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Summary
The Chief Financial Officer (CFO) role is evolving beyond traditional finance. By 2000, CFOs will require expertise in diverse fields including health law and risk management.
Area of Science:
- Healthcare Management
- Financial Administration
Background:
- The role of the hospital financial manager has significantly evolved over the past two decades.
- Current Chief Financial Officer (CFO) roles are distinct from historical bookkeeping positions.
Purpose of the Study:
- To project the future skill set and responsibilities of the CFO by the year 2000.
- To anticipate the expanding scope of financial management within the healthcare sector and related industries.
Main Methods:
- Comparative analysis of historical and projected financial management roles.
- Trend analysis of evolving business and legal landscapes impacting healthcare finance.
Main Results:
- The CFO in 2000 will necessitate a multidisciplinary expertise.
- Required competencies include finance, economics, accounting, business law, health law, risk management, and people motivation.
Conclusions:
- The CFO's domain will expand beyond hospitals into insurance, medical transportation, and hospitality.
- Future CFOs must be adaptable to a broader range of business environments and complex operational demands.