Fahrenheit Advisors has been retained to assist our client The Viriginia Department of Medical Assistance Services in their search for a Chief Financial Officer to join their team in Richmond, VA.
About the Agency
The Virginia Department of Medical Assistance Services (DMAS) administers health care programs that serve over 1.9 million Virginians, with an annual budget of $24 billion. Guided by our mission to improve the health and well-being of Virginians through access to high-quality health care coverage and services, DMAS plays a vital role in the Commonwealth’s health and human services system.
Our team values service, collaboration, trust, problem-solving, and adaptability.
At DMAS, we encourage you to come as you are and become who you want to be.
About the Role
The Chief Financial Officer (CFO) is a key member of the agency’s Executive Leadership Team and serves as the Commonwealth’s fiscal leader for Virginia Medicaid. This role provides strategic, operational, and fiscal oversight of all financial functions, ensuring the effective stewardship of state and federal funds that support health care services across Virginia.
The CFO directs a broad portfolio of functions — including budgeting, forecasting, rate setting, procurement, contract management, and fiscal policy — where finance, policy, and strategy converge.
This position collaborates regularly with high-level stakeholders, including the Governor’s Office, Secretary of Health and Human Resources, Department of Planning & Budget, General Assembly, federal agencies, and Managed Care Organizations, to ensure financial integrity and alignment with the Commonwealth’s health priorities.
Key Responsibilities
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Provide fiscal leadership, oversight, and strategic direction for all agency financial operations.
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Manage budgeting, forecasting, accounting, rate setting, and financial compliance functions.
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Lead analysis of proposed legislation and testify before legislative committees as needed.
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Oversee five major divisions and guide a team of senior leaders and staff.
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Partner with state and federal stakeholders to maintain program sustainability and transparency.
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Ensure compliance with all state and federal financial regulations and reporting standards.
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Represent DMAS in key budgetary and fiscal meetings, including General Assembly and public sessions.
Minimum Qualifications
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Extensive experience in state and federal healthcare financing, particularly Medicaid and CHIP.
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Proven success in public sector budgeting, forecasting, and financial policy development.
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Expertise in federal/state funding mechanisms, actuarial rate setting, and managed care operations.
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Strong understanding of Virginia’s legislative and budget processes.
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Executive-level experience leading teams and managing complex fiscal programs.
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Proficiency with Microsoft Office Suite and enterprise financial systems.
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Demonstrated ability to manage multiple priorities and meet deadlines in a dynamic environment.
Preferred Qualifications:
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Deep understanding of federal and state Medicaid programs and regulations.
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Experience managing relationships with CMS, MCOs, and other key healthcare partners.
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CPA or advanced degree in Accounting, Finance, or Public Administration preferred.
