Chief Financial Officer
About the job
The Chief Financial Officer (CFO) plays a crucial role in ensuring the financial health and asset protection of the organization. This position serves as a key advisor to the Board of Directors and Senior Management, particularly collaborating with the CEO on financial and operational matters.
Key Responsibilities:
- Oversee Corporate Finance, reimbursement processes (including Medicare Cost Report submissions), accounting, payroll, financial statement preparation, budgeting, managed care contracting, cash management, and materials management.
- Supervise departments including Accounting, Accounts Payable, Materials Management, Revenue Cycle Management (including Admitting & Registration, Health Information Management, and Patient Financial Services), Human Resources, Managed Care Contracting, and Cash Management.
- Foster collegial relationships with external auditors and Medicare cost report firms.
Financial Leadership:
- Develop, oversee, and approve operating and capital budgets; authorize new and vacant positions based on productivity metrics while ensuring the integrity of financial reporting.
- Maximize Medicare and Medicaid reimbursement through effective Cost Report preparation and conduct business analysis as necessary.
Critical Access Leadership:
- Oversee the development and management of cost accounting systems that accurately reflect the unique financial structure of a critical access hospital.
- Implement financial strategies that enhance the sustainability and operational efficiency of the critical access facility.
- Collaborate with clinical and operational leaders to align financial goals with patient care objectives and community health needs.
- Evaluate and advise on capital expenditures and investments that are critical to maintaining and enhancing hospital services in a rural or underserved area.
- Engage with local stakeholders, including community leaders and health agencies, to align financial planning with community health initiatives and funding opportunities.
- Ensure compliance with state and federal regulations specific to critical access hospitals, including reporting requirements and reimbursement policies.
Essential Duties:
- Direct the timely preparation of all financial statements, including income statements, balance sheets, tax returns, and reports for governmental agencies.
- Analyze revenue and profit projections against actual performance and budgeted expenses, making recommendations to realign negative results.
- Identify areas for operational improvement and potential restructuring within the hospital.
- Ensure transparency and integrity in the organization’s financial performance.
- Collaborate with the CEO to develop strategic long- and short-term operational plans.
- Ensure compliance with funding agency reporting requirements and USDA debt covenants.
- Monitor economic trends and regulatory changes to assess their impact on future growth.
- Oversee fund investments aligned with Board-approved policies and coordinate with investment bankers for capital raising based on strategic plans.
- Actively manage cash flow through Revenue Cycle Management, addressing denial issues, managed care contracting, and Cost Report preparation to optimize reimbursement.
- Stay informed about legal issues affecting the hospital and the healthcare industry.
Other Responsibilities:
- Serve as a key member of the Senior Executive Staff.
- Provide financial and regulatory guidance to the Board and Senior Management.
- Act as the liaison between Senior Management and the Board Finance Committee.
- Function as the Treasurer for the Foundation.
- Manage the organization’s day-to-day fiscal operations.
Qualifications:
- 10+ years of experience leading financial operations in a critical access hospital or healthcare system, with significant supervisory experience in a CFO role or as a Vice President/Director.
- Bachelor’s degree in Accounting or Business Administration; CPA certification and CAH experience are preferred.
- Proficiency in Microsoft Office and financial reporting software.
- Exceptional verbal and written communication skills.
- Proven ability to collaborate with Boards of Directors, bankers, and financing agencies, demonstrating strong leadership within the organization.