Page 6 - SFHN Feb 2021

Healthcare CFOs’ Priorities for 2021

Healthcare 52% of healthcare CFOs • Partnerships proliferate: 2021 will asm from patients and investors alike.
Partnerships Will say that their organization be a big year for healthcare deals. Among More than one in four healthcare CFOs
Proliferate Through made faster decisions dur- the CFOs’ plans: 31% will acquire physi- say the pandemic has increased the
Pandemic and ing the pandemic. cian practices, 28% will merge with industry’s focus on opportunities in
Beyond Healthcare leaders chan- another organization and 24% plan to telemedicine, but it is not without chal-
The healthcare industry neled that decisiveness into enter a joint venture. lenges. CFOs top cited concerns related
had been in a constant state action that will shape the • More consolidation: 42% say the to telehealth include efficacy of care
of disruption for more than future of the industry. pandemic will cause increased consoli- (46%), patient experience (39%) and
a decade. Then the pan- dation and more than one third (35%) productivity (34%).
demic changed everything Transformation say that they will transform their operat- When it comes to patient experience,
again. Tracks ing model this year. getting it right will require coordinated
What were once viewed In late 2020, BDO sur- • Capital flows to care: While health- investment in technology, education,
as long-term opportunities BY STEVEN SHILL, veyed 100 healthcare CFOs care leaders will pursue several paths for and change management. That’s likely
became immediate require- CPA to determine how their funding, PE is the top cited source of one reason why 24% of healthcare CFOs
ments. Care, cash, coordi- organizations have pivoted outside capital for 2021. say their biggest priority is investing in
nation and creativity took on new mean- during the pandemic and what they fore- While industry deal flow slowed dur- technology or infrastructure, and 61%
ing as the eyes of the country turned to cast for the future. For most healthcare ing the peak of the pandemic, Teledoc will be spending more in IT this year.
our healthcare system in its moment of organizations, transforming to meet the and Livongo’s $18B merger in August is Nearly 3 in 4 healthcare executives also
greatest need. future needs of care will follow one of one of the biggest deals of 2020, accord- pointed to improved consumer experi-
It proved up to the challenge. more of these paths: partnerships, prod- ing to S&P. Partnerships and consolida- ence as a top digital objective in BDO’s
Healthcare leaders have navigated uct and practice optimization, and tion will also fuel the ability to scale, 2020 Healthcare Digital Transformation
surges and shortages, all while working enhanced patient experience. through forming managed service organ- Survey. Patients will be expecting high
to ensure the best care for their patients izations, and the ability to expand into quality support, with both speed and
and protecting their essential workforce. Partnerships and Consolidation new areas of service like behavioral personalization—whether they are in
Now, even with continued prevalence of Healthcare partnerships continue to be health, where it is often more strategic to office or on their mobile device.
cases, the healthcare industry is moving on the rise, following years of mega- buy or partner than build. As digital health becomes mainstream,
forward with haste to form partnerships mergers that aimed to break down silos healthcare organizations must also keep
and solidify operating models that will in the industry and get closer to the Product and Practice in mind that telemedicine works best
help meet areas of patient need and over- patient. From improving relationships Optimization when it supplements vs. replaces in-
come areas of distress. between payers and providers to research Healthcare organizations also viewed office care. It’s a tool in the shed, rather
The story of healthcare in 2020 is cer- partnerships between academic medical the crisis as a driving force to reset their than a brand-new type of shed.
tainly marked by a national tragedy, but institutions and pharmaceutical compa- areas of focus and specialties given both
it also has many heroes in the form of nies, the walls in the healthcare ecosys- the short- and long-term needs of their Resilience Through Distress
doctors, nurses, researchers and work- tem continue to come down in favor of patient populations. In some cases, Even amid optimism that healthcare
ers. Crisis also puts everything into new collaboration and community to serve healthcare executive teams will make organizations are on the right path for
perspective, allowing healthcare organi- the greater good. moves based on essentialism. In others, recovery, for more than one in three, that
zations to set sights on long-term silver Healthcare CFOs’ intentions suggest it will be about changes in demand for path will require restructuring or reorgan-
linings for the industry. that 2021 will see a further uptick in care. ization. The pandemic brought a financial
Case in point, according to the BDO deals and partnerships. Some of the key For example, as demand for virtual cliff to many healthcare organizations who
2021 Healthcare CFO Outlook Survey, findings include: and behavioral health surged in 2020, lacked more than a month or two of cash
many healthcare practices saw slower on hand.
demand for primary care, dental, vision Government assistance helped stave off
and other areas of care that consumers crisis for some, but the events of this year
decided to put off. Looking ahead, provided clarity to healthcare organiza-
healthcare organizations are hoping to tions across every sector around the
fund and fuel a shift back to the primary importance of liquidity, what are truly
care office as the center of health. essential services and operations and
More than 3 in 4 CFOs say they will where they have underperforming assets
invest in primary care in the next year, a or specialties.
notable increase over 51% who reported
planned investment in primary care last Learn more about what CFOs are
year. A majority of healthcare organiza- expecting this year in the BDO 2021
tions also plan investments in digital and Healthcare CFO Outlook Survey which can
mental health services to meet growing be found on our website at www.bdo.
needs.
Even if patient confidence can be Steven Shill, CPA, is National & Global
restored and generational care prefer- Healthcare Practice Leader at The BDO
ences can be evolved, the reality is no Center for Healthcare Excellence &
one service or provider has a full view of Innovation.
the patient. No matter the investment or
area of focus, access to data and coordi- Contact:
nation across specialties will be critical Alfredo Cepero, Managing Partner
to both preventative and reactive care. 305-420-8006/ acepero@bdo.com

Patient Experience Angelo Pirozzi, Partner
It’s telehealth’s time to shine as the dig- 646-520-2870 / apirozzi@bdo.com
ital health industry surges amid enthusi-

6 February 2021 southfloridahospitalnews.com South Florida Hospital News