Top Division Financial Executive is responsible for developing the overall financial policies for a division. Provides strategic direction of all financial functions, including accounting, budget, credit, insurance, tax, and treasury. Being a Top Division Financial Executive ensures that proper financial controls are in place and that financial transactions support the overall business strategy while conforming with applicable laws and regulations. Designs and coordinates a wide variety of accounting and statistical data and reports. Additionally, Top Division Financial Executive requires a master's degree in accounting or finance. Typically reports to top management. The Top Division Financial Executive manages a departmental function within a broader corporate function. Develops major goals to support broad functional objectives. Approves policies developed within various sub-functions and departments. To be a Top Division Financial Executive typically requires 8+ years of managerial experience. Comprehensive knowledge of the overall departmental function. (Copyright 2024 Salary.com)
POSITION SUMMARY
The Division Chief Financial Officer (CFO) is responsible for the financial leadership of the Medical Group of the Carolinas (MGC) including the strategic design and administration of all physician compensation programs. The position will report to the System VP of Finance with a matrixed reporting relationship to Medical Group of the Carolinas (MGC) Executive leadership.
The CFO is responsible for the development and administration of provider contracts and works with MGC leadership to develop contracts as necessary following all federal and state guidelines and oversight requirements of all regulatory agencies. The contracts will be developed in coordination with senior leadership and within the parameters of the compliance department to ensure the contracts are representative of the best practice standards and are in line with all legal requirements.
The CFO will be responsible for the financial reporting of the MGC Division in collaboration with the System Accounting Department. The CFO will lead staff in providing monthly financial reviews. Those reviews will consist of physician and other provider compensation review, net revenue, and the general overall operating performance of each individual practice. The CFO will provide financial updates and reviews of the MGC Division and its departments on a routine and requested basis for strategic planning of services. The CFO will develop compensation plans and incentives, direct the preparation of compensation models, document fair market value and commercial reasonableness, administer physician contracts and associated reporting, create, and maintain policies and best practices, and monitor industry trends involving physician compensation. Additionally, the CFO will ensure physician compensation models and practices are effective, well understood, compliant with applicable state and federal laws and regulations, and align with MGC's physician compensation philosophy and with strategic objectives.
The CFO will lead a team that provides contract oversight that will include employed physicians and allied health professionals, independent groups, individual physicians, non-physicians, and possibly other entities who are healthcare related but provide no direct patient services. As needed, position may be required to communicate and negotiate directly with physicians and other healthcare professionals in relation to the terms and conditions of contract. Position may be required to meet with physician management, managers, or executives regarding specifics of contracts.
The CFO will serve as a consultative partner with leaders across the organization and have comprehensive knowledge of the application of various compensation and benefits best practices in a large scale, matrix organization. The CFO should have experience with a variety of physician compensation models and contract models and will provide leadership support to MGC operational department managers, meeting with them regularly to provide guidance and communication related to contracts and other areas of MGC finance.
The CFO will approve payments for contracts in cases where payment levels require such per policy. The CFO may also be required to develop and maintain policies specific to the role and function of the position.
The CFO will lead the operations support efforts of the finance division for MGC. The CFO will work with finance and executive leadership to develop an annual operating budget to include physician compensation plans and MGC practice operations and will provide recommendations and analytical support to operational leaders in MGC to support superior financial performance.
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