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FINANCIAL MANAGEMENT
BRIGHAM AND WOMEN'S CFO DANIEL MORASH WEIGHS IN ON FINANCE TRENDS, BEST
PRACTICES FOR CFOS
Hayley DeSilva - Friday, October 7th, 2022
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With 2022 coming to a close, CFOs are looking ahead to 2023 and prospective
challenges. Daniel Morash, senior vice president of finance and CFO for
Boston-based Brigham and Women's Hospital, has advice for how best to navigate
these challenges.
Prior to Brigham and Women's Hospital, Mr. Morash also served as senior vice
president and CFO for the Mass General Physicians Organization.
Here, Mr. Morash answers Becker's questions on advice for fellow CFOs and what
lies ahead.
Question: Many CFOs and financial experts are expecting a recession. How can
hospital CFOs best navigate this?
Daniel Morash: It isn't easy to plan for a recession, particularly because it
can have both negative (payer mix, patient volume) and positive impacts
(decrease in labor and supply inflation) on our financial performance. The best
advice I would give is that hospitals need to consider recession scenarios when
making long-term commitments on wage increases, capital expenditures and
planning for capacity for patient access. Most of our focus needs to be on the
acute challenges we are facing. Still, it's important to be careful not to
overreact or overcommit financially when a recession could change a number of
trends we're seeing now.
Q: With ongoing, rising operating and supply chain costs, what would you
recommend to hospitals?
DM: Ongoing, rising operating and supply chain costs are forcing us to react to
a changing market quickly and prioritize more aggressively. Particularly with
wage inflation, our operational teams are under a lot of strain to continue to
serve our patients and provide the best care possible while seeing labor
shortages in many critical areas. The best recommendation I can make is to
ensure clinical operations and finance are working very closely together. Within
the finance function, we are clearly articulating the tradeoffs that need to be
made when considering what areas to address.
Q: As healthcare wraps up its last quarter of the year and prepares for 2023,
what do you anticipate? What advice do you have?
DM: Next year is going to be challenging, but we are starting to see some
positive trends in Q4 and have well-developed plans for overcoming some of the
biggest financial hurdles we've seen this year. I would recommend being
transparent not only about the difficult financial performances most of us are
seeing this year, but also about where we are starting to see real improvement
that can give us all confidence that [2023] will be a significantly better year
than [2022].
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