Chief Financial Officer
Duties and Responsibilities
As part of the executive management team, the CFO will have interaction with various members of the organization including, but not limited to:
- Providing leadership, direction and management of the finance and accounting team
- Providing strategic recommendations to the CEO, members of the executive management team, Hospital Authority
- Managing the processes for financial forecasting and budgets, and overseeing the preparation of all financial reporting
- Advising on long-term business and financial planning
- Establishing and developing relations with senior management and external partners and stakeholders
- Reviewing all formal finance and IT related procedures
Strategy, Planning and Management
- Act as Chief Financial Officer and strategic business partner to senior executive leadership team.
- Assess and evaluate financial performance of organization with regard to long-term operational goals, budgets and forecasts.
- Provide insight and recommendations to both short-term and long-term growth plan of organization.
- Identify, acquire and implement systems and software to provide critical financial and operational information. Evaluate departments and make suggestions for automating processes and increasing working efficiency.
- Communicate, engage, and interact with Board of Directors, CEO, COO and Executive Leadership Team.
- Create and establish yearly financial objectives that align with the hospital’s plan for growth and expansion.
- Select and engage consultants, auditors and investors.
- Recruit, interview, and hire finance, accounting and payroll staff as required.
- Serve as a key member of executive leadership team and round table discussion panel.
- Participate in pivotal decisions as they relate to strategic initiatives and operational models.
- Interact with and bring department into line with Board of Directors’ plans, initiatives, and recommendations.
- Implement policies, procedures and processes as deemed appropriate by senior leadership team.
Financial Analysis, Budgeting and Forecasting
- Prepare and present monthly financial budgeting reports including monthly profit and loss by department/service line, forecast vs. budget by department/service line and weekly cash flow by department/service line.
- Review and analyze monthly financial results and provide recommendations.
- Identify, develop and execute analysis of business initiatives and/or new service offerings.
- Develop and maintain monthly operating budget and annual hospital operating budget.
- Manage financial planning and analysis and supervise creation of reports, software implementation and tools for budgeting and forecasting.
- Participate in conference calls with Lenders, Vendors and Executive Leadership Team.
Accounting, General Ledger, Administration and Operations
- Supervise the Accounting Department and Business Office to ensure the proper functioning of all systems, databases and financial software. Provide regular maintenance and backup of all accounting systems and supervise hospital financial staff.
- Review and ensure application of appropriate internal controls, SOX compliance and financial procedures.
- Ensure timeliness and accuracy of financial and management reporting data for federal funders, foundations, investors and hospital’s board of directors.
- Oversee the preparation and communication of weekly, monthly and annual financial statements.
- Oversee the preparation and timely filing of all local, state and federal tax returns.
- Ensure SOX compliance regarding all financial functions.
- Work with Human Resources and Risk Manager to ensure appropriate legal compliance.
- Oversee the month-end close process, constantly reviewing procedures while eliminating inefficiencies.
- Oversee preparation of monthly, quarterly and annual financial statements.
- Review all month-end closing activities including general ledger accounts, balance sheet accounts and overhead cost allocation.
- Enhance and implement financial and accounting systems, processes, tools and control systems
- Hire, develop, and manage accounting managers and staff
- Serve as a key point of contact for external auditors; Manage preparation and support of all external audits.
- Coordinate and strategize methods used to attain team goals with staff.
- Manage cash flow planning process and ensure funds availability.
- Oversee cash, investments, and asset management area.
- Explore new investment opportunities and provide recommendations on potential returns and risks.
- Maintain outstanding banking relationships and strategic alliances with vendors and business partners.
- Utilize forward-looking models and activity-based analyses to provide financial insight into the organization’s plans and operating budgets.
Financial Relations and Policies
- Engage finance committee and/or board of directors to develop short term and long term plans, projections, and budgets.
- Represent hospital to banks, financial partners, institutions, investors, public auditors, and officials.
- Remain current on audit best practices as well as state, federal, and local laws regarding hospital operations.
Finance and Accounting Team Management
- Mentor and develop a financial team managing work allocation, systems training, performance evaluations, and the building of an effective and efficient team dynamic.
- Guide larger, cross-departmental teams outside of direct span of control within the hospital system.
- Oversee weekly cash management and AP Department, approve large payables, sign checks, authorize large wires and ACHs
- Supervise Accounts Receivable management and provide guidance relating to the collection process
- Perform other duties as assigned or requested.
- Bachelor’s degree in Accounting, Finance or Economics
- Ten years' experience in the finance industry and managing a team. Must display a cohesive ability at interpersonal and communication skills, both verbally and written, be able to engage with staff at all levels of the organization, and exercise sound judgement.
- MBA preferred
- Adhere to dress code, appearance is neat and clean.
- Complete annual education requirements.
- Maintain patient confidentiality at all times.
- Report to work on time and as scheduled.
- Wear identification while on duty.
- Maintain regulatory requirements, including all state, federal and local regulations.
- Represent the organization in a positive and professional manner at all times.
- Comply with all organizational policies and standards regarding ethical business practices.
- Participate in performance improvement and continuous quality improvement activities.
- Attend regular staff meetings and in-services as needed.
Physical Requirements and Environmental Conditions
- May need to sit for up to 2-6 hours at a time
- Physically demanding, high-stress environment