Website A large group of physicians
The CFO is responsible for managing the financial affairs and financial reporting of the organization. The CFO articulates the financial strategy that supports the business strategies developed by the Board of Directors, and assists managers with implementation and financial management. The CFO acts as part of a team that provides shareholders with superior returns (both tangible and intangible), provides the financial insight to the partners and the management team for value-creating expansion opportunities, and enhances the organization’s reputation as leading-edge, financially stable company.
The CFO will manage the organization’s financial functions in a way that facilitates strategic initiatives and operational excellence. The CFO will:
· Analyze current financial performance and ensure that financial plans are in place to create maximum value for the organization from its current businesses.
· Articulate key financial issues and assumptions in the creation of budgets and business plans.
· Establish financial measurement standards and processes, and developing systems to monitor performance against goals.
· Facilitate the development of corporate strategies to create additional shareholder value and to protect current value.
· Conduct financial evaluations of specific proposals.
· Act as an advisor to the CEO and managers on proposals by assessing the value creation potential of new businesses or expansion of existing business.
· Develop financial perspectives on market opportunities in businesses related to current businesses.
Primary responsibilities include:
Financial strategy The CFO will have responsibility for developing, recommending, and executing an overall financial strategy for the organization that supports its business strategies and captures maximum value for its shareholders.
Budgeting and management control The CFO will design and carry out processes to ensure that organization’s managers have the right financial information to set goals, make decisions, and monitor performance.
Financial management The CFO will ensure the effective and efficient management of the organization’s financial operations:
Contracting: The CFO will ensure the effective negotiation and administration of the organization’s contracts.
Leadership: The CFO will ensure development and mentoring of staff within the department.
Major Resources: The CFO’s staff will include the Controller, Business Services Manager, Decision Support, and staff in these areas.
Key Organizational Relationships: The CFO’s integrating role will require close working relationships with all managers at the organization: including the CEO, COO, CIO and CHRO.
The CFO will manage the relationships with important outside groups, including:
· Third Party Payers
· Financial institutions (banks and investment banks).
· External financial advisors and auditors.
· Regulators and tax authorities.
Critical Skills/Requirements for the job
The CFO should bring a broad knowledge of the business of health care and should possess the following characteristics:
• Seasoned business judgment and superior analytical abilities, particularly in
strategic business and financial analysis.
• Ability to take an independent stance and challenge the ideas of the CEO and
operating managers while maintaining their respect and confidence.
• Presence to deal with the financial community.
• Ability to lead/orchestrate negotiations in major transactions.
• Strong administrative and people management skills.
• Health Care experience a must; physician service group experience preferred.
• Strong leadership experience in managing change and developing financial staff.
• CFO experience in a health care organization similar in employee size and revenue
base (250-500 employees, 60-100M in revenue).
• MBA definitely a plus
• Must have a full understanding of health care billing practices (coding)
In addition, the CFO should have familiarity with the following:
· Financial and managerial accounting.
· Compensation and Pension Plan Administration
· Experience with health care billing practices (coding)