When you join the growing BILH team, you're not just taking a job, you’re making a difference in people’s lives.
As part of BILH’s Metro Boston Division, the Chief Financial Officer (CFO) for Mount Auburn Hospital is an executive role that reports directly to the SVP/CFO, Finance Operations, of Beth Israel Lahey Health (BILH), who maintains day-to-day financial oversight of the BILH Metro Boston Division as part of their role, and also has a dual reporting line to the President of Mount Auburn Hospital. The Chief Financial Officer is responsible for developing, interpreting, coordinating, and managing the organization’s local financial policies, practices, and activities. They oversee the maintenance of records and procedures to adequately protect the organization’s assets. The CFO is a member of the Hospital Senior Leadership Team and participates in strategic planning that aligns with the organization’s objectives and financial business plan. The CFO demonstrates full support for the Beth Israel Lahey Health mission through measurable results and acts consistently with the mission statement and strategic plan. Primary Responsibilities:
Job Description:
- Leads, manages, and directs all financial activities in coordination with the SVP, Operations, and CFO of the BILH system. In alignment with the system, plans, organizes, coordinates, and controls financial policies for the institution to manage the receipt of revenue, the expenditure of funds, and the conservation of the organization's assets.
- Participates as a member of the business operations leadership team in developing and implementing short- and long-term strategic goals, objectives, and plans, aligned with organizational goals that promote market growth, revenue enhancement, cost containment, and maximum productivity.
- Establishes long- and short-term operational and capital budgets, supported by the hospital’s long- and short-term plans and objectives. Ensures sufficient cash liquidity and accurate forecasting to cover operating and capital expenses.
- Provides financial leadership to hospital managers, directors, officers, and physician leaders that will garner support, foster ownership of goals, and encourage active participation in decisions that impact the hospital. Monitors performance to ensure fiscal responsibilities are met.
- Provides financial expertise in planning new services that create additional profitable revenue streams, including service demand analyses, resource availability assessments, and cost-benefit analyses of proposed capital and staff expansions.
- Acts as the finance lead for the hospital in contract negotiations for hospital-based physician services and all other purchased services.
- Collaborates with senior leaders to plan, promote, and implement organization-wide performance improvement initiatives, offers recommendations for actions, develops action plans, and tracks progress against performance metrics.
- Manages costs by continuously seeking data that identifies opportunities and taking action to eliminate non-value costs in collaboration with the hospital's President, Chief Operating Officer, Chief Nursing Officer, and physician leaders. Serve as the key stakeholder for productivity management. Develop and implement successful strategies to manage the staffing levels to appropriate standards.
- Attend the hospital's monthly operation reviews and participate in corporate office meetings as needed.
- Represent the hospital at meetings, including medical staff, hospital board of directors, and relevant community meetings, as needed.
- Provide guidance, either formal or informal, in areas such as care management, utilization review, clinical documentation improvement, performance improvement, distributed systems, supply chain, medical records, and other departments as needed.
- Partners with hospital President and physician organization leaders to identify and validate physician recruitment and replacement needs in the market, and provides the corresponding proforma(s). Actively collaborates with the physician organization to identify opportunities for increased employed physician productivity and offers recommendations for improvement.
- Serve as the Finance liaison with centralized and corporate business functions, including Revenue Cycle, Accounting, Accounts Payable, Payroll, Budgeting and Analysis (Decision Support), and Supply Chain, as well as other central functions as needed.
- Ensures the hospital complies with essential financial regulatory and compliance standards.
- Other duties as assigned.
Required Qualifications:
- Bachelor's degree in Accounting/Finance required AND Master's degree in Accounting/Finance/Business OR Certificate of Public Accounting (CPA) required.
- Minimum of 5-8 years’ related work experience required, and 5-8 years’ supervisory/management experience required.
- Must also be able to interpret and communicate effectively to the Finance Committee and Board regarding all financial statements and other economic/reimbursement issues.
- Must be able to plan, manage, and establish an esprit de corps in their area of responsibility.
- Must have analytical and problem-solving skills, as well as the ability to work and communicate effectively with all levels of management both within and outside their areas of responsibility.
- Advanced technical computer skills as required for technical support specific to the functional area and related systems.
Preferred Qualifications:
- Previous financial leadership experience in a complex teaching hospital setting.
Pay Range:
$261,100.00 USD – $287,500.00 USD
The pay range listed for this position is the annual base salary range the organization reasonably and in good faith expects to pay for this position at this time. In addition to base compensation, this position may be eligible for additional compensation, which may include performance-based incentive bonuses.
