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Job Description
Purpose of the Position
The Chief Financial Officer (CFO) provides management oversight of the financial operations of Cedars-Sinai Medical Center and Cedars-Sinai Marina Hospital. The incumbent is responsible for planning and recommending financial management policy to the system Chief Financial Officer, including long range financial planning and strategic resource alignment. The individual directs and coordinates financial policy and activities to assure short-term fiscal discipline and long-term financial strength for Cedars-Sinai Medical Center, Cedars-Sinai Marina Hospital, and their subsidiary corporations. The CFO is responsible for the overall management of the accounting and financial control functions including: general accounting, accounts payable, payroll, tax, financial planning and analysis, budgeting, reimbursement, and cash management. This position also has responsibility for systemwide control and internal/external reporting systems as well as coordination of systemwide internal and external audits.
Key Responsibilities
- Directs the accounting and control functions/operations to facilitate accurate, informative, consistent and timely periodic reporting and publishing of results of operations and the organization's financial position. Ensures the preparation of timely and accurate financial reports as required by federal, state and local law and regulations and as needed for proper administration of the corporation's finances. Directs the corporate-wide management reporting systems on financial and operational data.
- Establishes financial policies and programs to protect and optimally utilize the financial resources of Cedars-Sinai. Maximizes the efficiency and effectiveness of corporate and business unit financial functions. Conducts benchmarking, efficiency analysis, and evaluates operational target achievement.
- Directs the management of financial analysis for operational and new business strategies and initiatives.
- Analyzes and interprets data and provides the CEO and management with information on the current and projected financial condition of Cedars-Sinai, and provides recommendations to maintain and improve financial viability.
- Coordinates internal and external auditing functions; develops and maintains appropriate levels of internal control; and assures that financial statements are prepared in accordance with generally accepted accounting principles.
- Directs the financial aspect of short and long-range system-wide strategic business plans, including operating and capital budgeting.
- Oversees the development of various financial systems including general ledger, budgeting, long-range financial planning, employee expense reimbursement and cost accounting. Oversees the development of financial and control systems to manage philanthropic funds and ensure compliance with donors' restrictions.
- Develops, implements and maintains performance standards, measurements and corrective devices which review and appraise the soundness, adequacy and application of operating and financial controls, and ensure that approved plans are accomplished. Works with legal and compliance management and maintains all records required to ensure compliance with all laws and regulations affecting the financial affairs of Cedars-Sinai.
- Establishes and maintains an effective organization and directs the selection, employment, compensation and evaluation of all employees in her/her areas of direct responsibilities and participates in these activities in areas where he/she has a coordinative/supportive role.
- Directs the management of treasury functions including banking relations, cash management, debt facility management, analysis of debt structure, reporting, and corporate responsibility. Maintains relationships with municipal debt rating agencies and investor community.
- Directs the management of cost reimbursement reporting under Medicare and Medi-Cal programs and related planning and strategies.
- Coordinates managed care and accounts receivable management and control with the VP, Chief Revenue Cycle Officer and VP, Managed Care Services.
- Coordinates and ensures compliance with the regulations and requirements of extramural funding agencies with the VP, Research Administration.
- Develops, implements and maintains a comprehensive program for state and federal tax planning and compliance.
- Coordinates from a corporate financial perspective all contracts, joint ventures, mergers and acquisitions.
- Communicates, provides leadership, educates, and renders advice and counsel to top and middle level managers, medical staff and employees as relates to financial management.
- Maintains an in-depth knowledge of changing economic, political, regulatory and social environments and their impact on the system in order to monitor and evaluate the adequacy of existing support services, ensure the development of financial services and systems to respond to the organization's needs, and comply with requirements imposed by external agencies.
- Monitors industry "best practices", develops and implements operational and service enhancements as required by changing environments, technological advances and appropriate service and delivery strategies
Qualifications
Experience and Professional Qualifications
- 15 years of progressive broad-based healthcare financial management experience in a public accounting firm and/or healthcare delivery organization is required.
- 5 years of experience with the financial aspects of postgraduate medical education and extramurally funded research is preferred.
- Experience in a large academic health system is preferred.
- Demonstrated success serving in a complex, multi-stakeholder environment.
- Experience with capital budgeting, FP&A/operational finance, financial control, and reporting.
- Proven record of recruiting and developing a high-performing, diverse, and inclusive finance team. Ability to effectively mentor and develop their team.
- Experience with large-scale research funding and financial management.
- Advanced knowledge of budget development, control and evaluation, financial forecasting, cost finding and analysis ? Analytical, negotiation, presentation, and leadership skills.
- Proficient skills in directing, monitoring, evaluating, and motivating the performance of professional and management staff.
- Effective oral and written communication skills required to work with senior executive hospital administrative staff, as well as professional, civic, and service organizations as a representative of the Medical Center.
- High level of proficiency and demonstrated effectiveness in problem-solving and implementing new programs related to increased departmental and organizational operating efficiency while utilizing hospital resources in a fiscally responsible manner.
- Knowledge of current physician and hospital reimbursement and clinical issues confronting academic medical centers.
- Proven organizational skills and political savvy.
- Ability to develop strong relationships with physicians and patient care service professionals.
- Demonstrated effectiveness in managing and directing departmental operations and management/ supervisory personnel in evaluating, training, and motivating performance.
- Ability to accomplish results through demonstrated ability to delegate effectively and to establish clear guidelines for accountability.
- Effectiveness at building consensus and providing strong leadership in a team environment, with high professional and personal integrity.
Education
- Bachelor's Degree in Finance, Accounting, Business Administration or Business Management required.
- Master's Degree in Finance, Accounting, Business Administration or Business Management preferred.
- Certified Public Accountant (CPA) or demonstrated equivalent experience welcomed.
About Us
Cedars-Sinai is a leader in providing high-quality healthcare encompassing primary care, specialized medicine and research. Since 1902, Cedars-Sinai has evolved to meet the needs of one of the most diverse regions in the nation, setting standards in quality and innovative patient care, research, teaching and community service. Today, Cedars- Sinai is known for its national leadership in transforming healthcare for the benefit of patients. Cedars-Sinai impacts the future of healthcare by developing new approaches to treatment and educating tomorrow's health professionals. Additionally, Cedars-Sinai demonstrates a commitment to the community through programs that improve the health of its most vulnerable residents.
About The Team
Cedars-Sinai is one of the largest nonprofit academic medical centers in the U.S., with 886 licensed beds, 2,100 physicians, 2,800 nurses and thousands of other healthcare professionals and staff. Choose this if you want to work in a fast-paced environment that offers the highest level of care to people in the Los Angeles that need our care the most.
Req ID : 15381
Working Title : Chief Financial Officer - CSMC/MH - #1 Hospital in CA
Department : EVP Finance
Business Entity : Cedars-Sinai Medical Center
Job Category : Executive Management
Job Specialty : Executive Management
Overtime Status : EXEMPT
Primary Shift : Day
Shift Duration : 8 hour
Base Pay : $1.00 - $99999.00
Cedars-Sinai is an EEO employer. Cedars-Sinai does not unlawfully discriminate on the basis of the race, religion, color, national origin, citizenship, ancestry, physical or mental disability, legally protected medical condition (cancer-related or genetic characteristics or any genetic information), marital status, sex, gender, sexual orientation, gender identity, gender expression, pregnancy, age (40 or older), military and/or veteran status or any other basis protected by federal or state law.
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