← Becker’s Healthcare Podcast
Becker’s Healthcare Podcast
Sophia G. Holder, Executive Vice President and Chief Financial Officer at Children's Hospital of Philadelphia
00:12:45
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- [00:02]
A
The most important healthcare decisions don't happen in isolation. They happen when leaders come together. Becker's 16th annual meeting brings together more than 3,500 hospital and health system executives this April in Chicago. With 800 speakers from Ascension, Cleveland Clinic, Common Spirit, and more, the conversations get real. Leaders will share how their scenario planning for policy shifts brief, breaking through value based care barriers and building clinical teams that translate new ideas into real world care. Join top decision makers in the room April 13th through the 16th. For the agenda and event details, visit BeckersHospitalReview.com and click on the Events tab in the upper right.
- [00:46]
B
This is Laura Dearda with the Beckers Healthcare Podcast. I'm thrilled today to be joined by Sophia Holder, Executive Vice President and Chief Financial Officer of CHOP Children's Hospital of Philadelphia. Sophia, it's a pleasure to have you on the podcast podcast today.
- [01:00]
C
Good morning. It's a pleasure. Thank you.
- [01:03]
B
Now I'm excited for our conversation because I know there's so much happening in healthcare and especially looking at some of the different financial pressures hospitals have been going through in the last couple of years and, you know, looking at what could be ahead as well. I think you are sitting such a unique position to be meeting some of these challenges with very creative solutions. And so I'm excited to get your perspective on some of the things you've been doing at CHOP as well as how you're thinking about the future. But before we dive in, can you tell us a little bit more about yourself and chop?
- [01:32]
C
Yes, I'll be happy to. I could spend all day talking about chop. We are an amazing organization. I am coming up on five years at this institution and what many may not know about CHOP is that we were founded in 1855. So we have a rich history and we were the first hospital in the nation dedicated to exclusively to the care of children. We feel strongly that we set the standard for pediatric health care delivery. Even today, we are now one of the largest organizations that are addressing comprehensively pediatric care delivery. We provide care across the full spectrum, as you might imagine of care so inpatient, outpatient, specialty services. We care for children from all 50 states and around the world. And what I feel really proud about with respect to CHOP is that we are really committed and grounded in our mission. We are committed to research and discoveries and innovating truly on care for children and really translating breakthrough science into better outcomes. Right. And so what really differentiates CHOP is that really wonderful integration of world class clinical care, leading edge research and an unwavering focus on Children and families. We believe that that helps us to shape the future of healthcare pediatric delivery while being grounded in our founding mission.
- [03:32]
B
I love that, especially the real, clear focus on the patients and their families and being able to provide the best care possible, as well as having that research, discovery, innovation that pushes that mission forward. Now, from your perspective, could you tell me a little bit more about an initiative you led in the last year or so? What did you do and what were the results?
- [03:54]
C
Thank you. Yeah, I would say I tend not to think about the most important work as something I led personally, but really as the work that we enabled within our organization together. And over the last year, that work was about restoring financial strength in a way that positions us for the future of pediatric health care. We focused on building discipline into how we plan, how we invest, and make decisions so that CHOP can adapt. We are in an increasingly complex healthcare landscape. How we innovate and how we grow in a sustainable way. This meant for us in having more honest conversations, making clearer choices, really tune in our prioritization framework and aligning our resources with what matters most for children and their families. And so the result was not only improved financial performance, which I was really grateful for as the cfo, but stronger organizational alignment and a clear connection between the financial decisions and patient impact, which is why we are all here every day. And so we recognize that our work is not done and that we are on a journey
- [05:39]
B
that makes a lot of sense. And I think, you know, really appreciate the way you talk about thinking about the future, investing, planning, and adapting, no matter what happens, because I know there's been so many changes within the healthcare space in the last five years and then in the last six months. Even so, having that type of flexibility, I can imagine is critical. Now, looking ahead, what are some of your big priorities as well as headwinds you're focused on for 2026?
- [06:07]
C
I would say here the priorities and headwinds are certainly closely connected. We are focused on sustaining financial performance in an environment of continued labor pressures, reimbursement dynamics, and ongoing volatility in volumes. And at the same time, we are prioritizing long term capability building. So what do I mean by that? Right. We are looking at our workforce optimization. Where do we need to invest in our people, our most important asset? We are looking at revenue cycle resilience. We're looking at capital discipline. We are continually looking at how we prioritize the sort of rich needs around capital at this time and how we increasingly, and in a responsible way, deploy automation and AI to reduce administrative burden, improve data driven decision making, and support overall healthcare delivery. And so the challenge, not unlike many of our peers, likely is balancing near term performance with these longer term investments so that we do not, do not compromise access, do not compromise growth in our longer strategic objectives, or we do not compromise innovation for children and families.
- [07:56]
B
That's helpful to understand, I think looking at the workforce and workforce optimization, I can imagine so much goes into that between the human workforce and the technology that comes into play. And then figuring out how you can continue to be innovative despite some of the financial challenges and risks you mentioned as well. So I know that's a huge puzzle and a lot to figure out, but what do you think the hardest thing you'll have to do in the coming year will be?
- [08:25]
C
How long do you have? I think really our hardest work ahead is continuing to make disciplined and really sometimes uncomfortable decisions while staying grounded and anchored in our mission. And that includes likely saying no to investments that do not clearly advance access, quality and sustainability, and pushing ourselves to rethink legacy structures and our ways of working. And in pediatrics especially, every decision carries emotional weight. And so the challenge is leading with transparency and courage while keeping the organization aligned around what it truly takes to remain strong for the long term.
- [09:34]
B
I hear that looking at some of those decisions and being disciplined is not always easy, but having that courage to lead and know what you're doing in the right direction really will lead to that sustainability. You were talking about earlier in our conversation too, and you know, I wanted to ask not only about the hard things, but also about, you know, how you're thinking about growth in the future too. What are some of the big opportunities that you're looking at and how do you see CHOP continuing to grow and flourish as we go on?
- [10:04]
C
And I will tell you, CHOP is amazing. Like, we have a strong growth mindset and our best growth opportunities really sit at the intersection of mission and discipline. And that includes for us, expanding access through ambulatory and virtual models, strengthening partnerships regionally, nationally and internationally, quite frankly, and skill and services where pediatric expertise truly differentiates outcomes for patients internally. Growth also means for us raising and growing our capabilities. We are focused on developing leaders. We are focused on modernizing our operating models as the cfo. We are also focused on embedding this notion of financial stewardship into everyday decision making. Right. It's not sort of a one off, it's in grade into our culture. And so when we do that, well, growth becomes sustainable. Not just bigger, right? Not just bigger, but stronger and so this is an exciting time for us at chop, ripe with opportunities, despite sort of the changes that are surrounding the entire healthcare landscape.
- [11:45]
B
Absolutely. I love that. Sophia, thank you so much for joining us on the podcast today. This has been such a fun and inspiring conversation, and I look forward to continuing it at our annual meeting. I know you'll be speaking with us in April, and it'll be fantastic to hear a little bit more, go a bit deeper into some of the things you're doing at CHOP and then be able to connect with other finance and strategic leaders across the spectrum to really figure out how we can tackle some of these big challenges that we've been discussing today in a strategic and meaningful way. So looking forward to that and seeing you then.
- [12:18]
C
Thank you so much. It's a pleasure to join you on the podcast and I'm really looking forward to the April meeting where I can not just network, but learn and grow with my colleagues across the country.