Hospital/Facility: Frye Regional Medical Center
Location: Hickory, NC
Tenet Healthcare Corporation, through its subsidiaries, owns and operates acute care hospitals and related health care services across the United States. Effective October 2013 Tenet Healthcare acquired Vanguard Health Systems, becoming the second-largest healthcare company in the United States in terms of revenue and employees. The combined company will have 77 hospitals, 170 outpatient centers, 23,000 affiliated physicians, over 600 Conifer Health Clients, and more than 100,000 employees operating in 43 states. Tenet Healthcare and Vanguard Health Systems have become one company, and we are united by a common purpose — to provide high quality care to people in the communities we serve. And together we have the resources and expertise to meet the healthcare challenges of the 21st century.
We are moving rapidly into a new world, one in which healthcare delivery will be fundamentally different from the past. We are ready for that future. Our caregivers and facilities are providing greater value and a wider range of services, from wellness to primary care to chronic care management, as well as urgent care, advanced diagnostics, outpatient surgery, rehabilitation, and of course, our core service, acute hospital care. Our health plans are providing affordable coverage options for families and employers, and Conifer Health Solutions is helping hospitals, employers and health plans improve the efficiency of their operations and the health of the populations they serve.
We strive also to be known for having exceptional integrity, being an excellent place to work for our employees and physicians, and delivering long-term value for our shareholders. As we seek to improve the quality of patient lives, serve our communities, and provide an exceptional environment for our colleagues and affiliated physicians, we are guided by these five core values. Quality; quality is at the core of everything we do and every decision we make. Integrity; we manage our business with integrity and the highest ethical standards. Service; we have a culture of service that values teamwork and focuses on the needs of others. Innovation; we support a culture of innovation that creates new solutions for our patients, physicians and employees. Transparency; we operate with transparency by measuring our results and sharing them with others.
We recognize that a balanced management approach is critical in achieving our mission, and base our goal and measurement system on a balanced scorecard consisting of five pillars: Service, Quality, People, Cost, and Growth. Our balanced scorecard has been an important part of Tenet’s past success – and will be fundamental to our success going forward. Ethics and Compliance are also key values to our company, and are the foundation to the five pillars.
Additionally, we aim to be recognized – in both word and deed – as a leader in addressing the many difficult issues facing our industry. Our focus on quality is just one example of this commitment. We have also taken strong leadership positions on other health care issues of great importance, including joining ranks with other for profit hospital systems as a part of the Federation of American Hospitals to have a voice on critical issues on Medicare pricing, the uninsured, and quality.
Tenet, a publicly traded company listed on the New York Stock Exchange under the stock symbol THC, is one of the largest investor-owned health care delivery systems in the nation with 77 hospitals in 16 states; more than 170 outpatient centers; 20,326 licensed beds; nearly 4 million patients; over 100,000 employees; and $15.4 billion net operating revenues.
Frye Regional Medical Center
Frye Regional Medical Center, part of Tenet North Carolina, is a 355-bed acute care facility located at 420 North Center Street in Hickory, North Carolina. A commitment to quality and a spirit of caring have been the cornerstone of Frye Regional Medical Center (FRMC) since the facility opened its doors in 1911 as Richard Baker Hospital. With that strong foundation, Frye has grown tremendously over the past 97 years to meet the ever-changing health care needs of the communities we serve.
Our 355-bed facility offers the kinds of services that you expect from a quality medical center. From newborn intensive care to cardiac and neurological surgery to physical rehabilitation and mental health services, Frye provides quality care. Ultimately, the effectiveness of all the services provided at FRMC depends upon the quality of the people who provide them. Frye's active medical staff (more than 300 physicians) represents more than 35 medical and surgical specialties. The physicians are supported by more than 1,900 employees and 250 volunteers who understand that treating patients means not only caring for but also caring about the people who have entrusted their health to Frye Regional Medical Center.
Frye Regional Medical Center is accredited by the Joint Commission on the Accreditation of Healthcare Organizations, the nation’s oldest and largest hospital accreditation agency.
Hickory, North Carolina.
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.
As a leader in healthcare, Tenet is committed to providing the best possible care to every patient, with a clear focus on quality and service. Strong leadership is essential to delivering on this commitment, and we believe that the quality of our leaders can give us a significant long-term competitive advantage. We want to ensure every current and future leader in Tenet is successful, and we support that through our selection and hiring process and by providing coaching and training to our leaders.
