reframes the work from transactional to transformational. I also believe in open, ongoing dialogue — acknowledging uncertainty but reinforcing confidence in our collective ability to adapt and deliver. When people feel informed, valued, and connected to purpose, morale follows naturally. Jen Rosati. CFO at Sarasota (Fla.) Memorial Health Care System: As CFO of one of the largest and oldest public health systems in Florida, and a safety-net hospital, I understand the unique challenges our finance teams face during these times. We understand that our employees are our greatest asset and strive to create a supportive work environment year-round. We provide important touch points throughout the year, including regular employee-of-the-month and hero awards, annual employee service anniversaries, food truck celebrations, birthday gi cards, and grocery store coupons for anksgiving. We prioritize professional development and try to boost morale by ensuring team members have opportunities to grow and feel supported in times of adversity. Regular check-ins, celebrating small wins and fostering a culture of collaboration are key in keeping spirits high. Building strong partnerships with our frontline caregivers and staff helps our finance team stay focused on our shared mission. By being transparent about both the challenges and the progress we're making, we can maintain a sense of resilience. Joanna Weiss. Executive Vice President and CFO at Moffitt Cancer Center (Tampa, Fla.): We are very thankful for our teams that show up every day for our patients and our mission, which is to contribute to the prevention and cure of cancer. Our leaders do a fantastic job of keeping morale high by helping our teams understand how their individual roles are part of that larger picture. We do this through frequent cascaded information. We believe communication and education are key components of keeping morale high. We have instituted a monthly finance minute video series discussing how finance topics relate to our mission, have quarterly finance leadership meetings where we connect our work back to the broader mission and host weekly meetings with our vice presidents who cascade throughout their teams about how decisions affect them and contribute to the mission. Our purpose in finance is to enable optimization and stewardship of Moffitt resources through partnership. We believe this actively contributes to our mission in very real ways. Obviously, some times are easier than others, but always bringing their work back to our patients is the biggest driver of morale. n Strengthening CEO succession planning: 5 things to know By Kristin Kuchno W ithout a clear succession plan, CEO exits can stall strategic initiatives, and this lack of preparedness is often felt throughout every layer of the organization, according to a Nov. 1 article from executive coaching firm Challenger, Gray & Christmas. With hospital CEO exits climbing nearly 12% year over year, healthcare organizations can facilitate smooth leadership transitions through succession planning that prioritizes alignment and stability. Proactive succession planning addresses the uncertainty that can come with unexpected — or even planned — moves at the helm. Responsibility for this planning typically falls to human resources and the board, with input from the current CEO when possible. Here are five best practices to strengthen CEO succession planning, according to Challenger, Gray & Christmas: 1. Establish early alignment between human resources and the board to define leadership criteria. The board can offer insight into external expectations and long- term goals, while HR can provide perspective on organizational culture. 2. Continuously identify and assess internal talent with an emphasis on their ability to adapt and lead through ambiguity. 3. Support internal candidates with executive coaching. One-on-one development can deepen the leadership bench and signal investment in future leaders. 4. Provide employees with opportunities to lead cross- functional initiatives, helping build their confidence and offering insight into their readiness to step into top leadership roles. 5. Reevaluate succession plans regularly. Hold consistent stakeholder check-ins to ensure the plan reflects current priorities and that identified candidates remain strong fits.n

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