Latest / Becker’s Healthcare Podcast / Caswell Samms, Executive Vice President and Chief Financial Officer at Nemours Children’s Health

Transcript

Caswell Samms, Executive Vice President and Chief Financial Officer at Nemours Children’s Health · Becker’s Healthcare Podcast

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  - There's a small circle of people who truly
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  - understand what it takes to lead a health
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  - system right now. The decisions are enormous.
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  - The variables are constantly shifting, and the stakes
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  - of getting a call wrong don't stay contained.
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  - That's not a complaint. It's a structural reality.
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  - And it's why the most effective c suite
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  - leaders are deliberate about where do they go
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  - to pressure test their thinking.
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  - Becker's fourteenth annual CEO and CFO roundtable
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  - brings together more than 1,500
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  - executive level attendees
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  - and nearly 400 speakers for four days built
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  - around growth, financial sustainability,
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  - workforce strategy, and the leadership questions that don't
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  - have easy answers.
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  - Join us November second through the fifth in
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  - Chicago.
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  - For the agenda and event details,
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  - visit beckershospitalreview.com
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  - and click on the events tab in the
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  - upper right.
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  - This is Laura Dirdo with the Becker's Healthcare
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  - podcast. I'm thrilled today to be joined by
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  - Caswell Sams, executive vice president and chief financial
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  - officer in Nemours Children's Health. Caswell, it's a
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  - pleasure to have you on the podcast today.
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  - Pleasure to be here, Laura.
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  - Fantastic. Well, I'm looking forward to our conversation.
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  - I know we've got a lot to talk
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  - about and certainly some really exciting things to,
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  - think through at Nemours Children's. But before we
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  - do that, can you tell us a little
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  - bit more about yourself and the health system?
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  - Sure.
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  - As you stated, Caswell Sams, executive vice president
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  - and chief financial officer for Nemours Children's Health.
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  - You know, one of the nation's largest multi
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  - state pediatric health systems, we serve children's and
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  - families across Delaware,
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  - Florida, New Jersey, Pennsylvania,
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  - Maryland, and beyond.
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  - There were hospitals, our specialty networks, our primary
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  - care practices, as well as being a research
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  - and academic enterprise.
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  - Nemours is very simple. Our mission is to
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  - create the healthiest generation of children.
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  - We focus that through population health, prevention,
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  - research education,
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  - and obviously supporting our families
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  - and children.
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  - Obviously, one of our goals is to make
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  - sure that children health not only requires the
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  - investments of a hospital and clinic, but also
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  - investments in the community where the children live,
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  - learn, and grow.
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  - As the CFO, my responsibility,
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  - I tell the team is very simple,
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  - making sure that we have the financial capacity,
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  - capital planning, and treasury focus
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  - to make sure that we're supporting our enterprise
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  - as we go through any type of transformation,
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  - and to make sure that our Nemours
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  - support that we provide to our family
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  - and to the mission, create the long term
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  - value for those that we support in our
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  - communities.
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  - That's fantastic to hear. And, you know, a
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  - huge responsibility to think about all the
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  - financial,
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  - stability that needs to happen and and some
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  - of the different,
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  - you know, elements and challenges that are there
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  - in today's,
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  - ecosystem. So what are some of the things
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  - that you're watching currently right now? What's top
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  - of mind for you when you think about
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  - planning for the future and what the enterprise
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  - is going to need going forward?
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  - Great question. I probably say it's probably not
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  - significantly
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  - different than most health systems.
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  - Obviously, there are significant cost pressures that we
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  - continue to monitor, whether it's pharmaceutical,
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  - medical supplies,
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  - investments in technology.
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  - I think we've seen most health systems
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  - recover since the pandemic, but margins
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  - remain a major focus of most health systems.
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  - Workforce engagement is top of mind for us
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  - in, how we value our associates. We just
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  - completed a... In our... In the process of
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  - completing our poll survey. We're looking at, you
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  - know, automation technology, and trying to make sure
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  - that our clinicians have more time to spend
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  - with their patients, and less time on administrative
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  - work and responsibilities.
