The CFO reports directly to the board of directors and hospital administrator. The CFO will oversee all financial aspects, including accounting, accounts payable, payroll, materials management, patient accounting and revenue cycle management for the hospital, clinics, and other areas of operation. The candidate should have extensive knowledge of revenue and cash management processes including billing, collections, coding, medical records, accounts receivable, accounts payable, financial reporting and month-end close processes. The CFO will also oversee the information systems of the facility. The candidate should possess the skills to analyze and complete financial reports and budgets, Medicare cost reports, managed care contracts and internal/external audits, and have knowledge of coding and third-party regulations.
Responsibilities
- Oversee and prepare financial reporting, ensuring accurate coding of revenue and expenses from all areas of the hospital, clinics, and other hospital-operated organizations.
- Prepare month-end journal entries, bank and general ledger account reconciliations, and ensure accuracy of information flowing into the general ledger from all departments and subsidiaries. Ensure that all balance sheet accounts are reconciled on a monthly basis and that internal controls are in place to facilitate a clean audit opinion.
- Coordinate an annual audit of hospital finances and provide information to external auditors as requested.
- Coordinate cost report preparation and prepare financial reports as needed for this process and as requested by those preparing the cost report.
- Oversee all functions of the revenue cycle, business office, medical records, and cash collections. Direct and convene regular revenue cycle meetings to ensure collaboration and communication among those involved in the process. Work to increase the company’s collections and cash flow.
- ACA Compliance Reporting; Working knowledge of relevant regulatory requirements, including, but not limited to, CMS regulations, Medicare Conditions of Participation, EMTALA, Medicare fraud and abuse, Stark regulations, state licensing regulations, and other rules and regulations pertaining to financial areas of the hospital.
- Oversee overall financial operations of the organization, including accounting, budgeting, audits, tax and other financial planning activities, including management of respective department heads.
- Be an active participant on the leadership team in developing and implementing policies and procedures, short- and long-range goals, objectives and plans.
- Provide financial leadership to hospital managers, directors and board of managers that will enroll support, create ownership of goals, and encourage active participation in decisions that impact the hospital organization.
- Ensure the company meets necessary financial, regulatory and compliance requirements.
- Contribute financial expertise in the planning of new services that generate additional sources of profitable revenue.
- Supervise and coordinate departmental operations and personnel in accordance with EHS standards with those departments assigned.
- Supervise payroll, payroll taxes, and other reporting to local, state, and federal agencies.
- Coordinate the completion of Productivity Reports for management to include staff contract hours and statistics by department.
- Assist in planning, promoting and conducting organization-wide performance improvement activities.
- Represent the company at meetings including medical staff, hospital board of director meetings as well as relevant community meetings as needed.
- Participate in the hospital's monthly operation reviews as well as participating in corporate office meetings as deemed necessary.
- Perform other duties as assigned
Qualifications:
- Must possess a Bachelor's degree in Accounting or Finance from an accredited institution. (Master's degree preferred).
- Previous CFO level or equivalent experience required in hospital or healthcare setting (critical access hospital experience preferred). Minimum 10 to 15 years of related experience and/or training; or equivalent combination of education and experience. Must be proficient in written and verbal communication skills. Ability to establish and maintain effective working relationships with hospital district staff and community. Must have 3-5 years’ experience in leadership role.