Sonic Healthcare UK’s new Group Chief Financial Officer (CFO), Nick Read, originally joined the organisation in August last year and was appointed UK Group CFO in April.
Trained at Deloitte, Nick joined Sonic Healthcare UK from a series of contracting positions in a wide range of sectors. Specialising in leading change and transformation programmes, Nick’s last role before joining was for a veterinary services group.
Taking the long view
Nick says he is looking forward to creating a longer-term agenda: “Change and transformation projects in finance tend to be relatively short-term for contractors. “After a career as a serial contractor for over 15 years, it’s refreshing to be working on a longer-term strategic plan at Sonic Healthcare UK.” So, what does that plan involve exactly?
Nick explains: “My role is to look at how we run our Finance organisation more efficiently and effectively, to meet the needs of our company and our internal and external customers, now and in the future.” A key area he’ll be looking at is how to use Finance data to better effect, and to inform business decisions. Nick will also be focused on growing the capabilities of the entire Finance team and aims to integrate them better throughout the organisation. Nick believes in getting the Finance team to use all their skills. He wants to free people up so they’re not over-burdened by spreadsheet management and data entry.
“I want colleagues to have an easier interface with the Finance team, and to cut through complex systems and standardise procedures where we can. “Processes should be as frictionless as they can be, as standard as possible, and largely inconsequential to the business.”
In short, Nick wants to take the chore out of finance processes and become more of a strategic partner supporting the company’s business objectives. As well as these long-term ambitions, Nick points out that there are some quicker short-term wins such as developing better reports for the executive boards. He cites the example of sales reports that will be revitalised using new analytics tools to give the sales team better insights and make analysis easier.
A look to the future
Where does Nick see the focus of the business going forward? He thinks there are two complementary elements:
“While the NHS is under pressure to optimise pathology service costs, we need to look at how the HSL model might be further developed. It provides a cost-effective benefit to NHS partners and might expand to include more Trusts.
“At the same time, the private sector is also going through huge change as many people now choose to use remote private GP services.
“There are logistical and cost issues associated with providing testing services for these providers that we need to model - and using some of the new tools I’m introducing, we’ll look at what Finance can do to better support our service initiatives in this sector.”
Nick wants Sonic Healthcare UK to be at the front and centre when new business opportunities arise - to work with the teams as business partners, and help identify opportunities where the organisation can add value, such as in cost management or better communication of data.
A caring culture
We asked Nick for his view of the pathology sector as a relative newcomer. Nick admits to being surprised by how positive everyone is and how the thing that seems to permeate throughout Sonic is how people really care about the patient. “When I was working in the music industry for example, people were interested in the music but less so about the company and the people in it. “At Sonic, it seems that everyone is genuinely concerned about what the company is doing for the patient - and also about the people doing it. “It’s a culture that comes from the top - and it’s hugely compelling.”
Outside the office
As if Nick wasn’t busy enough with his plans for the Finance team and the company’s long-term strategy, he appears to be just as active outside the office. “Honey is our fox red Labrador who runs with me three times a week.”
Nick also enjoys travel and is a frequent visitor to Italy, having studied Italian at university. He also regularly gets to Sonic Healthcare’s home country, Australia, where he has family.
We were keen to know how Nick was coping with a new scientific language. It turns out he has a secret advantage in this respect, having very nearly taken a medical degree. “As an 'almost medical student’, a lot of the technical concepts are familiar to me. And, after an extensive tour with Tim Herriman, Group Laboratory Director, I feel a lot more comfortable with what goes on!”