In order to gain a more profound understanding of the financial aspect of healthcare, an interview with Ray Coto was organized in April 2021. Mr. Coto works as the Chief Financial Officer (CFO) at the organization called UHealth, University of Miami Health System. This candidate for an interview was selected through an online search process. Modern technology enables effective long-distance communication, which is why the selection was not limited to local institutions.
In addition, Mr. Coto’s schedule is rather busy, whereas the Covid-19 pandemic persists, which is why the brief meeting was organized online. Ray Coto has been the CFO of UHealth for the past several years, making his experience with the financial side of the work relevant and valuable. His primary mission is to determine the financial strategy of the institution in cooperation with the rest of the leadership, as well as to supervise its practical implementation. In other words, Mr. Coto is fully responsible for all financial decisions within UHealth.
The organization in which Mr. Coto works as the CFO is located in Miami. In fact, UHealth states that it is the only university-based medical organization in South Florida. The system is highly progress-oriented, as it seeks to implement scientific breakthroughs in its regular operations. As such, UHealth relies on the research conducted by the leading minds of the University of Miami and state-of-the-art technology.
The organization’s mission is to provide each patient with high-quality, compassionate care, which would meet all modern requirements. Furthermore, UHealth wants to be in the vanguard of positive change and lead the progress in public health. Being a university-based organization, UHealth values quality education and is ready to prepare the future generation of medical professionals. The organization’s network comprises clinics and offices across South Florida and Miami, in particular.
Over 1,200 physicians work for UHealth, providing all patient groups with care. UHealth system offers an array of services, from family screenings and regular check-ups to sophisticated surgeries and technology-assisted examinations. The patient base of the organization is broad, as it provides the required care for all ages.
Accordingly, it is possible to infer that Ray Coto works in a highly complex environment. The organization’s scope is large, meaning that the financial flow within UHealth is equally considerable. The area of responsibility of the CFO encompasses all stages of the health care service organization. Evidently, a person of this status does not process each patient’s bills or other expenses. Instead, Mr. Coto focuses on the broader context of combined revenues and expenses of UHealth.
However, according to Ray Coto himself, a competent CFO is supposed to have a profound knowledge of each step, even at the lowest levels. One of his primary duties is to analyze the income statements of the organization at the end of each month, quarter, and year. Ray Coto reviews the information provided by his colleagues in order to determine points of growth, as well as the current strengths. As a CFO, he is to report directly to the Board and the Chief Executive Officer of UHealth. His approval is required for all large-scale expenses, which are mostly related to purchasing new equipment and expanding the network of UHealth.
As Mr. Coto explained during the interview, the art of financial management in healthcare extends beyond a simple balance of the organization’s income and expenses. On the contrary, it is a multi-faceted and multi-tier process, which consists of interrelated elements. In fact, the functioning of a large healthcare network resembles the work of an international enterprise. The proper organization of the supply chain falls under the jurisdiction of a CFO, as even a minor disruption can result in serious losses.
Ray Coto states that UHealth cannot afford unnecessary expenses since the innovative strategy of the company requires considerable funds for its proper implementation.
In this regard, Mr. Coto referred to readmissions as an acute issue. If a patient is forced to return to the hospital after a recent discharge, the medical service provider will see additional expenses. In addition, such readmissions may result in litigation and reimbursements, which inflict further losses on the institution. In this context, Mr. Coto draws a direct connection between the quality of care and the financial performance of an organization.
Ultimately, Ray Coto has voiced interesting thoughts in regards to the financial management of a healthcare institution. Being a part of the leadership, he is directly responsible for strategic planning and execution within UHealth. More specifically, Mr. Coto’s work is to organize the financial matters in an optimal manner, which fits the purpose of the organization.
Considering the scale and the growth rate of UHealth, it is possible to conclude that the financial strategy of the network has been appropriate and had a positive impact on its development. Generally, it is vital to consider financial management in healthcare in relation to the broader context.
As the experience of Ray Coto shows, financial matters are inseparable from the quality of care and patient relations. The framework of a healthcare organization possesses multiple interrelated elements. If one of them is affected, the repercussions will echo through the others. As such, a decrease in the quality of services will inevitably translate into financial losses. Therefore, effective communication and interprofessional cooperation are vital for proper financial management in healthcare.