Chief Financial Officer (CFO)

Purpose

The CFO is responsible for directing the fiscal functions of the corporation in accordance with generally accepted accounting principles. The CFO plans, coordinates and supervises the financial and accounting activities of the corporation to ensure an effective and efficient operation, practicing financial management using appropriate techniques and practices within regulatory and advisory standards.

Essential Job Functions

• Plans, develops, organizes, implements, directs and evaluates the organization’s fiscal function and performance.
• Participates in the development of the corporation’s plans and programs as a strategic partner.
• Remains current on rules/regulations of third‑party payors and formulates strategy related to third‑party reimbursement mechanisms.
• Evaluates and advises on the impact of long‑range planning, introduction of new programs/strategies, and regulatory action.
• Analyzes, prepares and interprets monthly hospital financial reports for the CEO/Administrator and Board of Directors; monitors problem areas needing improvement.
• Reviews monthly financial statements promptly and researches any unreasonable variances.
• Directs the formulation of an annual operating budget reflecting the goals and objectives of the President/CEO, Board of Directors, and other executives/managers.
• Directs accurate and timely maintenance of the general ledger and related activities with assistance of in‑house personnel.
• Balances bank statements and maintains employee‑spending accounts.
• Provides technical financial advice and knowledge to others within the financial discipline.
• Continuously improves the budgeting process through education of department managers/supervisors on financial issues affecting their budgets.
• Provides strategic financial input and leadership on decision‑making issues, including evaluation of potential alliances, acquisitions, mergers, pension funds, and investments.
• Reviews and revises the revenue cycle as needed to assure optimum reimbursement to hospital/clinics.
• Optimizes handling of bank and deposit relationships and initiates strategies to enhance cash position.
• Develops a reliable cash‑flow projection process and reporting mechanism, including a minimum cash threshold to meet operating needs.
• Acts as a financial advisor on any contracts the hospital may enter.
• Evaluates the finance division structure and team plan for continual improvement of efficiency and effectiveness, providing professional and personal growth opportunities for staff.
• Selects, develops and motivates a qualified staff to ensure attainment of established objectives.
• Participates in special projects as requested by the CEO/Administrator.

Additional Duties and Responsibilities

• Ensures financial activities are completed as scheduled, contributing to departmental effectiveness.
• Evaluates, updates and completes accounting operations according to established timeframes.
• Informs the Board of Directors and various board committees about the facility’s financial operations.
• Completes special projects according to established deadlines.
• Ensures a qualified staff achieves established goals and objectives, supporting the effective functioning of the department.