One of the significant reasons for the healthcare industry to become what it is today more evidence based and clinical investigations-centric is the tech advancements in the diagnostics industry. There has been a phenomenal rise in the use of technology, which has become an integral part of the sector’s efforts to improve customer experience and support clinical decisions. The pandemic itself forced the implementation of many technologies and innovations, which were just a part of the conversation otherwise.

However, as far as CFOs in healthcare institutions are concerned, this new turn-around only adds to the pressure. It’s no secret that financial leaders are in dire need of team members who are not only skilled in accounting, auditing, and compliance but also understand data visualization, are flexible thinkers, possess good communication skills and, most importantly, have a lot of business sense. According to a recent Ernst & Young report, 22 percent of CFOs prioritize transforming how finance talent is recruited, retained, and developed.

Beyond the typical challenges of controlling job costs and financial planning, CFOs are now up against the pressure to leverage disconnected, disorderly data and embrace technology and digital transformation. The aforementioned EY report also says that 23 percent of CFOs plan to prioritize improving big data and analytics capabilities to transform forecasting, risk management, and understanding value drivers. However, having the right team with the right skill sets could be the first, most crucial step toward tackling these challenges.