Tom Gallucci is CFO of myLaurel, which provides patients with at-home care and telemedicine services. Before joining myLaurel nearly four years ago, Gallucci worked for more than 20 years as a research analyst and investment banker focused on healthcare services. He also previously worked as a principal at Strategic Healthcare Advisory and CFO of Cota Healthcare.
Gallucci told CFO Brew that part of the CFO’s remit in healthcare is to help organizations “navigate the complexities of a highly regulated industry.” He also shared the nonfinancial skills now necessary to succeed in the role of finance chief.
This interview has been edited for clarity and length.
How would you describe your job to someone who doesn’t work in finance?
In an early-stage business, responsibilities include financial planning and budgeting, accounting and reporting, billing, risk management, fundraising to scale the company, investor relations, and being a strategic partner to the CEO and the rest of the executive team.
What are the challenges of being in a highly regulated industry?
Within healthcare specifically, the CFO also helps the company navigate the complexities of a highly regulated industry. For example, the significance of third-party payers, such as Medicare and health plans, adds complexity to the healthcare system. In turn, providers must follow specific rules and regulations when billing for their services, a vital aspect of the business that falls under the CFO’s purview.
How do you think the CFO role has changed?
In my view, the CFO’s role has become more strategic in nature over time versus being accounting-focused. Having a CPA license is often not required for the role, but rather leadership and management skills are significantly more important as a CFO is increasingly positioned as a business partner to the CEO and other executives. Insights and analysis have become especially important to support key decisions to guide innovation and growth, particularly profitable growth, given the current investment environment.
What advice do you have for aspiring CFOs?
Understanding accounting and financial reporting is essential, but CFOs must go beyond these technical skills. Leadership, communication, and people skills are crucial, enabling CFOs to build and guide high-performing teams and take on strategic responsibilities that drive the company’s success. CFOs must also be analytical and forward-thinking to support decision-making and navigate complex environments that foster long-term growth.
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