2. 2
Setting the Scene – my POV
1. Coming from an all-round global perspective:
• Business – P&L leader,
• User – COO, and
• Finance – VP Finance
• Change – Productivity leader , Transformation Head and consulting
2. Financial services and healthcare…. similar yet different
“Valuable and Appreciated”
3. Trusted advisor
4. Seat at the table (who contributes)
5. Drives the business – forward thinking
6. Experts with numbers, trends, insights
7. Proactive rather than reactive – strategic rather than accounting
3. 3
Boston Children's Hospital - Our Mission
Educate the next
generation of leaders
in child health
Enhance the health
and well-being of the
children and families
in our local community
Be the leading source
of research and
discovery
Provide the highest
quality health care
4. 4
Our Values – Our Vision
VALUE EQUATION:
quality innovationservice+ +
price
Our Vision:
To care for more children…
…in more places than ever before.
5. 5
Boston Children's by the Numbers
2013 Statistics:
• 40 clinical departments
• 249 specialized clinical programs
• 395 licensed beds
• 24,758 inpatient and observations
discharges
• 4.64 average length of stay (6.8 inpatient
only)
• 580,418 outpatient visits
• 58,588 emergency room visits
• 26,920 inpatient and day surgical cases
• 1.84 average case mix index (2.42
inpatient only)
Employees:
• 10,239 total employees
• 1,151 active medical and dental staff
• 1,856 total nurses
• 511 associate scientific staff
• 20,344 employees & associated staff
Trainees:
• 150 HMS medical students
• 143 Pediatric residents
• 306 Clinical fellows
• Founded in 1869
• Main campus located in Boston’s
Longwood Medical Area
•
A pediatric teaching hospital of
Harvard Medical School
6. 6
Recognition and Awards
AACN Beacon Awards for Excellence
• The only hospital (adult or pediatric) with four Gold Level
Beacon Awards for Excellence from the American
Academy of Critical Care Nurses (and five Beacons
total).
• Gold: Medical Intensive Care Unit, Cardiac Intensive
Care Unit, Medical/Surgical Intensive Care Unit,
Neonatal Intensive Care Unit; Silver: Inpatient
Cardiology.
2014 – 2015 U.S. News & World Report
• #1 in Cancer (with our partners at the Dana-Farber/Boston
Children's Cancer and Blood Disorders Center)
#1 in Cardiology & Heart Surgery
#1 in Diabetes & Endocrinology
#1 in Gastroenterology & GI Surgery
#1 in Nephrology
#1 in Neurology & Neurosurgery
2013 Leapfrog Group – Top Children’s Hospital
• Recognized as a leader in patient safety and quality
• One of only seven children’s hospitals recognized
nationally
Other Awards /
Recognitions:
ANCC Magnet Certification
• Earned Magnet status in 2008 and re-designated in
2012 - an exclusive designation developed by the
ANCC to recognize health care organizations that
exemplify nursing excellence.
#1 in Orthopedics
#1 in Urology
#3 in Pulmonology
#5 in Neonatology
7. 7
Leaders in Research and Innovation
• Largest Pediatric Research program in the
world based on funding
• $285 Million in total research funding FY2013
• 472 Private Investigators
• 1,400 Scientists
• More peer reviewed articles in top journals
compared to other pediatric hospitals
• Top notch staff
• 2 Nobel prizes
• 6 Lasker Awards
• 7 Members of National Academy of Sciences
• 12 members of the Institute of Medicine
• 14 Howard Hughes Medical Institute
Investigators
• 25 members of the American Society for
Clinical Investigation
8. 8
Continuous Evolution
Understand
it from a
finance and
customer
perspective
From a
customers
perspective
Needs to be
balanced
Strategic
yet flexible.
Must
communica
te and
deliver
1. The Environment 2. The Service or
Product
4. The Transition 3. The Value
Proposition
9. 9
1. The Environment - Finance
Where are you? Consider
1. The team:
• A group of accountants or more
2. Systems – investment (or lack
thereof)
3. Integrity in the numbers
4. Who is the customer?
• CFO, CEO, Business…
10. 10
The Environment - Customer
1.What is our external reputation?
2.Do we have creditability? What is the level of Trust?
3.Are we a cost/support function or a partner?
• How many “shadow” finance teams are there?
4.“Take care of your own backyard before the organizations” Or
“Where have you been?”
11. 11
2. The Service or Product
What is it? Be mindful of
1. Service environment
2. Deliver on the basics:
• Information - accurate and timely
3. It’s a people game
4. Understand the tradeoff’s:
• Business wants v’s needs
5. Finance is instrumental in “change”
12. 12
3. The Value Proposition
Tend to be …. Real Value
1. Understand the business more than the business
2. We cant say “No” – we should be saying “However”
3. Push the boundaries and challenge
4. Forward thinking – “Story Telling”
5. Create value by using our strengths:
• Understand numbers
• (Proactive) deep business analytics
• Strategy development
13. 13
Story Telling/Strategy Development
Drivers/Trends /Insights
Planning
MIS
Accountant
s – P&L
D
at
a
a
n
d
Pr
oc
es
s
4. The Transition
Aspire to Must haves
1. Structures in place
2. Right people, right place and right time
3. Technology - 95% analyze & 5% compile
4. Business mindset:
• Have a vision, a purpose, a plan
5. Engage – Communicate - Execute
•. Customize – one size may not fit all
•. Refine along the way
•. Keep the seat at the table
14. 14
Takeaway’s
• In the numbers
• Our actions… its who we areIntegrity
• People & Technology
• Create time for ourselvesInvest
• Forward thinking
• Pro not reactiveMindset
• Have one
• View ourselves as a business
• Communicate and execute
Vision
