Chief Financial Officer

Work Schedule:

40 hours per week
Monday- Friday, Days
Salary Range:
$188,000 - $282,000

Job Purpose:


The Chief Financial Officer (CFO) serves as the primary financial officer for Island Health reporting to the Chief Executive Officer.
This role assists in developing and maintaining a strategic financial plan and annual operating and capital budgets; performs the financial analysis of new programs, acquisitions and business development, and the revenue management and preparation of financial statements in compliance with the healthcare industry standards.
Provides oversight of Finance, Patient Accounts, Revenue Cycle (Patient Access, Medical Records and Coding), Information Systems and Materials Management.


Duties:
Overall responsibility for viability, productivity, audit control/trails for fiscally related systems/programs at Island Hospital to include update of these systems as necessary to meet regulatory requirements, enhance productivity, accuracy and cash flow.
Ability to address/evaluate competitive programs, managed health care systems (PPO, HMO, IPA, etc.
) and potential revenue producing programs for the hospital and/or the hospital district.


Direct supervision of the Controller and overall knowledge of the accounting, data processing functions/operations, payroll; status of personnel (training, review performance evaluations, hire/fire activities), through routine formal and informal meetings with controller.

Responsible for establishing guidelines (with administration approval) for the annual budget.
•Develops the Washington State Hospital Commission budget with the final budget recommended to the board after formal meetings with departmental managers and approval by the CEO.

Prepares final cost report(s) for submittal to appropriate agencies
Assuming a lead role in analyzing and exploring means of reducing hospital operating costs and increasing revenues based on knowledge of market trends, financial reports and operating procedures.

Directing the preparation of internal financial reports, and ensuring that the reports reliably reflect the financial position of the hospital.

Directing the timely submission of all financial data associated reports required by government and other regulated agencies including payroll tax reports, public disclosure reports, and third party payor cost reports.

Identifying and reporting undesirable trends and potential business opportunities and making recommendations for action.

Manages Accounting & Financial Functions By :
Assisting the CEO in the development of long and short range hospital operations plans which may include service demand analyses, resources availability analyses, productivity, and cost benefit analyses of proposed capital and staff expansions.

Developing long and short-range operational and capital budgets that are supported by the hospitals long and short-range plans and objectives.

Directing the preparation of hospital statistical reports, budgets, and financial reports.
•Administering the general accounting, patient business services, including third party reimbursement, financial, and statistical reporting functions of the hospital in accordance with established policies and accounting procedures.

Providing informal direction in data processing, distributed systems, material management and medical record functions.
Monitoring performance to ensure fiscal responsibilities are fulfilled.

Forecasting the impact of business decisions and expected outcomes on all financial results.

Monitoring financial and economic information to identify trends and indicators that may influence business operations, planning, investments, and so forth.

Communicating financial operational performance with all stakeholders, including senior administration, board of commissioners, appropriate facility staff members.

Reviewing of denials issues and trends for maximizing net reimbursement for Facility.

Maintaining accuracy of charge master.

Reviewing contracts, purchase agreements, and other financial arrangements to ensure compatibility with business goals and expectations about profitability.

Skills/Qualifications:
Knowledge of practices and theories to direct the financial operations of a department and formulate goals and objectives consistent with federal, state, and local guidelines.

Knowledge of management principles and theories.

Knowledge of provider billing practices and understanding of healthcare reimbursement methodologies.

Skill in establishing and maintaining effective working relationships with employees and the public.

Skill in exercising a high degree of initiative, judgment, discretion and decision-making to achieve organization objectives.

Skill in evaluating organization operations as they relate to policies, goals and objectives, cost and staffing levels.

High level of emotional intelligence and ability to both listen and communicate effectively across the organization as well as with community members and the public overall.
Confident and comfortable engaging with patients, volunteers, staff members, leadership and Board members.

Ability to create an atmosphere that encourages innovation and high performance.

Ability to delegate responsibility and authority to staff.

Ability to motivate subordinates to achieve personal and professional goals through practice of continuous quality improvement.

Effective public speaker, skilled in managing meetings, timelines and juggling a full calendar with competing demands for time and resources.

Knowledge of financial markets (e.
g.
, primary and secondary markets, monetary and fiscal policy, security analysis).

Skill in communicating the goals of a work group or business unit to team members so that individual work behavior is aligned with broader strategies.

Skill in conveying to others the feeling that their work is valued and that they are important members of the team.

Skill in setting priorities and developing a work direction.

Skill in recognizing the broad or long-term implications of business decisions and plans.

Skill in recognizing strategic business opportunities resulting from changes in the economic, technological, political/legal, or social environments.

Experience and knowledge of high reliability organization preferred.

Experience and knowledge of the Studer principles.

Experience with lean, six sigma or other process improvement philosophies.

Demonstrates knowledge of the principles of growth and development over the life span and can identify each employee's/customer's requirements relative to his/her age-specific needs
Requirements:
Master's Degree in Healthcare Administration, Business Administration, or equivalent
10 years of progressive related professional experience, with a minimum of five years of leadership experience supervising multiple programs.

Previous for-profit or non-profit facility experience to be considered, with previous public hospital district experience preferred.

Certified Public Accountant preferred.

NIMS Training:
ICS-100, ICS-200 and ICS-700 completed within 6 months of hire.