As a CEO you have a million details to take care of on a day-to-day basis. When one of your key leaders decides on a new direction, the last thing you need to be worrying about is the question, “Are the financials going to be ready on time?”
Our interim CFO services assist healthcare organizations with unexpected or prolonged vacancies in the top finance position. Because of our extensive background in healthcare, we can ensure continuity of leadership and relative stability during a critical transition time. Plus, we can be in place in less time than it takes to make an impulsive hire.
“What Can I Expect of an Interim CFO?”
Leadership turnover is nothing new, but it does present a unique challenge, particularly during a time when other disruptions are occurring simultaneously:
- Other executive vacancies,
- Low morale,
- EMR implementation,
- Surprise accreditation audits, or
- State investigations.
Know who to contact when navigating unfamiliar territory. We’ll work with you to define the most important priorities and needs of your organization to see where we as your outsourced CFO should direct our attention. We will then determine a clear course of action.
Our goal for the duration of our engagements is to leave the position better than we found it, giving the next person the greatest chance of success.
Aaron Blackmor, CPA, is the man to call if you want sound and innovative financial assistance and advice. While working as a Hospice CEO, I suddenly became in dire need of quickly locating a Chief Financial Officer as the current CFO had only given me a month’s notice… Aaron was the first person I talked to and he calmly suggested we step outside the box in our thinking and look for possible solutions to my dilemma… For four years Aaron and I were strategic partners and change leaders as we worked through a tumultuous organizational restructure and transformation to include the conversion of a 6 bed residential hospice house into a 6 bed inpatient center.
Aaron, a most unique, personable, and flexible Chief Financial Officer goes far beyond traditional financial skills and brings exceptional value to an organization who wants to bridge the gap between strategy and execution.
-Mary Ellen Shea, CEO of Richmond County Hospice (Rockingham, NC)
“We’ve suddenly lost our CFO: now what?”
Don’t let the unexpected derail your organization. Our outsourced CFO service can “pinch hit” while you conduct a thorough executive search. No organization can afford to rush the decision when it comes to placing someone in a key leadership role. Focus on your business instead of worrying about the potential leadership vacuum.
“We’ve had so much turnover over the years.”
Depending on your size and location, finding a permanent in-house CFO may be economically infeasible or undesirable. Consider a practical alternative to an in-house CFO that provides industry depth, experience and expertise that scales with your organization.
“I don’t know if I”m completely comfortable with the idea of outsourcing.”
While you can outsource many things, leadership is built on relationships. And relationships require presence. That’s why this service is a hybrid of on-site and remote meetings, since some onsite travel will be required on our part due to the need to built trust and rapport with your team. For longer-term relationships, we can consider working as an adjunct to someone internally.
Align your financial reporting with the overall strategy and goals of the organization and ensure a smooth transition to the next CFO. This alignment is what inspired the name TrueNorth. We’re committed to keeping your organization on the right financial track while working within your agency’s culture, mission and vision.