Principal Functions:
The Chief Financial Officer (CFO) directs and oversees all financial functions, operations, programs, interests, and related business relationships. Provides financial reporting, forecasting, and direction to achieve strategic goals and objectives. Is accountable for strengthening financial integrity, optimizing operational efficiency, and ensuring adherence to all applicable regulatory and accrediting standards. Provides leadership to finance department, develops long-and short-term operational and capital budgets, and prepares cash flow and budget variance analysis. Assist Chief Executive Officer (CEO) in strategic planning, including but not limited to, service demand analyses, resource availability, and cost-benefit evaluations for capital and operational budgets. Ensures accurate maintenance of accounting records, oversees preparation of financial statements, internal reports, and audit work papers, and guarantees compliance with accounting standards and regulatory requirements.
Position Duties:
- Directs the preparation of all monthly, quarterly, and annual financial reports, including income statements, balance sheets, and reports to CEO and Board of Directors.
- Directs tax preparation, tax returns, and reports for government regulatory agencies and financial institutions.
- Monitors and evaluates accounting, financial, and third-party revenue cycle systems. Directs the compilation of data and preparation of financials reports.
- Oversees the fiscal management of the facility. Develops a capital budget and makes recommendations for purchase of capital expenditures, reimbursement management, and development of financial reports for third parties.
- Oversees the hiring process of qualified personnel for departments supervised, ensure evaluations are completed timely, coaches/ disciplines and terminates, as necessary.
- Develops yearly operating budget. Monitors volumes, acceptable range of actual to budget, F.T.E.s, revenues, and expenses.
- Explores opportunities to reduce operating costs and increase revenue based on market trends and financial data.
- Ensures timely submission of financial reports to government and regulatory agencies, including but not limited to, payroll taxes, public disclosures, and third-party payor cost reports.
- Directs and lead the finance team, orients and mentors new hires to department, monitors performance of assigned departments, and fosters collaboration across departments.
- Develops predictive models, activity-based financial analyses, and business plans to provide insights for strategic decision-making to CEO and Governing Board.
- Work with hospital auditors on a regular basis.
- Ensures Medicare Cost Report is completed accurately and filed timely.
- Provide monthly budgetary reports to directors.
- Prepares and modifies as needed a fiscal-year budget promoting fiscal responsibility.
- Provide strategic financial planning expertise to the CEO and executives, offering suggestions, ideas, plans for improvements, changes, and enhancements.
- Ensures the department’s adherence to Generally Accepted Accounting Principles (GAAP).
- Develops and maintains relationships with financial institutions to assist with daily operations and securing funding for capital expenditures. .
- Oversees the application, installation, and maintenance of all financial software, assuring both accuracy of the build, the information input, and the reports generated.
- Monitors patient refunds for proper documentation and timely return of funds.
- Monitors outstanding accounts receivable to ensure it meets industry benchmarks.
- Works with third party revenue cycle team to ensure accurate patient financial accounting including appropriate charges, timely claims filing, proper account posting and reconciling cash to ensure accuracy.
- Monitors cash collected vs contract agreements write off percentages and collection agency account turnover.
- Works with third party collection agency to ensure timely processing of outstanding claims. Seeks guidance and remains knowledgeable of, and complies with, all applicable federal and state laws, as well as hospital policies that apply to assigned duties.
- Monitors department(s) supervised performance and budget against the performance and budget goals to ensure that progress is being made.
- Develop and foster effective collaboration between all departments, medical staff, and other affiliated services (inside and outside of the hospital) to ensure an integrated approach to providing services and fulfilling the hospital's clinical and financial goals and objectives.
- Fosters a smoothly functioning, efficient organization through timely and effective resolution of disruptions.
- Maintains a professional approach with confidentiality. Assures protection and privacy of health information as attained through written, electronic or oral disclosures.
- Displays concern and initiative. Is resourceful and calm in emergencies.
- Other duties as assigned.
Job Qualifications:
Education: Bachelor’s degree in accounting, finance, or related field from a recognized and accredited institution is required. Master’s degree in accounting, finance, business, or related field preferred. CPA preferred.
Experience: Five (5) years’ experience in hospital administrative position with responsibility for administrative supervision preferred. Ten (10) years of management experience in accounting/finance required.
