Wave HDC is now a part of Experian Health.

The Importance Of Financial Stewardship

As financial stewards of the organizations we serve, it is our utmost responsibility and one to be performed with all the energy and discipline we can muster.

POSTED January 11, 2023

By Keith Truax, Chief Financial Officer

Stewardship, by definition, means the careful and responsible management of something entrusted to one’s care. As financial stewards of the organizations we serve, it is our utmost responsibility and to be performed with all the energy and discipline we can muster.

Having The Right Mindset

Let’s pause for a moment and review four questions you should be asking yourself regarding your approach to financial stewardship.

  • Do you consider yourself a good steward?
  • Are you doing everything in your purview of responsibility to ensure the financial success of your organization?
  • Do you have the mindset of ensuring your accounting practices are solid and can stand up to audit?
  • Does your financial strategy align with and support the company’s overall mission?

As financial stewards, we are absolutely critical to our organization’s continued growth. Positive business results are contingent upon having and maintaining a mindset that promotes success.

The Role of the Financial Steward

Some aspects of our role can be highly complicated and stressful; filing taxes and performing end-of-year closing and reporting quickly come to mind. Other aspects can be relatively simple and rewarding, like assisting a client with understanding an invoice or paying our bills on time. And then, some areas can be perplexing or require what appears to be a waste of time, considering our hectic schedules.

I’m often perplexed by my peer’s hesitancy to explore or engage in what I consider a no-brainer financial strategy. This is one of the reasons that the role of the financial steward is so critical. Our peers (and our customers) are trusting us to hold the standard; we are the financial gatekeepers. It’s our responsibility to be watchful, ask the hard questions, take action, and, if needed, sound the alarm that convinces others to listen.

Financial Stewardship In Action

If you had an account with incomplete or inaccurate information that was prohibiting you from getting paid, wouldn’t you want to do something about it? If so, would you focus on the cost to resolve the issue or the benefit it delivers? More simply put, would you spend $1 to make $99?

If you answered yes, let’s connect and discuss how Wave solutions can help your business. We all know there’s truth in the old adage, “Sometimes you have to spend money to make money.”

To learn more about Wave HDC and how we can help your organization reduce your AR, avoid bad debt, and maximize reimbursement, contact us today!

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