Latest / Becker’s Healthcare -- Pediatric Leadership 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 -- Pediatric Leadership Podcast

• 0:02
  - There's a small circle of people who truly
• 0:04
  - understand what it takes to lead a health
• 0:05
  - system right now. The decisions are enormous.
• 0:08
  - The variables are constantly shifting, and the stakes
• 0:11
  - of getting a call wrong don't stay contained.
• 0:14
  - That's not a complaint. It's a structural reality.
• 0:17
  - And it's why the most effective c suite
• 0:19
  - leaders are deliberate about where do they go
• 0:21
  - to pressure test their thinking.
• 0:22
  - Becker's fourteenth annual CEO and CFO roundtable
• 0:26
  - brings together more than 1,500
• 0:28
  - executive level attendees
• 0:30
  - and nearly 400 speakers for four days built
• 0:32
  - around growth, financial sustainability,
• 0:35
  - workforce strategy, and the leadership questions that don't
• 0:38
  - have easy answers.
• 0:39
  - Join us November second through the fifth in
• 0:41
  - Chicago.
• 0:42
  - For the agenda and event details,
• 0:45
  - visit beckershospitalreview.com
• 0:47
  - and click on the events tab in the
• 0:49
  - upper right.
• 0:51
  - This is Laura Dirdo with the Becker's Healthcare
• 0:54
  - podcast. I'm thrilled today to be joined by
• 0:56
  - Caswell Sams, executive vice president and chief financial
• 0:59
  - officer in Nemours Children's Health. Caswell, it's a
• 1:01
  - pleasure to have you on the podcast today.
• 1:04
  - Pleasure to be here, Laura.
• 1:06
  - Fantastic. Well, I'm looking forward to our conversation.
• 1:09
  - I know we've got a lot to talk
• 1:10
  - about and certainly some really exciting things to,
• 1:13
  - think through at Nemours Children's. But before we
• 1:15
  - do that, can you tell us a little
• 1:17
  - bit more about yourself and the health system?
• 1:19
  - Sure.
• 1:20
  - As you stated, Caswell Sams, executive vice president
• 1:23
  - and chief financial officer for Nemours Children's Health.
• 1:27
  - You know, one of the nation's largest multi
• 1:29
  - state pediatric health systems, we serve children's and
• 1:32
  - families across Delaware,
• 1:34
  - Florida, New Jersey, Pennsylvania,
• 1:37
  - Maryland, and beyond.
• 1:38
  - There were hospitals, our specialty networks, our primary
• 1:41
  - care practices, as well as being a research
• 1:43
  - and academic enterprise.
• 1:45
  - Nemours is very simple. Our mission is to
• 1:48
  - create the healthiest generation of children.
• 1:51
  - We focus that through population health, prevention,
• 1:55
  - research education,
• 1:56
  - and obviously supporting our families
• 1:59
  - and children.
• 2:01
  - Obviously, one of our goals is to make
• 2:03
  - sure that children health not only requires the
• 2:06
  - investments of a hospital and clinic, but also
• 2:09
  - investments in the community where the children live,
• 2:12
  - learn, and grow.
• 2:14
  - As the CFO, my responsibility,
• 2:16
  - I tell the team is very simple,
• 2:18
  - making sure that we have the financial capacity,
• 2:22
  - capital planning, and treasury focus
• 2:25
  - to make sure that we're supporting our enterprise
• 2:28
  - as we go through any type of transformation,
• 2:31
  - and to make sure that our Nemours
• 2:34
  - support that we provide to our family
• 2:36
  - and to the mission, create the long term
• 2:38
  - value for those that we support in our
• 2:40
  - communities.
