Chief Financial Officer (CFO), Healthcare Facility
The Chief Financial Officer (CFO) is an integral member of the senior leadership team, responsible for the overall financial and fiscal management of a major healthcare facility. This is a critical leadership position that actively participates in the financial and functional decision-making processes necessary for the successful attainment of the facility’s operational, clinical, and financial goals.
The CFO is accountable for all day-to-day fiscal operations, reporting, revenue cycle performance, and strategic budgeting. This position reports directly to the facility's Chief Executive Officer (CEO).
On-site, 5 days per week.
Seniority: Executive Level
Ensure the timely and accurate completion of all monthly financial statements and corporate-required reports (including monthly operating reports, certifications, disclosures, and forecasts).
Maintain impeccable financial integrity by ensuring all balance sheet accounts are reconciled monthly, in compliance with corporate policies and standards, with timely identification and correction of all outstanding variances.
Establish, implement, and rigorously enforce accounting and business office policies, procedures, and internal controls to guarantee a clean annual audit with no material adjustments or deficiencies.
Oversee and approve all computer access privileges (SAF’s) to maintain system security and ensure access is terminated for departing employees.
Direct the entire Revenue Cycle operation to ensure timely collection of accounts receivable, minimization of uncompensated care, and optimization of net revenue.
Proactively monitor and analyze key revenue cycle metrics (e.g., cash collections, AR days, bad debt, and denial rates) to identify issues and implement immediate, effective corrective actions.
Ensure Front End Revenue Cycle processes are fully effective, including 100% insurance verification, accurate determination of patient financial portions, proper approval of discounts/charity care, and effective upfront collection logging.
Maintain expert working knowledge of federal, state, and managed care reimbursement methodologies to ensure accurate facility payment and precise recording of revenue deductions.
Actively participate in managed care contracting and other business development activities to maximize net revenue.
Lead the preparation of the annual operating budget and participate in the annual strategic planning process that serves as the basis for the budget.
Provide ongoing, in-depth analysis of variances from budget and collaborate with the CEO and department managers to implement necessary changes to achieve financial goals.
Prepare annual capital budgets and Capital Equipment Requests, ensuring assets and related depreciation are accurately recorded.
Provide financial leadership, guidance, and training to facility managers, offering routine feedback regarding departmental financial performance and productivity goals.
Ensure compliance with Group Purchasing contracts and monitor purchasing to keep supply costs within budgeted levels.
Serve as a trusted strategic partner to the CEO, ensuring open communication and positive collaboration to achieve facility objectives.
Supervise and lead the Accounting, Patient Accounting, Health Information Management (HIM), Materials Management, and any other assigned departments. Ensure departments are adequately staffed, trained, and managed.
Provide financial expertise and conduct pro-forma analysis for planning and launching new services.
Maintain a current, thorough knowledge of healthcare industry trends and regulatory changes to ensure the facility remains prepared and compliant.
Education: Bachelor’s degree in Accounting or a business-related field. Master’s degree preferred.
Experience: Minimum 3 years of successful CFO experience in a healthcare setting is required , specifically managing facility-level financial operations. (10+ to 15 years total experience desired).
Seniority: Management/Executive level experience required.
Preference: Previous experience in the proprietary (for-profit) healthcare system environment is highly preferred.
Preference: Previous Behavioral healthcare experience is highly preferred (specifically for profit, inpatient beds).
Proven, advanced financial analysis skills and ability to think strategically and solve complex problems.
Demonstrated ability to lead and manage a multi-level team , including hiring, performance accountability, and corrective action.
Expert knowledge of Month End Close procedures and Expense Management .
Excellent written and verbal communication skills, including the ability to influence and train facility managers.
Ability to lead with a high degree of emotional intelligence and ethics.
Proficiency with information technology and software packages, including Microsoft Excel and Word.
Ability to work professionally with sensitive, proprietary data while maintaining strict confidentiality.
CPA Designation is highly preferred.