Position Summary: In close collaboration with system finance leaders, the President/CEO and senior executives, the VP of Finance helps lead the strategic direction of our team, ensuring the organization is fiscally sound and responsible.
The VP of Finance acts as a strategic business partner to the President and other members of the executive leadership team, providing insight and recommendations to both short and long-term initiatives and growth plans. S/he continuously assesses and evaluates the financial performance of the organization with regards to long-term operational goals, budgets and forecasts, and creates and establishes annual financial objectives that align with the health system's plan for growth and expansion. The VP of Finance should understand how to work across the health system to foster continuous operational improvement, integration and systemness.
The VP of Finance will serve as an operationally minded, collaborative business partner with our leadership team, system leadership teams, as well as with all colleagues (physicians and staff). S/he will proactively create an environment for successful organizational performance and accepts responsibility for the financial viability of the company. The VP of Finance will build strong positive working relationships both inside and outside of the organization in order for the health system to meet its strategic goals.
Stylistically, this individual must be a passionate and focused executive who understands daily operations and has the vision and enthusiasm for patient care and the organization and communicates and represents that with all constituents, both inside and outside of the hospital.
Reporting to the System Chief Financial Officer, the VP of Finance is responsible for the organization's financial planning and decision support management strategy. This includes:
- Defining and tracking key performance indicators, and building analytical frameworks for making financial and operating decisions that will support and enable the organization's financial stability.
- Leading financial planning, strategic planning, and business analytics to ensure departmental integration with key Medical Center and System operations, such as Ambulatory Operations, Supply Chain, and Human Resources.
- Establishing improved processes in the service delivery of financial services to the organization.
- Developing and implementing decision support tools and finance reporting that assists cross-functional business leaders in making sound financial decisions and future plans.
- Working collaboratively with key internal and external stakeholders in the Finance Leadership team to coordinate delivery of system goals.
The VP of Finance also plays a coordinating role for the System for the following functions: - Financial Planning
- Decision Support
- Annual Operating Budgets
- Multi-year financial projections and plans
S/he has two direct reports, including the Director of Financial Planning & Analysis, and Director of Decision Support. We currently utilize Infor for the general ledger, accounts payable, and materials management and Workday for payroll.
Key Responsibilities: - Support the SVP/CFO in multiple capacities as our organization responds to a myriad of challenges prompted by external change. This includes proactively organizing personnel and systems to support the rapid changes in healthcare finance being organized around population health management, including ACOs and clinical integration.
- Advise the SVP/CFO and hospital executives on financial matters emerging in areas of responsibility, such as long-range planning, budgeting, business operations, etc.
- Provide oversight for the following centralized functions: Budgeting, and Decision Support.
- Ensure decision support systems adequately frame Financial Planning to identify areas of opportunity or threat and to support the operations and planning functions of the organization.
- In collaboration with the Corporate Treasurer, improve capital planning processes.
- Actively support activities to improve the cost effectiveness of the organization.
- Review, interpret, and analyze financial and statistical data for the SVP/CFO and perform financial analysis as requested.
- Participate in discussions and financial planning with management on proposed programs and projects. This may include the analysis of equipment purchases, lease arrangements, construction of facilities, and pro forma program operations.
- Develop systems, reports and processes to ensure accurate and timely revenue reporting and management. Ensures timely escalation and issues resolution. Works closely with compliance on any revenue matters that in violation of contracts or regulations.
- Collaborate with the VP of Revenue Cycle to determine how the individual rate increases should be distributed across the various departments to maximize the bottom line impact while complying with regulation and law.
- Direct the preparation of net revenue for budgeting and monthly financial statement reporting. Calculates contractuals for financial statement audit. Valuation of the outstanding Accounts Receivable monthly, working closely with the Revenue Cycle Operations group.
- Establish a reputation as a knowledgeable and respected leader of the finance team, someone to whom they can turn for information and professional development. Evaluate the current staff and identify areas for their professional and leadership growth. This person will be expected to act as a mentor to his/her direct reports and take an active role in their development.
- Demonstrate to other members of the leadership team that he/she is a genuine team player who can effectively share power and is not plagued by the turf orientation often found in healthcare management. Establish a reputation with all stakeholders as an open and respectful communicator who is accessible and one who is highly committed to service and performance excellence.
- Collaborate with the entire Finance team and executive leadership to assess and implement financial planning and decision support processes and systems that will deliver valuable business insights in a timely manner to all stakeholders
- Develop cross-functional processes that improve the efficiency and timeliness of financial reporting to support the organization's financial stability
- Streamline and lead budget and forecasting process, including building tools to improve forecasting process and conducting detailed variance analysis
- Build cross-functional relationships and expertise to ensure thoughtful, accurate, and timely data is gathered across all elements of the business
- Responsible for all budget related presentations for the board; effectively communicate and present critical financial matters at select board of directors and committee meetings
- Maintain continuous lines of communication, keeping the CFO informed of all critical issues
- Promote a culture of high performance and continuous improvement while managing and organizing team members work
- Mentor and develop staff using a supportive and collaborative approach: assign accountabilities; set objectives; establish priorities; and monitor and evaluate results
- Upgrade and implement an appropriate system of policies, internal controls, decision support processes, and procedures
- Plan, coordinate, and execute the annual budget process
- Ensure the organization is adhering to the strategic plan
- Provide analytical support to the leadership team including the development of internal management reporting capabilities
Critical Success factors
During his/her tenure, the VP of Finance will be expected to achieve short term and long term goals, including the following:
Short Term: - Quickly gain credibility and the trust of subordinates, peers, senior leadership, staff, and clinicians.
- Establish improved processes in the service delivery of financial services to the organization.
- Establish a service-oriented culture through collaborative problem solving, as a means of enhancing Finance's role as a strategic partner to other departments across the Hospital.
- Assess the structure of the department and develop a critical path required to achieve strategic goals, including an operating model with other departments and development of competencies within the team.
Long Term: - Continue to establish a high degree of visibility and communication with all constituents.
- Work with the Chief Financial Officer to learn the nuances of the organization and its entities.
- Identify ongoing opportunities for operating efficiencies to streamline the Finance department.
- Produce fully consolidated financial statements that can be distributed on a monthly basis.
Education - Business or Finance degree mandatory, a master's in business administration is preferred
Requirements: - 7+ years of finance, operations, and/or business information systems experience, Hospital experience required
- Strong mentoring, coaching experience to a team with diverse level of expertise
- Excellent communication and presentation skills, with the ability to partner effectively with the executive team and cross-functional leaders
- Strong technical knowledge and skills in a range of finance disciplines and a deep understanding of financial operations and systems, as well as experience developing and executing long-term financial strategy.
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