• 2:43
  - That's fantastic to hear. And, you know, a
• 2:45
  - huge responsibility to think about all the
• 2:48
  - financial,
• 2:49
  - stability that needs to happen and and some
• 2:51
  - of the different,
• 2:53
  - you know, elements and challenges that are there
• 2:55
  - in today's,
• 2:57
  - ecosystem. So what are some of the things
• 2:59
  - that you're watching currently right now? What's top
• 3:01
  - of mind for you when you think about
• 3:03
  - planning for the future and what the enterprise
• 3:06
  - is going to need going forward?
• 3:08
  - Great question. I probably say it's probably not
• 3:11
  - significantly
• 3:12
  - different than most health systems.
• 3:14
  - Obviously, there are significant cost pressures that we
• 3:16
  - continue to monitor, whether it's pharmaceutical,
• 3:19
  - medical supplies,
• 3:21
  - investments in technology.
• 3:22
  - I think we've seen most health systems
• 3:25
  - recover since the pandemic, but margins
• 3:29
  - remain a major focus of most health systems.
• 3:33
  - Workforce engagement is top of mind for us
• 3:35
  - in, how we value our associates. We just
• 3:38
  - completed a... In our... In the process of
• 3:40
  - completing our poll survey. We're looking at, you
• 3:43
  - know, automation technology, and trying to make sure
• 3:45
  - that our clinicians have more time to spend
• 3:47
  - with their patients, and less time on administrative
• 3:50
  - work and responsibilities.
• 3:52
  - As always, one of our goals is to
• 3:54
  - make sure we create the healthiest workforce of
• 3:56
  - associates.
• 3:57
  - Consumer, obviously, is number one for us as
• 4:00
  - well.
• 4:01
  - Making sure that health care is convenient,
• 4:04
  - connected,
• 4:05
  - and that the seamless patient experience
• 4:07
  - is kind of one of our top baselines
• 4:09
  - as an organization.
• 4:11
  - There's a lot happening around artificial intelligence, you
• 4:14
  - know, as I tell everybody, it's the new
• 4:16
  - sliced bread.
• 4:18
  - How do we put that into our revenue
• 4:20
  - cycle operations
• 4:21
  - into supporting
• 4:22
  - our clinical team members using it from an
• 4:24
  - analytical
• 4:25
  - perspective.
• 4:26
  - But at the same time, making sure that
• 4:28
  - as an organization, we are responsible and maintaining
• 4:32
  - our trust, safety, and quality
• 4:34
  - as an organization.
• 4:36
  - Finally, I personally last but not least, access,
• 4:40
  - for our patients and families.
• 4:42
  - Obviously, there's a lot of dynamics around around
• 4:44
  - that and making sure that we ensure that
• 4:47
  - comprehensive
• 4:48
  - pediatric care remains available
• 4:50
  - to our families regardless of their financial circumstances.
• 4:57
  - Absolutely. And I think, you know, certainly easier
• 4:59
  - said than done when you are looking at
• 5:02
  - and looking ahead at some of the challenges
• 5:04
  - that are upcoming. And to your point, I
• 5:05
  - know there's a lot about the patient experience
• 5:07
  - that has been changing quickly
• 5:09
  - and AI and technology that can enable
• 5:12
  - a different type of experience than health care
• 5:14
  - has been able to provide in the past.
• 5:16
  - And so from your seat as the CFO,
• 5:18
  - how do you make sure that,
• 5:21
  - as you're looking at different possibilities
• 5:23
  - and thinking through
• 5:25
  - what makes the most sense on the AI
• 5:27
  - side,
• 5:29
  - how do you think about just what investments
• 5:32
  - to make and how to ensure there's
• 5:35
  - adoption across the board?
• 5:37
  - Well, I think we have a well defined
• 5:39
  - plan from a AI governance perspective.
• 5:42
  - So have a a lot of confidence in
• 5:44
  - our approach and our ability. We give a
• 5:46
  - great presentation to our board related to our
• 5:49
  - approach.
