Dive Brief:
- C-suite leaders at health systems need to adapt and emphasize learning new skills as they navigate a rapidly evolving technology and cost landscape, according to a a new report from the Healthcare Financial Management Association.
- Nearly 60% of respondents said having a chief artificial intelligence innovation officer will be most important to health systems’ success over the next three years, according to a survey of C-suite leaders. Executives are also placing a premium on skills related to innovation and technology, payer relations and AI competency.
- Health leaders’ focus on technology-related skills and roles comes amid growing anxiety about harnessing the new technology. When asked if their organizations were ready to navigate top healthcare pressures, executives said on average said they were not prepared or only somewhat prepared to deploy AI.
Dive Insight:
Healthcare is rapidly changing, and executives are looking for leaders with experience in technology transformation and financial resilience, according to the report. Health system executives are reconsidering who should have a seat at the table as their organizations set new strategic goals.
“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 and voice. “They know there’s no time to lose.”
Experts cautioned that it will take more work than just rolling out a new tool. Dr. Robert Wachter, professor and chair of the Department of Medicine at the University of California, San Francisco, told the HFMA that implementing technology is only the beginning — leaders will also need to be able to build trust around the tools they use.
“They need to understand the technology and how it works, how to evaluate it and how to separate the hype from the reality. They also need to build a governance structure and surround themselves with the right people to weigh their options,” Wachter said.
So far, organizations are not particularly confident that their teams have the expertise in place. Most executives surveyed said their organizations were only somewhat prepared to roll out new technology. Chief financial officers were even more pessimistic about their team’s readiness for AI — ranking their confidence at a 2.82 out of 5.
Health executives said they expected some technology roles to become important in the C-suite within the next three years, including those for AI innovation, AI transformation, growth, digital experience and medical innovation. They also expect the chief information and technology functions to increase in importance.
In contrast, C-suite leaders said they expected chief ethics compliance officer and chief diversity officer titles to shrink in importance in the coming years.