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  - As always, one of our goals is to
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  - make sure we create the healthiest workforce of
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  - associates.
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  - Consumer, obviously, is number one for us as
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  - well.
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  - Making sure that health care is convenient,
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  - connected,
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  - and that the seamless patient experience
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  - is kind of one of our top baselines
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  - as an organization.
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  - There's a lot happening around artificial intelligence, you
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  - know, as I tell everybody, it's the new
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  - sliced bread.
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  - How do we put that into our revenue
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  - cycle operations
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  - into supporting
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  - our clinical team members using it from an
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  - analytical
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  - perspective.
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  - But at the same time, making sure that
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  - as an organization, we are responsible and maintaining
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  - our trust, safety, and quality
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  - as an organization.
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  - Finally, I personally last but not least, access,
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  - for our patients and families.
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  - Obviously, there's a lot of dynamics around around
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  - that and making sure that we ensure that
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  - comprehensive
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  - pediatric care remains available
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  - to our families regardless of their financial circumstances.
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  - Absolutely. And I think, you know, certainly easier
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  - said than done when you are looking at
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  - and looking ahead at some of the challenges
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  - that are upcoming. And to your point, I
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  - know there's a lot about the patient experience
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  - that has been changing quickly
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  - and AI and technology that can enable
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  - a different type of experience than health care
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  - has been able to provide in the past.
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  - And so from your seat as the CFO,
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  - how do you make sure that,
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  - as you're looking at different possibilities
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  - and thinking through
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  - what makes the most sense on the AI
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  - side,
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  - how do you think about just what investments
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  - to make and how to ensure there's
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  - adoption across the board?
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  - Well, I think we have a well defined
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  - plan from a AI governance perspective.
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  - So have a a lot of confidence in
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  - our approach and our ability. We give a
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  - great presentation to our board related to our
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  - approach.
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  - I think as Nemours, as a leadership team,
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  - we remain
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  - focused on operational excellence,
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  - making sure that we remain grounded in our
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  - strategic focus. So I think as long as
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  - we remain aligned and and know that the
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  - ultimate goal is improving the patient experience,
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  - optimizing
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  - our ability to enhance things for our workforce,
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  - and making sure that no matter what we
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  - make an investment in, it has a positive
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  - outcome on our patients' families,
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  - and we're doing the right thing,
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  - by our associates.
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  - I'm never concerned about making the right investment.
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  - Got it. And then it is a helpful
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  - perspective and I think very refreshing, especially
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  - coming from a a CFO who I know
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  - sometimes,
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  - this is a stereotype where they're a little
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  - bit more numbers minded versus,
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  - thinking through all of the implications
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  - in the workflow processes and and being able
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  - to,
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  - really
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  - have that operational excellence. So, that that seems
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  - like a great philosophy to have.
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  - Thank you.
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  - What are you most focused on and excited
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  - about right now? And could you talk about
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  - something you're proud of from the last six
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  - to eighteen months or so?
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  - Yeah. I think that what I'm proud of
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  - is that at Nemours, we remain strategically
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  - focused while we continue to invest in growth,
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  - scalability,
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  - innovation,
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  - access. So whether it's investing in our fetal
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  - program that we have here in the Delaware
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  - Valley market
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  - or investing in our growth in oncology
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  - in the Central Florida market and creating,
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  - you know, and optimizing
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  - access and patient care in North Florida. I
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  - mean, these are things that I think remain
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  - important to us at Nemours and I'm significantly
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  - proud of for us. Obviously,
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  - we try to balance our operational discipline and
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  - our strategic investments as we all do,
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  - as health care institutions,
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  - but making sure that those investments improve outcome,
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  - expand access, enhance
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  - the patient and family experience,
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  - and continue to make sure that whatever we
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  - do, it positions Nemours for long term success.