• 5:49
  - I think as Nemours, as a leadership team,
• 5:52
  - we remain
• 5:53
  - focused on operational excellence,
• 5:56
  - making sure that we remain grounded in our
• 5:58
  - strategic focus. So I think as long as
• 6:00
  - we remain aligned and and know that the
• 6:02
  - ultimate goal is improving the patient experience,
• 6:05
  - optimizing
• 6:06
  - our ability to enhance things for our workforce,
• 6:10
  - and making sure that no matter what we
• 6:12
  - make an investment in, it has a positive
• 6:15
  - outcome on our patients' families,
• 6:17
  - and we're doing the right thing,
• 6:19
  - by our associates.
• 6:21
  - I'm never concerned about making the right investment.
• 6:25
  - Got it. And then it is a helpful
• 6:27
  - perspective and I think very refreshing, especially
• 6:30
  - coming from a a CFO who I know
• 6:33
  - sometimes,
• 6:34
  - this is a stereotype where they're a little
• 6:36
  - bit more numbers minded versus,
• 6:38
  - thinking through all of the implications
• 6:40
  - in the workflow processes and and being able
• 6:43
  - to,
• 6:44
  - really
• 6:45
  - have that operational excellence. So, that that seems
• 6:48
  - like a great philosophy to have.
• 6:51
  - Thank you.
• 6:53
  - What are you most focused on and excited
• 6:54
  - about right now? And could you talk about
• 6:56
  - something you're proud of from the last six
• 6:58
  - to eighteen months or so?
• 7:00
  - Yeah. I think that what I'm proud of
• 7:01
  - is that at Nemours, we remain strategically
• 7:04
  - focused while we continue to invest in growth,
• 7:08
  - scalability,
• 7:09
  - innovation,
• 7:11
  - access. So whether it's investing in our fetal
• 7:13
  - program that we have here in the Delaware
• 7:16
  - Valley market
• 7:17
  - or investing in our growth in oncology
• 7:21
  - in the Central Florida market and creating,
• 7:24
  - you know, and optimizing
• 7:26
  - access and patient care in North Florida. I
• 7:28
  - mean, these are things that I think remain
• 7:30
  - important to us at Nemours and I'm significantly
• 7:33
  - proud of for us. Obviously,
• 7:36
  - we try to balance our operational discipline and
• 7:39
  - our strategic investments as we all do,
• 7:42
  - as health care institutions,
• 7:43
  - but making sure that those investments improve outcome,
• 7:46
  - expand access, enhance
• 7:49
  - the patient and family experience,
• 7:51
  - and continue to make sure that whatever we
• 7:52
  - do, it positions Nemours for long term success.
• 7:56
  - And I think those strategic investments
• 7:58
  - and how we value those strategic investments are
• 8:00
  - critical,
• 8:01
  - even our partnership that we have with with
• 8:04
  - Publix in Central Florida. I mean, these are
• 8:05
  - the things that are gonna be critical
• 8:07
  - for us as we continue to move forward,
• 8:09
  - and we continue to make sure that we're
• 8:11
  - optimizing
• 8:12
  - the patient experience as well as making sure
• 8:14
  - that Nemours
• 8:15
  - remains
• 8:16
  - here for our patient and population,
• 8:19
  - and we continue to identify these long term
• 8:21
  - success opportunities. We'll continue to make those investments.
• 8:23
  - So those are the things I'm definitely excited
• 8:26
  - about. I'd say Nemours,
• 8:28
  - we're gonna continue to invest in our facilities,
• 8:29
  - our programs. We're gonna continue to make sure
• 8:31
  - we maintain financially strong,
• 8:34
  - as an organization
• 8:36
  - and remain focused on our mission, which is
• 8:38
  - helping the children here and creating healthier lives
• 8:41
  - for the children that we serve.
• 8:46
  - That that makes a lot of sense. You
• 8:48
  - know? And it is really cool to have
• 8:50
  - that opportunity to think about the future, make
• 8:52
  - those investments, and,
• 8:54
  - have a strategic lens into how you're going
• 8:57
  - to keep growing and developing.
