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Hospital Chief Financial Officer
Beverly, MassachusettsOrganization Facility: Beverly Hospital Category: General Finance Job ID: JR449 Date posted: 10/01/2022
When you join the growing BILH team, you're not just taking a job, you’re making a difference in people’s lives.
Hospital Chief Financial Officer (CFO)
Job Summary: The Chief Financial Officer (CFO) is an executive management position reporting directly to the SVP, Operations CFO of the BILH system with a dual reporting relationship to the hospital President. The Chief Financial Officer is responsible for the development, interpretation, coordination and administration of the organization's policies and practices on finance, revenue cycle, accounting, insurance, managed care contracting, patient access (registration), patient financial services, internal controls, contracting/purchasing, auditing, and health information management. Responsible for the maintenance of records and procedures required to adequately safeguard the assets of the organization. Serves as a member of the Senior Leadership Team of the medical center and participates in strategic planning, which is compatible with the organization's objectives and financial business plan. The CFO demonstrate full support of the Beth Israel Lahey Health mission through demonstrated measurable results and conduct consistent with the mission statement and strategic plan.
The following statements are intended to describe the general nature and level of work being performed by individuals assigned to this position. They are not intended to be an exhaustive list of all duties, responsibilities and skills required of this position.
1. Leads, manages and directs all financial activities in coordination with the SVP, Operations CFO of the BILH system. In alignment with the system, plans, organizes, coordinates and controls financial policies for the institution to control receipt of revenue, expenditure of funds, and conservation of organization's assets.
2. Participates as a member of the business operations leadership team in developing and implementing short- and long-range strategic goals, objectives and plans, in concert with organizational goals that contribute toward market growth, revenue enhancement, cost containment and maximizing productivity.
3. Establishes long and short-range operational and capital budgets, which are supported by the hospitals long and short range plans and objectives. Provides adequate cash liquidity and forecasting to meet operating and capital expenditures.
4. Provides financial leadership to hospital managers, directors, officers, and physician leaders that will enroll support, create ownership of goals, and encourage active participation in decisions that impact the hospital. Monitors performance to ensure fiscal responsibilities are fulfilled.
5. Contributes financial expertise in the planning of new services that generate additional sources of profitable revenue, including service demand analyses, resource availability analysis, and cost benefit analysis of proposed capital and staff expansions.
6. Serves as the finance lead for the hospital in contract negotiations for hospital based physician services as well as all other purchased services.
7. Works with senior leaders to plan, promote and conduct organization-wide performance improvement activities, makes recommendations for action, develops action plans, and measures against performance metrics.
8. Manages costs by continually seeking data that will identify opportunities and take action to eliminate non-value costs in conjunction with the hospital's President, Chief Operations Officer, Chief Nursing Officer, and physician leaders.
9. Serve as the key stakeholder for productivity management. Works with senior team to develop and implement successful strategies to manage the staffing levels to appropriate standards.
10. Participate in the hospital's monthly operation reviews as well as participate in system office meetings as deemed necessary.
11. Represent the hospital at meetings including medical staff, hospital board of director meetings as well as relevant community meetings as needed.
12. Provide formal or informal direction in care management, utilization review, clinical documentation improvement, performance improvement, distributed systems, supply chain and medical records as well as other departments as deemed necessary.
13. Partners with hospital President, Chief Operations Officer, and physician organization leaders to identify and validate physician recruitment/replacement needs in the market and provides the corresponding proforma(s). Actively works with stakeholders to identify opportunities for increased employed physician productivity, support providers working to the top of their license, and makes recommendations for improvement.
14. Serve as the finance liaison with the centralized and system business functions including Revenue Cycle, Accounting, Accounts Payable, Payroll, Budgeting and Analysis (Decision Support), and Supply Chain as well as other corporate functions as needed.
15. Ensures the hospital meets necessary financial regulatory and compliance requirements.
16. Other duties as assigned.
1. Bachelor's degree in Accounting/Finance required AND Master's degree in Accounting/Finance/Business OR Certificate of Public Accounting (CPA) required.
2. Minimum of 5-8 years related work experience required and 5-8 years supervisory/management experience required.
3. Must also be able to interpret and communicate effectively to the Finance Committee and Board regarding all financial statements and other financial/reimbursement issues.
4. Must be able to plan, manage and establish an esprit de corps in his/her area of responsibility.
5. 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 the areas of his/her responsibility.
6. Advanced technical computer skills as required for technical support specific to functional area and related systems.
7. Previous financial leadership experience in an acute care medical center required Experience in an academic medical center or major teaching hospital preferred.
1. Decision Making: Ability to make decisions with significant, broad implications for the management and operations of a major department or multiple departments. Participates in decisions on overall strategy and direction of the organization.
2. Problem Solving: Ability to address problems that are broad, complex and abstract, often involving Medical Center-wide issues and requiring substantial creativity, resourcefulness, staff engagement, Lean diagnostic techniques, negotiation and diplomacy to develop solutions.
3. Independence of Action: Ability to set direction and vision for major departments or multiple departments. Establishes priorities, develops policies and allocates resources.
4. Written Communications: Ability to communicate complex information in English effectively in writing to all levels of staff, management and external customers across functional areas.
5. Oral Communications: Ability to verbally communicate complex concepts in English and address sensitive situations, resolve conflicts, negotiate, motivate and persuade others.
6. Knowledge: Ability to demonstrate broad and comprehensive knowledge of theories, concepts, practices and policies with the ability to use them in complex and/or unprecedented situations across multiple functional areas.
7. Team Work: Ability to lead and direct multiple collaborative teams for large projects or groups both internal and external to the Medical Center and across functional areas. Results have significant implications for the management and operations of the organization.
8. Customer Service: Ability to lead operational initiatives to meet or exceed customer service standards and expectations in assigned unit(s) and/or across multiple areas in a timely and respectful manner.
9. Work requires periods of close attention to work without interruption. Concentrated effort of up to 4 hours without break may be required.
10. Work is varied every day and the employee needs to be adaptable to respond to these changes and use independent judgment and manage priorities.
11. No substantial exposure to adverse environmental conditions
12. Health Care Status: NHCW: No patient contact.- Health Care Worker Status may vary by department
Close work (paperwork, visual examination), Color vision/perception, Visual monotony, Visual clarity > 20 feet, Visual clarity <3 feet.
Sedentary work: Exerting up to 10 pounds of force occasionally in carrying, lifting, pushing, pulling objects. Sitting most of the time, with walking and standing required only occasionally.
This job requires frequent sitting, Power Grasping using both hands, Fine Manipulation using one hand, Keyboard use. There may be occasional walking.