The role of the CFO in the NHS

Across the UK, the NHS remains one of our greatest assets. It is perhaps the public service which makes the most tangible difference to people’s lives. Whether through primary care in GP surgeries, acute hospital care or emergency services, the NHS is the service that almost all of us have direct experience of and rely on.

But as a quick glance at the headlines shows, the NHS is not without its challenges, including rising demand from a growing and ageing population and intense and sustained financial pressure, all under the constant gaze of political and public scrutiny.

For the NHS to maintain the nature and standard of care expected by society, every single NHS organisation must carefully manage its finances and make difficult decisions on how best to use their resources. At the heart of this sits the chief financial officer (CFO).

The latest in CIPFA’s ‘The role of the CFO’ series explores this vital role in the NHS at national, regional and local levels across the four nations of the UK. Using CIPFA’s established framework, it considers the nature of the role, the skills, behaviours and knowledge that enable them to fulfil their role effectively, the relationships they need to develop and the organisational culture they need to create.

It also highlights key themes for CFOs and their organisations, such as the opportunities and challenges that they face, the nuances of operating within a political environment, and the importance of accountability, stewardship and sound ethical values.

This is not only intended for established and aspiring CFOs within the NHS, but also for those with whom they work and collaborate, to improve understanding across the wider public sector. The publication aims to:

• allow new and established CFOs to gain insight into their role and to improve their practice,
• help aspiring CFOs and the wider finance profession to better understand the skills, competencies and attributes required,
• assist NHS organisations in understanding what they should expect from their CFO and how they can generate an environment where the CFO can create maximum value,
• foster a greater understanding among those engaged in the delivery of health and care services of the nature and complexity of the different regimes and organisations involved,
• promote the skills required to develop and nurture the relationships and culture that will facilitate closer integration across the public services,
• assist those in leadership and governance roles within the NHS to gain insight into their organisations, the way they work and the challenges that they face,
• provide regulators, funders, auditors, taxpayers and the wider policy community with a better understanding of the financial structure of the NHS and, in particular, the role of the CFO. 

Perhaps most importantly, the publication celebrates the role of the CFO, recognising their commitment and the contribution they make to their own NHS organisations, the wider public sector and society itself, and to promote it as an attractive and rewarding career choice for high-calibre finance professionals. 

Note: The Role of the CFO in the NHS is based on the CIPFA framework for The role of the chief financial officer in public service organisations.