• 8:59
  - And and I'm curious,
• 9:01
  - you know, when you think about some of
• 9:03
  - the things you mentioned, the field program in
• 9:06
  - in growth in oncology as well,
• 9:08
  - what does that look like? How are you
• 9:11
  - really living out some of those,
• 9:13
  - those plans, and and what can we expect
• 9:15
  - from the next six months or so?
• 9:19
  - I'd say for the next six months, we
• 9:21
  - are gonna continue to just double down on
• 9:23
  - our strategy.
• 9:24
  - I think we continue to evaluate opportunities. We
• 9:27
  - continue to look at our markets. We continue
• 9:29
  - to make sure that
• 9:30
  - are we optimizing
• 9:31
  - everything we do, and are there other continued
• 9:34
  - growth opportunities for the organization. So I think
• 9:37
  - right now, we just remain focused on the
• 9:39
  - things that we're doing well. We'll continue to
• 9:41
  - optimize
• 9:42
  - as we do. We'll continue to create utilization
• 9:44
  - efficiency. We'll continue to improve access. We'll continue
• 9:47
  - to enhance the patient experience. So, you know,
• 9:50
  - those are things that I think we're gonna
• 9:51
  - be immediately focused on in the next six
• 9:53
  - months. Obviously,
• 9:54
  - additional opportunities will come and, you know, we'll
• 9:57
  - continue to evaluate those opportunities. But I think
• 9:59
  - we'll remain focused on those initial things that
• 10:02
  - are probably, say, back to basics for Nemours.
• 10:05
  - And continue to make sure that we optimize
• 10:08
  - and we continue to improve utilization access and
• 10:10
  - remain financially strong.
• 10:14
  - Got it. That's so helpful to understand and
• 10:16
  - and, you know, really hear where that focus
• 10:18
  - is lying and and what's gonna be most
• 10:20
  - important. Now before we wrap up, I'm curious,
• 10:23
  - what advice would you give to evolving leaders
• 10:25
  - today?
• 10:27
  - It's a great question. You know?
• 10:29
  - I would definitely tell an individual who's a
• 10:32
  - leader today, stay mission focused. You know, great
• 10:34
  - leaders
• 10:35
  - remain connected to the purpose of their organization.
• 10:39
  - You know, that kind of helps you provide
• 10:41
  - that type of clarity you need when it
• 10:42
  - comes to difficult decisions that you need to
• 10:44
  - make.
• 10:46
  - Second, I would say be comfortable with change.
• 10:48
  - Obviously, health care is a
• 10:51
  - environment that evolves faster than ever. And as
• 10:53
  - a leader, you need to be able to...
• 10:56
  - You can't necessarily predict the future,
• 10:59
  - but you need to be able to adapt
• 11:01
  - quickly, especially when it becomes in health care.
• 11:04
  - Third, I would say, you know, relationship. You
• 11:06
  - know, build trusting relationships.
• 11:09
  - Listen actively.
• 11:10
  - Develop a strong team under you. I mean,
• 11:13
  - those leadership skills can definitely help you cultivate
• 11:16
  - and being a stronger leader.
• 11:18
  - And I would say lastly,
• 11:20
  - you know, combine that courage with humility.
• 11:23
  - So at times leaders, we have to make
• 11:25
  - difficult decisions.
• 11:26
  - Remain open to new perspective.
• 11:28
  - Learn about new opportunities.
• 11:31
  - Don't just do what's worked for you, but
• 11:34
  - do what works for best for the organization.
• 11:36
  - I think the best leaders are those who
• 11:37
  - never stop growing while helping others grow around
• 11:40
  - them.
• 11:43
  - I love it. Fantastic. Haswell, thank you so
• 11:45
  - much for joining us on the podcast today.
• 11:47
  - This has been a really fun conversation. I
• 11:50
  - appreciate your time, and I look forward to
• 11:51
  - connecting with you again soon. Thank you very
• 11:53
  - much, Laura. Appreciate the time today.