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WHY MONTEFIORE'S CFO THINKS A DUAL TITLE IS THE FUTURE
- June 21, 2024
Reimbursement and growth strategies are at the forefront of the CFO's role and says it's the future for CFOs.
KEY TAKEAWAYS
Montefiore CFO Colleen Blye takes on the additional role of chief business officer
In her new role she plans to focus on growth strategies and academic research advancements
Slow or insignificant reimbursements continue as a major hurdle for health systems
Colleen Blye took on the role of executive vice president and CFO for New York-based health system Montefiore in 2016. Now, she's taking on the role of chief business officer.
Blye recently stepped into her added role, describing it as “very exciting,” she believes that it’s where all CFOs are heading.
“The intersection of finance along with organizational performance and strategy is what allows us to truly execute strategically to be financially sustainable,” Blye told Healthleaders.
Montefiore is comprised of 10 hospitals and more than 200 outpatient ambulatory care sites. Working with an incredibly diverse population, Blye spoke about the forethought and strategy that goes into making decisions for the health system. She dove into some of the biggest pain points her organization faces, including government reimbursement.
"Across our footprint, [...] we are always making sure to invest where the needs are and to re-position as healthcare evolves,” she said.
“Today, we grapple with doing all of this in an environment where reimbursements don’t always cover the cost of care. As an organization serving 85% government payor, 50% of our revenue comes from the 15% of our patients who have commercial insurance.”
Blye noted that while the regulatory environment and resources allocations are well intentioned, it can result in reimbursement delays and, ultimately, gaps in care.Strategic Growth
Despite reimbursement woes, Blye is focused on Montefiore’s growth, and the strategy includes academically pushing the boundary. Montefiore stands as a leading academic medical center with a focus on clinical care and academic research.
“They go hand in hand and, at the end of day, we’re making advancements in the field of science, and our communities benefit from our work,” she said.“Looking for sound business opportunities to help us continue pushing these boundaries is what I’m most excited about.”
Blye’s new role also has her overseeing the systemwide initiative to position Montefiore Einstein for growth and sustainability.
“Our transformation work is focused on our future. We are thinking about how we can continue to meet our patients’ expectations while grappling with growing inflation, labor costs and the ever-changing financial dynamics of healthcare,” she explained.
“Transformation allows us to think big, looking across disciplines within the system to evaluate and prioritize for the long-term.”
Looking ahead, Blye says that while healthcare economics are complicated, nuanced and ever-changing, she is tuned in to one two-part question as she moves forward: “How do we ensure the delivery of care and what is the future economic model of healthcare?”
Marie DeFreitas is the finance editor for HealthLeaders.
