The Hospital CFO is an integral part of the senior leadership team and expected to participate in the financial and functional decision making processes necessary for the successful attainment of the facility’s operational and financial goals. The Hospital CFO has responsibility and is accountable for overall financial operations and is responsible for all aspects of the day to day fiscal management of the facility.
- Ensures that monthly financial statements are completed timely and accurately.
- Ensures that all balance sheet accounts are reconciled on a monthly basis and in compliance with company policies and standards and that any outstanding variances are identified and corrected timely.
- Prepares corporate required reports (including the Monthly Operating Report, Monthly Certifications, Corporate Disclosures, Forecasts) timely and accurately.
- Ensures all accounting and business office policies and required internal controls are in place to facilitate a clean audit with no material audit adjustments or deficiencies found. Ensures that all approval processes are in place.
- Directs the operations of the Revenue Cycle to ensure that accounts receivable are collected timely and uncompensated care is kept to a minimum. Strives to achieve goals for cash collections and AR days and to reduce bad debt and denials. Routinely reviews revenue cycle metrics to proactively identify and address issues affecting overall performance.
- Is actively involved in ensuring Front End Revenue Cycle processes are in place including ensuring the insurance verification is completed on 100% of patients, working with the Financial Counselor to ensure proper determination of patient portions and approval of any discounts or charity and proper logging of upfront collections.
- Maintains a thorough working knowledge of federal, state and managed care reimbursement methodologies to ensure that facility is paid accurately and revenue deductions are recorded accurately. Facilitates preparation of any required cost reports.
- Supervises Accounting, Patient Accounting, Health Information Management, Materials Management and other departments assigned by the CEO. These departments may include, but are not limited to, Health Information Management, Materials Management, and Human Resources. Ensures department is adequately staffed and trained.
- Ensures compliance with Group Purchasing contract and monitors purchases to ensure supply costs are kept to budgeted levels.
- Prepares annual operating budget and participates in the annual strategic planning process which serves as a basis for the budget. Provides ongoing analysis of variances from budget and assists the CEO in implementing changes needed to achieve budget goals.
- Prepares annual capital budgets and Capital Equipment Requests. Ensures assets and related depreciation is recorded accurately and in compliance with company policies.
- Provides financial leadership and guidance to facility managers. Trains managers on financial matters and provides routine feedback regarding department performance.
- Bachelor’s degree in Accounting or business related field with major in Accounting.
- Minimum 3 years successful CFO experience in a healthcare setting required.
- Previous Behavioral healthcare experience highly preferred.
- Previous experience with a proprietary healthcare system highly preferred.
- CPA or Master’s degree a plus.
- Proven financial analysis skills.
- CFO: 3 years
- CFO level within an acute care facility: 3 years