Lean Financial Practices in Nonprofits with Candice Cole

Join Sarah Holtan, PhD in a compelling conversation with Candice Cole, MBA, CNAP, and CFO at Progressive Community Health Centers, as they discuss effective financial management strategies to save higher education institutions facing similar financial strains as nonprofit healthcare organizations. Discover valuable insights on maintaining quality, reducing costs, leveraging technology, and fostering open communication.Sarah and Candice explore strategies to navigate financial challenges faced by higher education institutions, drawing parallels to the nonprofit healthcare sector. Candice highlights the importance of starting with a comprehensive assessment of available resources and their sources. Regardless of current financial state, forecasting is crucial to ensure long-term sustainability.Tune in to hear how long-term goals can be achieved through community support, fostering relationships, and making a lasting positive impact. Find out how you can streamline processes, improve efficiency, and optimize systems. Learn about the importance of refraining from salary cuts and the need to find creative ways to reduce costs while maintaining a high level of service.Episode Highlights07:24 - I am in a community health setting. Our goal is to ensure that we are growing our community, making a healthier community so that the community can really sustain itself. My goal is how do we do this long term? How do we continue to impact the community?14:37 - It was an eye-opening space for me, learning the healthcare industry, because the focus is the providers there, your higher paid positions, and I always would rebuttal with. My provider can see 1,000 patients a day, but if I can't get them built out, it doesn't matter. So, I need that biller and trying to justify those administrative positions.23:36 - The truth is no margin, no mission. It's a business. We do have to keep our doors open, and your margin is what supports the mission. I often hear, "We're not here to make money." And it's like, "No, but we are here to keep our doors open."Contact Sarah Holtan, PhDLinkedInWebsiteCandice Cole, MBA, CNAPLinkedInEmailWebsite