Nobody knows a company's financial situation better than the CFO, and most times, they aren't even involved in the process of choosing the right health care plans for their employees. In order to evaluate plans effectively and come up with a well-rounded solution, it's important that all parties (CEO, HR team, and CFO) be involved in the health care purchasing process.
In many organizations, HR departments are often solely responsible for making decisions around employee healthcare, with CFOs and other leaders coming onboard for final approvals. However, key player involvement – especially from the CFO – early in the process can be a game-changer when it comes to creating a more effective and well-rounded healthcare program for staff.
CFOs (should) play a critical role in supporting decisions around employee healthcare, going beyond simply signing off on the budgetary needs. The process begins early by getting curious and asking tough questions about how healthcare spending has been tracked and audited within the organization, and where there is opportunity for more savings.
Healthcare is one of the biggest line items in a nonprofit’s budget, but CFOs are often on the periphery of the decision-making process. However, making a well-rounded decision that focuses on both the budget and employee satisfaction requires that CFOs become more intimately involved in employee healthcare management, working closely with other key players such as the CEO and HR manager.
Suzy K. Johnson recently wrote for Benefits News about the need for Chief Financial Officers and Human Resources managers to collaborate to create long-term strategic healthcare benefits plans.
