C-suite leaders underprepared for AI deployment, says HFMA
Executives say they’re underprepared for challenges ranging from AI to cost containment.
Healthcare C-suite executives feel underprepared for the future, especially when it comes to AI deployment, according to a report from the Healthcare Financial Management Association.
The HFMA survey found executives feeling underprepared for challenges ranging from AI deployment to cost containment.
The old ways of doing business are no longer viable, according to “The C-suite of the Future.” Executives voiced the need for strategic and visionary leadership.
Survey respondents chose chief AI innovation officer as the most important new role of the future. Other roles growing in importance, in order, are: chief AI officer, chief information/technology officer, CFO, chief revenue officer and CEO.
Top healthcare executives describe the emerging C-suite as interconnected, innovative, data-driven and AI savvy.
“My takeaway is there is strong self-awareness among C-suite leaders of where there is weakness, and that’s driving much closer collaboration and interesting partnerships at the executive level,” said Brad Dennison, HFMA vice president of content. “These leaders are learning they have to work together in ways that weren’t necessary before.”
The report cited Dan Liljenquist, senior vice president and chief strategy officer at Intermountain Health: “This is what it feels like when the model starts breaking down,” he said. “The financial pressures are mounting, and reality is not negotiable.”
Leaders identified innovation/technology, payer relations and digital technology as the top three new skill sets the C-suite will need for the future.
Skills needed by CFOs, in order, include innovation and transformation, payer relations skills, digital technology, AI competency and risk assessment.
“The HFMA survey shows healthcare’s top leaders are mapping a strong future, working together to create a system that focuses on personalized care,” Dennison said. “They know there’s no time to lose.”
The report had support from healthcare services firm Healthrise.
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