Chief Patient Financial Services Officer
2 weeks ago
The Chief Patient Financial Services Officer (CPFSO) oversees all functions related to patient financial management within both hospital and physician practices. The CPFSO will evaluate and formulate strategies aimed at enhancing revenue streams and managing patient accounts effectively. This role is accountable for strategic planning, regulatory compliance, and operational execution for all financial services activities conducted in the Central Business Office, which encompasses billing, follow-up, denial management, credit balance oversight, and vendor payment coordination. The CPFSO advocates for continuous process improvement initiatives and policy formulation across departments and the organization. The primary objective is to deliver high-quality, customer-centric, and cost-efficient services, ultimately maximizing cash flow.
Qualifications:
Education:
- Bachelor's degree in Accounting, Finance, or a closely related discipline is required; alternatively, an additional 5 years of leadership experience in a healthcare Central Business Office may substitute for a total of 15 years.
- A Master's degree is preferred.
- A minimum of 10 years of experience in a hospital or physician practice group business office setting.
- Familiarity with fundamental management principles is preferred.
- Understanding of program development and administration is preferred.
No specific licensure or certification required.
Key Responsibilities:
- Oversee aged accounts receivable balances and implement necessary procedures to ensure optimal cash flow.
- Provide continuous feedback to upstream operations regarding issues impacting DNFB efficiency and timely reimbursement.
- Monitor DNFB credit balances, ensuring prompt resolution and/or refunds to patients and/or payors as appropriate.
- Lead efforts in identifying, appealing, and proactively mitigating denials from payors.
- Act as an internal change agent and advocate for areas of improvement.
- Exhibit leadership qualities and critical thinking through self-directed initiative and effective interpersonal and communication skills.
- Collaborate effectively with colleagues, physicians, executives, and department heads.
- Utilize strong organizational skills effectively.
- Demonstrate proficiency in technology and PC skills, including Microsoft Outlook, Excel, and Word.
- Regularly exercise independent judgment in decision-making.
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