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.
Armed with this information, CFOs will have a strong foundation of data and details to explore the plethora of healthcare options available to nonprofits and determine which makes the most financial sense for their organization. Asking CFO colleagues at other nonprofits about their approach to employee healthcare, attending workshops or conferences on health benefits, and sitting in on proposals from benefit brokers and consultants all provide insight into the world of employee healthcare. From this place of knowledge, CFOs can come to the table ready to collaborate with the rest of the team and help decide what healthcare plan will benefit both the organization and its employees.
Are you involved in your employee healthcare purchasing? Download our
CFO best practices guide to review best practices for the role of the
Chief Financial Officer in nonprofit employee healthcare purchasing:
