What it means to be a hospital CFO in Latin America
The CFO, or Chief Financial Officer, seeks to manage financial risks, optimize company performance, and ensure adequate cash flow (to say the least).
But to be a CFO in Latin America, there are other aspects that need to be taken into account: new economic laws and increased demand in various global markets. These variables have made financial executives across Latin America integrate new aspects to their positions with the experience and knowledge needed to keep their businesses afloat.
Recently, many Latin American economies have boosted their processes to the forefront of international trade, the health care sector being no exception. One example is a new market developing in Brazil, as well as various reforms and policies and international treaties. These events have turned Latin America into a global appeal with great potential for investment. The region lends itself to acquiring quality raw materials, the establishment of global manufacturing and positioning of strategic centers for the export and import of products.
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More than a numbers game
CFOs have a hand in every element of contract negotiations. Transaction processes, such as payments to subcontractors or suppliers, employees and others, fall under the duty of a CFO. However, with changing markets, the CFO should maintain close relations with sales representatives from other companies, as well as internal stakeholders.
For some companies in Latin America, the CFO not only handles financial sheets and aggregation numbers, he is also involved in each aspect of creating and maintaining the business, financial strategy, and plans in the short- and long-term to maintain a profitable business.
Even small businesses have to think big. For example, Tara Minerals Corp., which generates the cash from the sale of silver, zinc and lead concentrates from its mine and mill at Choix, Mexico, chose David Bizzaro as CFO in 2010. Bizzaro had been the founder and managing partner of the IFC Group, a company that provides outsourced international controllership.
As CFO, Bizzaro helped lead business efficiency, ensuring a solid foundation that allowed the company to conquer their prospects for sustained growth.
Bizzaro is a good example of the requirements of the new CFO in Latin America. Based on the performance of international markets, Bizzaro is no stranger to working with strategies for long- and short-term. He also feels comfortable with international relations and has helped in the development of financial institutions in the U.S., Asia, Europe and Latin America, working for companies such as NCR, Sprint, AVAYA and ICT Group.
The digitization of corporate finance
Besides being comfortable with international markets around the world, a CFO must be able to incorporate several technological concepts into business strategies. With new technologies come new savings, but only if the CFO is wise enough to know which ones to invest in.
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This balance is crucial. If a company is not upgrading its technologies and products, it becomes irrelevant to clients. However, if too much is spent on technology, the company may have to look to outsourcing and maintenance of new systems to balance costs.
While having vast financial experience is important for a CFO, having entrepreneurial monetary management strategies is vital in today’s modern industry.
Analysts of international markets agree that to be a CFO today, you need to know more than numbers. The CFO is the main financial leader of a hospital who in turn feels at home in front of the board, exchanging information about the company to the media and elsewhere. If a major shareholder or potential partner is interested in knowing about the company's assets and financial position, it should be the CFO that submits information quickly, while giving supporting context.
[This article was originally published by our sister brand, Business Review America Latina, and can be found here.]
Dubai's new smart neuro spinal hospital: need to know
We take a look at Dubai's new smart hospital.
What: The Neuro Spinal Hospital and Radiosurgery Centre is a new hospital featuring state-of-the-art technology for spinal, neurosurgical, neurological, orthopaedic, radiosurgery and cancer treatments. The 700 million AED hospital, (equivalent to £138 million), has 114 beds, smart patient rooms, and green spaces for patient rehabilitation, and is four times the capacity of its former premises in Jumeirah. It is also the UAE’s first hospital to have surgical robots.
Where: The hospital is located in the Dubai Science Park. Founded in 2005, Dubai Science Park is home to more than 350 companies from multinational corporations in life sciences, biotechnology and research; over 4,000 people work here each day.
Who: The UAE's Neuro Spinal Hospital and Radiosurgery Centre was first established in Jumeirah in 2002 by Dr. Abdul Karim Msaddi, as the first as the first "super-specialty" neuroscience hospital.
Why: With advanced diagnosis and robotics, the hospital will provide care across neuroscience, spine, orthopaedics and oncology for people residing in the UAE, as well as international patients.
Prof. Abdul Karim Msaddi, Chairman and Medical Director of the hospital, said: “We are proud to bring world-class healthcare services to Dubai and believe our next-generation hospital will be a game-changer for the emirate’s and the region’s medical industry.
"It will not only significantly increase the availability of specialist neuroscience and radiosurgery treatments and provide better patient care but help attract and develop local and international talent. Investing in the new centre represents our continued faith in the resilience of the region’s economy, as well as a testament to our ongoing drive towards healthcare innovation in the UAE.”