Is your CFO making the right investments to solve your organization’s problems?
Amid rising cybersecurity threats and a mountain of workforce management headaches, CFOs are searching for solutions. Montefiore CFO Colleen Bly recently spoke with HealthLeaders to share her insights on these issues and how her organization is working to move forward.
Bly became executive vice president and CFO of the New York-based health system in 2016. She recently added the title of chief operating officer, also taking responsibility for the business operations side of the organization. Her new role was covered in a previous article.
Bligh’s biggest concern in his new role is where to make the most of digital investments., How to approach labor management?
Digital Services
Bligh has a focus on digital services and how Montefiore’s digital presence meets patients where they are. Digital communication is essential for patients and has become a key part of the overall patient experience.
“That means making it easy for customers to find us online and access information, and delivering that information in a way that best suits their communication preferences,” Bly said.
As cybersecurity attacks continue across the health system, Blye is also prioritizing investment in digital services.
“Investments in digital services are always driven by our commitment to our responsibility to protect patient information and ensure safety protocols. Cybersecurity safeguards are maintained at all times to protect patient privacy,” she said.
labor management
Health systems across the country are grappling with labor shortages and costs. One study noted that labor costs are starting to eat into hospitals’ first-quarter profits. What can CFOs do? According to Blye, access to strong, real-time data plays a key role here.
“Labor management is at the forefront of the focus of our management efforts,” she said. “One of the keys is the daily efforts of our multidisciplinary team from operations, nursing, human resources and finance. We’re focused on making real-time, actionable data available to the people making key staffing decisions.”
Bligh points out that another aspect of labor management is the ongoing investment in needed resources.
“We are ensuring investment in a continuous pipeline and access to necessary resources, and are equally focused on training and retaining our workforce.”
Marie DeFreitas is the financial editor for HealthLeaders.
