Written by Bruce Henry, Healthcare Executive Search Practice Leader
The expectations and responsibilities of a hospital’s Chief Medical Officer (CMO) have evolved dramatically over the past decade. In order to remain effective, CMOs have had to step into new roles and take on additional responsibilities.
Physicians and hospital executives are encouraged to move from fee-for-service medicine to value-based reimbursement models that reward quality over quantity. Many hospitals are under pressure from state-funded insurance programs and private insurers to reduce cost burdens while improving the quality of care they provide.
CMOs have an important role in helping their organizations respond effectively to these new challenges. Therefore, CMOs should be viewed not only as clinical leaders but also as business leaders who can help transform their organizations’ cultures while driving innovation and productivity gains that improve the quality of patient care.
The COVID-19 pandemic has caused sweeping changes in the healthcare industry and introduced new challenges for executives. As a result, chief medical officers are expected to be more dynamic and adaptable than ever.
The job description for this generation of Chief Medical Officers includes an increased focus on revenue generation and managing budgets. This readjustment may leave the CMO with fewer hours to spend on direct patient care.
There is also a greater emphasis on overseeing clinical studies and regulatory compliance — all while maintaining solid relationships with patients, physicians, and other stakeholders in the healthcare industry.
The CMO, who might be referred to as the “quarterback” of the medical team, is responsible for:
These tasks can quickly become challenging when you consider that MU/CoP compliance is not an individual’s job — it’s everyone’s job.
Today’s CMOs are expected to lead teams and manage all aspects of healthcare within an organization, including operations management and finance. They must manage their own teams effectively to ensure quality patient care is delivered consistently across all areas of the hospital or medical group.
COVID-19 has shifted many responsibilities to chief medical officers, who now face significant new responsibilities that their predecessors did not have to manage.
CMOs are in charge of more than just patient care. They are also responsible for the health of their employees, which is why they must be prepared to handle any health-related issues that may arise among their staff members.
Chief Medical Officers must ensure that their team has adequate supplies and staff to provide care for patients at risk from COVID-19 infection. They also oversee efforts to identify new treatments and vaccines against the virus and implement policies regarding quarantine and isolation of suspected carriers.
In addition to having a broad range of responsibilities, CMOs must be knowledgeable about new developments such as artificial intelligence (AI) and blockchain technology in order to stay current with changes in the industry.
The CMO’s role is changing as technology evolves. The CMO should:
With an increased focus on value-based care and population health management, CMOs are increasingly concerned with how technology can improve quality and safety while reducing costs.
CMOs are constantly facing new challenges that require new abilities. Digital health technology and AI are changing how patients interact with their healthcare providers. CMOs need to understand how technology can improve patient outcomes and reduce costs.
The CMO role has changed significantly in recent years. In the past, one could describe a CMO as an “inside” executive who managed the organization’s medical staff and provided clinical services to patients. Today, the CMO is an “outside” executive representing the interests of patients, physicians, and other stakeholders.
As CMOs are challenged to improve patient outcomes, they must also work closely with other healthcare leaders to ensure that they design each patient’s care plan around their unique and evolving needs.
As a result, the role of CMO has evolved from a position focused on clinical quality and safety to one focused on:
In the past, organizations recruited CMOs from within the field of medicine. They often had little experience with business or strategy.
Today, companies are looking for CMOs with expertise in business or policy making. This background gives them a broader perspective on navigating complex regulatory issues and making critical decisions affecting the company’s bottom line.
The role of the Chief Medical Officer is shifting as healthcare moves into the future. Now more than ever, the Chief Medical Officer has become a critical player in the healthcare industry. CMOs are expected to master a broad range of skills that may be considered outside their traditional function.
The CMO’s job has always been to provide vision, oversight, and leadership for the organization’s medical program. However, this role is changing as healthcare organizations embrace new models of care delivery.
With the influx of new healthcare laws, changes in regulatory guidelines, increasing attention by the federal government, and more complex healthcare organizations, there has been an increase in demand for technologically savvy executives and physicians with business acumen and communication skills.
As the medical industry continues to transform, medical organizations are working to ensure they have the right talent and experience to address new opportunities and challenges. Careful hiring and planning will help a healthcare organization assemble a leadership team that will bring continued success in a rapidly changing industry.
Our hands-on healthcare executive recruiters have been recognized as the some of the best hospital CEO search experts, specialty pharmacy, dental, PBM, and behavioral health recruiters for years. Backed by deep experience in the private, public, pre-IPO, and non-profit sectors, Cowen Partners is proud to be a leader among the nation’s best healthcare executive search firms.
Our clients are typically $50 million in revenue to Fortune 1000’s or have assets between $500 million to $15 billion. Successful placements span the entire C-Suite – CEO, Chief Medical Officer, Chief Operating Officer, Chief Financial Officer, Chief Human Resources Officer, and include vice president, general counsel, and other director-level leadership roles.
Learn how our healthcare headhunters, behavioral recruiters, and elite team of healthcare executive recruiters deliver top talent, no matter the need, via our industry-leading research and resources. Discover the strategy that made Cowen Partners the top retained executive search firm in New York, Boston, Baltimore, St. Louis, Las Vegas, Chicago, Seattle, Atlanta, Anchorage, Dallas, Los Angeles, and beyond.