Healthcare CFOs face growing decision-making expectations. Many say they aren't ready

Healthcare chief financial officers (CFOs) are increasingly expected to play a major role in enterprise decision-making, despite many feeling unprepared for these responsibilities, according to a new Deloitte survey. While 74% of surveyed CFOs believe they should be heavily involved in issues like consumer affordability, access, and patient experience strategy, only 41% feel adequately equipped to do so.

Similarly, 75% expect to weigh in on mergers and acquisitions, but only 44% are ready. Similarly, 72% are expected to be involved in care model transformations, but only 47% believe they are well-prepared. These decision areas with the largest readiness gaps are among the most consequential challenges facing healthcare systems today.

Deloitte's analysts noted that these expectations may stem from a design gap, as the current organizational systems may not be equipped to support the expanded role of finance. To address this, Deloitte recommends restructuring finance operating models to focus on value creation, creating integrated decision-making infrastructure, and enhancing governance to better reflect finance's role in decision-making.

Despite the challenges, many CFOs remain optimistic about the potential benefits of their expanded role, particularly in terms of margin improvement, investment in AI technologies, and long-term planning. However, a significant gap exists between the ambition and reality of organizations' ability to achieve these goals, highlighting the need for comprehensive execution across the board.