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  - And I think those strategic investments
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  - and how we value those strategic investments are
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  - critical,
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  - even our partnership that we have with with
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  - Publix in Central Florida. I mean, these are
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  - the things that are gonna be critical
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  - for us as we continue to move forward,
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  - and we continue to make sure that we're
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  - optimizing
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  - the patient experience as well as making sure
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  - that Nemours
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  - remains
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  - here for our patient and population,
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  - and we continue to identify these long term
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  - success opportunities. We'll continue to make those investments.
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  - So those are the things I'm definitely excited
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  - about. I'd say Nemours,
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  - we're gonna continue to invest in our facilities,
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  - our programs. We're gonna continue to make sure
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  - we maintain financially strong,
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  - as an organization
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  - and remain focused on our mission, which is
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  - helping the children here and creating healthier lives
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  - for the children that we serve.
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  - That that makes a lot of sense. You
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  - know? And it is really cool to have
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  - that opportunity to think about the future, make
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  - those investments, and,
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  - have a strategic lens into how you're going
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  - to keep growing and developing.
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  - And and I'm curious,
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  - you know, when you think about some of
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  - the things you mentioned, the field program in
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  - in growth in oncology as well,
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  - what does that look like? How are you
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  - really living out some of those,
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  - those plans, and and what can we expect
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  - from the next six months or so?
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  - I'd say for the next six months, we
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  - are gonna continue to just double down on
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  - our strategy.
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  - I think we continue to evaluate opportunities. We
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  - continue to look at our markets. We continue
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  - to make sure that
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  - are we optimizing
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  - everything we do, and are there other continued
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  - growth opportunities for the organization. So I think
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  - right now, we just remain focused on the
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  - things that we're doing well. We'll continue to
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  - optimize
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  - as we do. We'll continue to create utilization
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  - efficiency. We'll continue to improve access. We'll continue
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  - to enhance the patient experience. So, you know,
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  - those are things that I think we're gonna
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  - be immediately focused on in the next six
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  - months. Obviously,
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  - additional opportunities will come and, you know, we'll
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  - continue to evaluate those opportunities. But I think
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  - we'll remain focused on those initial things that
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  - are probably, say, back to basics for Nemours.
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  - And continue to make sure that we optimize
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  - and we continue to improve utilization access and
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  - remain financially strong.
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  - Got it. That's so helpful to understand and
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  - and, you know, really hear where that focus
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  - is lying and and what's gonna be most
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  - important. Now before we wrap up, I'm curious,
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  - what advice would you give to evolving leaders
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  - today?
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  - It's a great question. You know?
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  - I would definitely tell an individual who's a
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  - leader today, stay mission focused. You know, great
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  - leaders
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  - remain connected to the purpose of their organization.
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  - You know, that kind of helps you provide
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  - that type of clarity you need when it
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  - comes to difficult decisions that you need to
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  - make.
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  - Second, I would say be comfortable with change.
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  - Obviously, health care is a
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  - environment that evolves faster than ever. And as
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  - a leader, you need to be able to...
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  - You can't necessarily predict the future,
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  - but you need to be able to adapt
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  - quickly, especially when it becomes in health care.
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  - Third, I would say, you know, relationship. You
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  - know, build trusting relationships.
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  - Listen actively.
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  - Develop a strong team under you. I mean,
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  - those leadership skills can definitely help you cultivate
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  - and being a stronger leader.
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  - And I would say lastly,
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  - you know, combine that courage with humility.
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  - So at times leaders, we have to make
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  - difficult decisions.
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  - Remain open to new perspective.
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  - Learn about new opportunities.
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  - Don't just do what's worked for you, but
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  - do what works for best for the organization.
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  - I think the best leaders are those who
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  - never stop growing while helping others grow around
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  - them.
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  - I love it. Fantastic. Haswell, thank you so
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  - much for joining us on the podcast today.
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  - This has been a really fun conversation. I
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  - appreciate your time, and I look forward to
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  - connecting with you again soon. Thank you very
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  - much, Laura. Appreciate the time today.