How the industry can relieve its financial strains, based on insights from 100 healthcare CFOs
According to the 2022 BDO Healthcare CFO Outlook Survey, 63% of healthcare organizations are thriving, but 34% are just surviving. And while healthcare CFOs have an optimistic outlook—82% expect to be thriving in one year—they will need to make changes this year if they are going to reach their revenue goals. To prevent and solve for financial distress, CFOs need to review and address the underlying causes. Otherwise, they might find themselves falling short of expectations in the year ahead.
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The 2022 BDO Healthcare CFO Outlook Survey polled 100 healthcare industry CFOs with revenues ranging from $250 million to $3 billion in October 2021. In terms of ownership, 50% are public companies, 32% are private backed, and the remaining 18% are privately owned. The types of healthcare organization are distributed evenly among hospitals, academic medical centers, physician groups, outpatient, and long term home health. 66% of patient population are in the urban area.
Ryan & Wetmore PC is a member of the BDO Alliance and has access to many healthcare surveys. The Healthcare Team at Ryan & Wetmore is well-experienced with the financial side of healthcare businesses from small independent physicians to large multi-office practices. For questions or concerns regarding ways to reduce your financial strains of operating a healthcare organization, please contact us by clicking below.
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Peter T. Ryan co-founded Ryan & Wetmore in 1988 with business partner Michael J. Wetmore. Peter provides clients with the best strategies for success. His expertise extends across various industries, including medical practices. Peter obtained a Master of Business Administration in Finance from the University of Baltimore and a Bachelor of Arts in Accounting from the Catholic University of America.
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Tu Nguyen holds the position of Senior Finance Consultant at Ryan & Wetmore, P.C., where she primarily works with clients on business consulting, financial planning & analysis, mergers & acquisitions, and various healthcare projects. Tu earned her M.A. degree in Economics from Johns Hopkins University and a B.A. in Economics and Mathematics from Lake Forest College in Illinois.
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