Position SummaryThe Chief Financial Officer (CFO) serves as the senior financial executive of the hospital and is responsible for the strategic leadership, financial management, and operational oversight of all financial functions. As a member of the Hospital Executive Leadership Team, the CFO partners with the Chief Executive Officer (CEO), medical staff, department leaders, and corporate leadership to ensure the organization's financial strength, regulatory compliance, and long-term sustainability.
The CFO provides leadership over accounting, budgeting, financial planning and analysis, treasury, revenue cycle oversight, reimbursement, managed care, capital planning, supply chain finance, and financial reporting. The CFO is responsible for developing strategies that improve financial performance while supporting high-quality patient care and organizational growth.
Essential ResponsibilitiesExecutive Leadership- Serve as a strategic advisor to the Hospital CEO and Executive Leadership Team.
- Develop and execute the hospital's financial strategy in alignment with organizational goals.
- Present financial results, forecasts, and strategic initiatives to the CEO, Board of Directors, Finance Committee, and Corporate Leadership.
- Provide financial leadership for hospital expansion, new service lines, physician alignment, and strategic initiatives.
- Foster a culture of accountability, collaboration, and continuous improvement.
Financial OperationsDirect and oversee all hospital financial operations, including:
- General Accounting
- Financial Reporting
- Financial Planning & Analysis (FP&A)
- Budgeting and Forecasting
- Treasury and Cash Management
- Payroll
- Accounts Payable
- Capital Asset Management
- Fixed Assets
- Internal Controls
- Financial Systems
Ensure timely preparation of:
- Monthly financial statements
- Annual operating and capital budgets
- Cash flow forecasts
- Variance analyses
- Board reports
- Regulatory financial reports
- Annual audited financial statements
Revenue Cycle OversightProvide executive oversight of revenue cycle operations, including:
- Patient Financial Services
- Patient Access
- Health Information Management (HIM)
- Clinical Documentation Improvement (CDI)
- Coding
- Billing
- Collections
- Denial Management
- Revenue Integrity
Monitor and improve key performance indicators including:
- Days in Accounts Receivable (AR)
- Net Collection Rate
- Clean Claim Rate
- DNFB (Discharged Not Final Billed)
- DFNC (Discharged Final Not Coded)
- Bad Debt
- Cash Collections
- Point-of-Service Collections
- Revenue Capture
Collaborate with revenue cycle vendors and hospital leadership to maximize reimbursement and improve operational efficiency.
Healthcare ReimbursementOversee reimbursement strategies related to:
- Medicare
- Medicaid
- Commercial Insurance
- Managed Care
- Self-Pay
- Medicare Cost Reports
- Medicaid Cost Reports
- Supplemental payment programs (LIP, DSH, UPL, DPP, and applicable state programs)
- Value-Based Purchasing
- Quality incentive programs
Analyze reimbursement trends and recommend strategies to optimize revenue.
Financial Planning & Analysis- Lead the annual budget and long-range financial planning process.
- Prepare monthly financial forecasts and cash flow projections.
- Analyze hospital financial performance and operational trends.
- Evaluate service line profitability and physician practice performance.
- Develop productivity and labor analyses.
- Identify opportunities to improve operating margins and reduce costs.
Treasury & Capital Management- Manage hospital cash flow and liquidity.
- Oversee banking relationships and treasury operations.
- Monitor debt obligations and financial covenant compliance.
- Develop capital expenditure plans.
- Evaluate return on investment (ROI) for capital projects and new service lines.
Compliance & Internal Controls- Ensure compliance with Generally Accepted Accounting Principles (GAAP).
- Maintain strong internal controls and financial governance.
- Coordinate annual independent audits.
- Ensure compliance with CMS, Medicare, Medicaid, state regulations, and other applicable healthcare requirements.
- Support enterprise risk management initiatives.
