Chief Financial Officer

5 days ago


Madison, United States Pivotal Solutions Full time

Chief Financial Officer

About the job

The Chief Financial Officer (CFO) plays a crucial role in ensuring the financial health and asset protection of the organization. This position serves as a key advisor to the Board of Directors and Senior Management, particularly collaborating with the CEO on financial and operational matters.


Key Responsibilities:

  • Oversee Corporate Finance, reimbursement processes (including Medicare Cost Report submissions), accounting, payroll, financial statement preparation, budgeting, managed care contracting, cash management, and materials management.
  • Supervise departments including Accounting, Accounts Payable, Materials Management, Revenue Cycle Management (including Admitting & Registration, Health Information Management, and Patient Financial Services), Human Resources, Managed Care Contracting, and Cash Management.
  • Foster collegial relationships with external auditors and Medicare cost report firms.


Financial Leadership:

  • Develop, oversee, and approve operating and capital budgets; authorize new and vacant positions based on productivity metrics while ensuring the integrity of financial reporting.
  • Maximize Medicare and Medicaid reimbursement through effective Cost Report preparation and conduct business analysis as necessary.


Critical Access Leadership:

  • Oversee the development and management of cost accounting systems that accurately reflect the unique financial structure of a critical access hospital.
  • Implement financial strategies that enhance the sustainability and operational efficiency of the critical access facility.
  • Collaborate with clinical and operational leaders to align financial goals with patient care objectives and community health needs.
  • Evaluate and advise on capital expenditures and investments that are critical to maintaining and enhancing hospital services in a rural or underserved area.
  • Engage with local stakeholders, including community leaders and health agencies, to align financial planning with community health initiatives and funding opportunities.
  • Ensure compliance with state and federal regulations specific to critical access hospitals, including reporting requirements and reimbursement policies.


Essential Duties:

  • Direct the timely preparation of all financial statements, including income statements, balance sheets, tax returns, and reports for governmental agencies.
  • Analyze revenue and profit projections against actual performance and budgeted expenses, making recommendations to realign negative results.
  • Identify areas for operational improvement and potential restructuring within the hospital.
  • Ensure transparency and integrity in the organization’s financial performance.
  • Collaborate with the CEO to develop strategic long- and short-term operational plans.
  • Ensure compliance with funding agency reporting requirements and USDA debt covenants.
  • Monitor economic trends and regulatory changes to assess their impact on future growth.
  • Oversee fund investments aligned with Board-approved policies and coordinate with investment bankers for capital raising based on strategic plans.
  • Actively manage cash flow through Revenue Cycle Management, addressing denial issues, managed care contracting, and Cost Report preparation to optimize reimbursement.
  • Stay informed about legal issues affecting the hospital and the healthcare industry.


Other Responsibilities:

  • Serve as a key member of the Senior Executive Staff.
  • Provide financial and regulatory guidance to the Board and Senior Management.
  • Act as the liaison between Senior Management and the Board Finance Committee.
  • Function as the Treasurer for the Foundation.
  • Manage the organization’s day-to-day fiscal operations.


Qualifications:

  • 10+ years of experience leading financial operations in a critical access hospital or healthcare system, with significant supervisory experience in a CFO role or as a Vice President/Director.
  • Bachelor’s degree in Accounting or Business Administration; CPA certification and CAH experience are preferred.
  • Proficiency in Microsoft Office and financial reporting software.
  • Exceptional verbal and written communication skills.
  • Proven ability to collaborate with Boards of Directors, bankers, and financing agencies, demonstrating strong leadership within the organization.



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