In this regard, we have identified core attributes that will enable a leader to succeed at Tenet, and have defined them within five areas critical to performance:
Use Astute Judgment
Ø Delivers year over year improved financial performance in a complex, matrix organization.
Ø Demonstrates high degree of financial operational excellence (e.g., planning, contracts, budgeting, capital financing, cash management).
Ø Holds finance team accountable to high ethical standards (e.g., compliance, internal controls, audits and SOX reporting).
Ø Effectively gauges external factors and trends to provide a forward-looking perspective when creating business strategy and forecasting (e.g. FTE/AADC targets, supply Cost/APD targets, EBITDA margin, A/R days, Operations cash flow goals).
Ø Demonstrates business and analytical skills to identify gaps in the current business plan and actively refreshes the financial outlook and strategy as needed (e.g., case management, staff/volume adjustment, net revenue management).
Ø Acts as full partner at facility, market and home office level in pursuit of new revenue generation opportunities (e.g., improve payer mix, maximize reimbursement, prudent acquisition and merger strategies, reduce bad debt, grow EBITDA margin).
Ø A highly visible leader who works with team to identify challenges and capitalize on opportunities (e.g., department improvement plans, capital project prioritization and vetting, manpower planning accuracy, supply management efficiency).
Ø Acts as a thought partner for CEO and thought leader in promoting own perspective and ideas in a bold and respectful manner (e.g., cost containment, acquisition/divestiture, ACOs, physician strategies, capital forecasting, productivity improvement).
Apply Financial Insights
Ø Demonstrates excellence in formal and interpersonal communications that results in financial understanding and “ownership” at all organizational levels.
Ø Evidences collaborative leadership to engage managers and physicians in improving short- and long-term results (e.g., department improvement plans, supply inventory management, clinical informatics implementation, labor management and reporting systems).
Ø Acts as an intuitive thinker willing to take prudent and necessary risk to achieve balanced results (e.g., cost, growth, people, service, quality).
Ø Performs as a financial consultant to the facility.
Drive Organizational Success
Ø Establishes realistic and aggressive financial goals, targets, and metrics consistent with home office and facility strategic and operational objectives (e.g., meet upfront collection and cash goals, reduce A/R days year over year, meet 3.0 days in DNFC Gross A/R, meet HIM coding compliance accuracy for all patient types, manage a 24/7 HIM Department, attain HIM coding quality goals).
Ø Sets and maintains fiscal year pace and rigor for facility management (e.g., business planning and reporting cycle, CFO and Controller sign off on monthly balance sheet reconciliation with unresolved items less than 30 days old).
Ø Builds consensus and commitment across disparate people with often competing priorities.
Ø Continually analyzes and interprets financial performance and recommends and/or executes corrective action as needed (e.g., managed care and physician contracts, and strategic direction).
Ø Maintains high quality standards (e.g., oversee preparation of financial statements, reports, business plans and manpower plans; ensures 5 bar internal audits with no Sarbanes-Oxley items; maintains and addresses monthly internal control checklist).
Develop Organizational Talent
Ø Shapes roles and assignments in a way that maximizes individual capability and performance contribution.
Ø Regularly provides performance and professional development feedback, coaching and guidance to improve performance and build career potential (e.g., all direct reports receive regular feedback and well managed development plans).
Ø Engages in team bench strength assessments and recruitment or promotion action plans that meet current/future talent requirements (e.g., Controllers, ACFO developed for CFO promotion readiness).
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 competitive compensation program will be tailored to the selected candidate. Base salary will be supplemented by a performance bonus and comprehensive, well-rounded benefits program, which includes relocation assistance.
A Bachelor’s degree in Finance or Accounting is required. An MBA, MHA and/or CPA designation is preferred.
Required Background Experience
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.
A cooperative approach to problem-solving with the capability of building consensus and support, working across functional lines to engage disparate resources to work together to achieve desired results.
A broad financial thinker and team player who works well with ambiguity and is able to transfer the vision/mission of the organization into a focused financial strategy and detailed practical plan for the future.
An intuitive thinker who generates ideas and recommends new and/or modified approaches.
An individual of highest personal and professional integrity, principle and knowledge, earning respect and support when making difficult decisions and choices. Able to establish immediate credibility with peers, senior leadership, and medical staff.
Must listen actively and accurately, encourage input from others. Provide clear directions. Maintain an ongoing dialogue with employees to ensure continual progress.
Someone with the ability to work collaboratively with individuals critical to the successful execution of financial tasks.
Excellent oral and written presentation skills. Articulate, good conversationalist and possessing a gracious demeanor.
Please apply at email@example.com