Hospital/Facility: Children's Hospital of Michigan
Location: Detroit, MI
The Chief Financial Officer reports directly to the Chief Executive Officer of the facility. The following positions typically report to the Chief Financial Officer: Business Office Manager, Information Systems, Controller, Health Information Management (including Coding), and Materials Management.
The Chief Financial Officer has responsibility for safeguarding the facility assets and ensuring the financial statements, including the books and records, are prepared and maintained in accordance with GAAP. The Chief Financial Officer is also responsible for ensuring compliance with company financial and accounting policies and procedures and also ensuring internal controls are effective in both design and operation, including the routine monitoring of controls. Additionally, the Chief Financial Officer is a key member of the Facility A-Team and, as such, participates in establishing and implementing strategic business plans for the facility. He/she is a key member of the facility management team that interacts and communicates on a regular basis with an array of internal and external constituents, including various regulatory bodies.
The Chief Financial Officer has responsibility for the identification and independent assessment of financial risk, establishing and monitoring of mitigation plans, and for the communication of financial risk and opportunity to the Regional Chief Financial Officer and Facility Chief Executive Officer. The Chief Financial Officer is also responsible for the monitoring of financial performance and the maintenance of reasonable and appropriate financial plans and forecasts. The Chief Financial Officer must have strong business acumen in order to work collaboratively and effectively with home office departments, such as Compliance, Home Office Accounting/Financial Reporting, Information Systems, Internal Audit, Legal, Treasury and other departments that provide support services to the facility.
The Chief Financial Officer is responsible for the monitoring of the revenue cycle process and, along with other revenue cycle stakeholders, the improvement of the revenue cycle process through rate setting, charge capture, managed care negotiations, and cash collections.
The Chief Financial Officer is also responsible for the evaluation and management of investments in capital projects by applying unbiased scrutiny in determining the financial impact and ROI of such projects and managing the capital spend in accordance with the capital cash flow projections.
As such, the CFO’s responsibilities are to:
- Analyze daily operating results to ensure that revenues, expenses, and labor are within budgeted objectives; advise department heads and administration of needed changes and improvements in a timely manner.
- Establish and maintain sound financial controls and record keeping; approve financial expenditures up to the level established by the CEO.
- Keep abreast of government regulatory requirements and the rapidly changing reimbursement environment to develop and implement changes to policies and procedures as needed.
- Ensure that the financial operations of the facility are carried out in an ethical, responsible manner.
- Establish and monitor the annual operating budget according to sound budgeting principles and home office guidelines. Interface with Human Resources and other appropriate departments in the preparation of work force plans and salary and benefit proposals.
- Evaluate the facility’s overall financial position and prepare periodic financial and operating reports. Provide consistent and accurate financial, accounting and reporting processes throughout the facility.
- Prepare financial forecasts and monitor performance versus budget; consolidate results, prepare rolling 90-day forecasts, and develop and implement cash management controls.
- Coordinate with other senior members of the leadership team in the development of major strategic and financial plans, including capital expenditure programs.
- Review, evaluate and ensure the effectiveness of all financial and accounting systems in the facility. Direct the development and implementation of new systems, policies and procedures as required.
- Assist in the development of new business by analyzing the feasibility of new programs, including managed care contracts, and advise management of the financial prospects.
- Attend promptly to the administrative details of the position including the signing of documents, preparation of reports, completion of performance appraisals and other employee-related actions.
A Bachelor’s degree in Accounting is required. An MBA, MHA and/or CPA designation is preferred.
- At least ten years of progressive financial healthcare or equivalent experience in the areas of general accounting; operations; financial systems; financial statement preparation; review and analysis; multi-discipline management experience; and ethics.
- Good organization skills with the ability to prioritize work load and successfully manage all financial activities. Resilience to working successfully under pressure.
- Ability to convert complex finance, operational, and compliance issues into terms and concepts that are easily disseminated throughout all levels of the organization.
- A referenceable track record in facility finance, defining the issues and making the decisions to generate improved financial performance.
- Participation, as well as supervisory experience, in negotiating managed care contracts.
- Substantial financial management experience including financial operations, strategic and financial planning, contracts, reimbursement, budgeting and capital financing in a complex environment.
- A thorough understanding of healthcare trends with the ability to anticipate opportunities.
- Successful experience as a Chief Financial Officer in a highly competitive market.
Please apply at firstname.lastname@example.org