Chief Financial Officer

1 week ago

Emmett, United States Valor Health Full time
Position Title: Chief Financial Officer (CFO)

Department: Administration

Supervisor's Title: Chief Executive Officer (CEO)

I. Position Summary:

The Chief Financial Officer (CFO) will be responsible for overseeing the financial operations and strategic financial planning of the organization. This executive role assumes all responsibilities of a fiscal nature without immediate and continuous supervision which involves managing budgeting, forecasting, financial reporting, and financial compliance to ensure the organization's fiscal health and sustainability. The CFO will collaborate with the executive team to develop and implement financial strategies that support the organization's mission and goals. Key responsibilities include monitoring financial performance, optimizing resource allocation, ensuring regulatory compliance, and providing financial insights to guide decision-making.

Plans, organizes, and directs the Financial Services and other operational Departments including the development, interpretation, coordination, and administration of health system policies on finance, accounting, financial/accounting systems, internal controls and auditing.

II. Principal Functions and Responsibilities:
  • Leads change and supports company culture in all aspects of the job. Promotes the well-being of Valor Health as a visible leader to Managers, Employees, and Board Members.
  • Is a servant leader first and foremost and consistently solving problems through fostering an environment of trust and collaboration, understanding the story behind the numbers.
  • Manages the following departments: Accounting/Finance, Revenue Cycle, IT, Dietary, Materials Management, Pharmacy, Facilities/EVS, and others as assigned.
  • Works with front line leaders to help them understand how their operational decisions impact the finances of the organization. Provides training and education as needed to empower leaders to be successful business owners of their own departments.
  • Thinks strategically about the short- and long-term goals of Valor Health and ensures that daily decision making around financial operations are aligned to those strategic initiatives.
  • Leads various projects throughout the health system and is a key participant and owner in creating and executing the strategic plan. Oversees accounting systems to provide complete and accurate records of organization assets, liabilities, and financial transactions. Evaluates accounting and patient accounting procedures for quality control and to plan methods for ensuring timely receipt of payments on outstanding accounts, reducing costs of accounting operations, and expediting flow of work.
  • Prepares organization operating and capital budgets for approval. Directs compilation of data and preparation of financial and operating reports for planning effective administration of organization activities. Ensures system of journal entries is well organized, easy to understand, and follow accounting standards for accrual accounting. Responsible for timely preparation and review of all financial reports and statements for the Hospital Board, Committees, and leadership to review. Prepares detailed analyses of financial statements to reflect variances in income, expenditures and capital asset values. Recommendations means of controlling organization expenses and increasing revenues, based on knowledge of market trends, financial reports, and industry operating procedures
  • Manages and monitors cash balances to ensure proper reserves are kept in order to sustain operations, pay vendors, meet payroll, invest in capital, and achieve future strategic growth initiatives. Understands and oversees all processes, policies, procedures and software systems utilized throughout the health system as it relates to Accounting, Finance, Payroll, IT, Materials Management, Revenue Cycle, Pharmacy, Dietary, Facilities and EVS.
  • Works with external auditors, government agencies, and prepares related reports, as required, up to and including any files or reports needed by CMS, Department of Health and Welfare or any accrediting bodies to the organization. Continuously monitors Accounts Receivable and drives success through specific metrics and key performance indicators. Closely monitors, monthly, together with the patient accounting staff accuracy of contractual allowances accounting and the reasonableness of required reserve account balances.
  • Maintains current knowledge of healthcare finance and accounting, industry trends, regulatory changes, critical access hospital designations and reimbursement issues and develops reports and recommendations for change.
  • Assists with fixed assets and depreciation schedule preparation to insure timely monthly reporting and the ability to make year-end adjustments. Oversees Revenue Cycle leadership and is responsible for ensuring contracts with insurance payors are properly reviewed, negotiated and maintained for maximum financial performance of the health system.
  • Seeks out professional growth and development through seminars, workshops, and professional affiliations to keep abreast of latest trends in field of expertise.
  • Participates in organizational committees and hospital board meetings as needed.
  • Behaves according to Valor Health mission, vision, values, and cultural standards. Maintains positive and effective relations with co-workers, other departments, patients and visitors.
  • Performs all other duties as assigned by the CEO.
Requirements

III. Professional Requirements
  • Must have excellent leadership, management, organizational, and communications skills.
  • Experience is required in information systems used for general ledger, budgeting, accounts payable, payroll, report writing, and more.
  • Must be able to apply logical thinking principles to identify and define problems; develop processes and solutions; collect data; establish facts and draw valid conclusions; and deal with accounting abstract and concrete variables.
  • Must work calmly and efficiently under pressure, handling demands from multiple sources professionally and courteously.
  • Exhibits tact and understanding in all interpersonal relations. Demonstrates flexibility, adaptability and good problem-solving skills in a variety of settings.
IV. Position Qualifications/Requirement:
  • Minimum Education: Bachelor's degree in business administration with emphasis in accounting or equivalent related experience. Educational requirements may be waived if additional experience is deemed equivalent.
  • Preferred Education: Certified Public Accountant (CPA), master's degree in business administration (MBA), Finance, or Health Care Administration (MHA).
  • Preferred Minimum Experience and Skills: Three to five years of healthcare industry experience in a financial managerial position preferred. Critical Access Hospital experience preferred.
  • Physical Requirement: Sitting and working at a desk or computer keyboard, walking, lifting, reaching, hand eye coordination, speaking.
  • Working Conditions: Primarily works in an office setting. Potential exposure to patient elements in general.

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