POSITION SUMMARY
The Chief Financial Officer (“CFO”) is a key member of the Executive Team. In this capacity, the CFO is integrally involved in strategic planning and organization wide decision-making for Martin Luther King, Jr. Community Hospital (“Hospital”). The CFO reports directly to the Chief Executive Officer (“CEO”). The CFO will be a highly visible position within the Hospital, and will serve as an advisor to the CEO regarding the Hospital’s financial management. It is expected that this position participates with leaders of the Board of Directors, Executive Team, management team, and medical staff in planning, promoting, and conducting hospital wide performance improvement activities.
The CFO is responsible for providing the leadership and administration of financial services; directing the organization to achieve its operational and strategic goals in compliance with legal and regulatory requirements; and the daily fiscal management and overall financial performance of the Hospital.
ESSENTIAL DUTIES AND RESPONSIBILITIES
Demonstrates knowledge of hospital and department compliance requirements for federally funded healthcare programs (e.g. Medicare and Medicaid) regarding fraud, waste and abuse. Brings any questions or concerns regarding compliance to the immediate attention of hospital Executive Team staff. Takes appropriate action on concerns reported by department staff related to compliance.
Purposefully conducts all aspects of the job in an ethical manner in support of the Hospital’s commitment to ethical behavior in all areas of personal and professional activity.
Ensures organizational continuity within the limits authorized by policies, procedures, and budgets.
Develops and implements strategy.
- With department directors formulates departmental objectives, determines personnel needs and space requirements for existing and proposed departments; reviews and makes recommendations to the Executive Team.
- In close cooperation with and subject to the approval of the CEO, works with senior management to establish objectives for the hospital and its operating departments toward the improvement of hospital services.
- Communicates hospital objectives, strategies, and plans to directors, managers, and staff.
- Ensures that each operating department / service line develops, maintains, and uses short-range plans suitable to its scope of service and objectives; ensures that such plans are in harmony with the Hospital’s overall financial objectives, plans, and programs.
- Works with the CEO and Executive Team concerning the acquisition of equipment, facilities, new construction, and changes in space allocation.
Oversees the daily operations of the General Accounting (Accounts Payable, Purchasing and Patient Financial Services), Revenue Cycle (Admitting / Registration and Billing and Collections), Health Information Management, Budget / Decision Support, and Payroll departments.
- Develops, interprets, coordinates and communicates hospital policies and procedures on finance, accounting, budgeting, insurance, financial/accounting systems, internal controls, auditing and all other areas of responsibility.
- Conducts meetings with staff to ensure compliance with established policies, procedures as well as practices, and keep employees aware of current standards and changes that are occurring within healthcare and the Hospital.
Plans, organizes and manages the financial operations of the Hospital including financial planning, budgeting and analysis, controllership, compliance, and revenue cycle functions.
- Oversees and participates in the preparation of cost reports and full financial statements as well as oversee the financial audits of funds. Ensures compliance with the closing calendar, planning deadlines, and reporting requirements.
- Communicates financial information and collaborates with Executive Team and hospital management regarding the business strategy.
- Prepares reports for the Executive Team outlining the Hospital's financial position in all areas based on past, present, and future operations as well as conducts a variance analysis of actual to budget performance.
- Manages and controls a comprehensive budget including allocations for capital budget.
- Coordinates the production and filing of government-required reports, third party rate reviews, and other financial information.
- Provides oversight of the revenue cycle functions including preregistration, insurance verification, point-of-service cash collections, financial counseling, registration, coding, medical records, billing, account follow-up and collections, customer service and cash posting.
Facilitates strategic planning, business prioritization, and resource allocation processes.
- Analyze opportunities for growth and other strategic alliances and ensure that the opportunities are aligned with the strategic plan.
- Establishes and maintains the objectives and strategy for the finance department that are linked to the Hospital’s objectives and strategy.
- Selects, motivates, and guides financial services leadership team toward the achievement of the Hospital’s strategic plan.
- Evaluates the economic, government, and social forces, and interprets their effects upon the Hospital's financial performance.
- Consults with and advises other Executive Team members on policies, operations, objectives, and financial positioning.
Ensures the effective recruitment, selection, supervision, development and retention of all financial services management and employees.
- Ensures the department directors/managers and other hospital staff are qualified to perform the associated job responsibilities and requirements.
- Provides input and oversight of department/service line director’s performance relative to budgets and objectives, and assists in identifying ways to improve their performance.
- Delegates authority commensurate with the responsibilities of financial services leadership positions; ensures that scope of authority is clearly defined and understood; monitors direct reports performance and provides support and assistance as needed.
- Provides support to programs designated to develop managers skills and abilities necessary for performance improvement, as well as effective leadership.
- Collaborates with Human Resources on compensation for personnel to ensure that they are commensurate with qualifications and in line with positions of comparable responsibilities within the organization and external healthcare market.
Serves as a member of the Executive Team.
- Provides input to the CEO regarding financial management activities and strategies.
- Participates in key decisions regarding implementation of patient care and hospital strategies.
- Works in tandem with the Executive Team to create a collaborative multidisciplinary environment.
- Serves as staff member to the Board of Directors and committees of the Board and provides financial input required to make Board decisions.
Other responsibilities and duties.
- Attends various meetings of the Board of Directors, medical staff, and other groups as determined by the CEO and the Executive Team.
- Represents the Hospital as assigned by the CEO.
Ensures rational and purposeful management of financial services through the application of sound planning and goal setting principles.
- Facilitates a multidisciplinary approach to financial management and services.
- Promotes forecasting within the Hospital to actively anticipate and influence future events.
- Plans change and coordinates the implementation of new ideas.
- Develops annual goals for areas of direct accountability.
- Participates in planning innovations to enhance the financial management of the Hospital.
- Incorporates evidence-based practice into all aspects of planning.
Promotes sound fiscal operations by implementing an effective budgeting process.
- Oversees the development of annual revenue, personnel, and operating and capital expense budgets for the Hospital.
- Analyzes available financial data for significant variances.
- Identifies data and trends to be used for future budget planning and impacts on strategic planning.
- Applies current cost containment concepts.
- Identifies through performance improvement achievements areas of quality and cost improvement.
Assures effective leadership and management of assigned departments/service lines through the application of management principles within established guidelines.
- Assures that all job descriptions, within the area of responsibility, clarify and delineate position expectations.
- Facilitates orientation, in-service, on the job training, and continuing education programming to meet staff development needs.
- Facilitates the completion of annual performance appraisals for all staff in areas of accountability.
- Participates as necessary in counseling, coaching, commendation, disciplinary action, promotion, demotion, and termination.
- Promotes staff growth and development.
- Ensures that policies and procedures on financial/accounting systems, budgeting, internal controls, and auditing exist and are updated as required.
- Ensures consistent and appropriate interpretation and implementation of hospital and financial policies.
- Ensures staff alignment and engagement through participative decision-making and shared governance.
Reviews, reports, and adjusts practices in the Hospital in order to meet necessary regulatory and legal standards.
- Assures the Hospital meets the necessary financial regulatory and compliance requirements associated with federal, state, and local laws.
- Responsible for MLK’s compliance with all agreements with Los Angeles County and serves as the main contact for the Director of Finance of the LA County Department of Health Services.
- Effectively prepares and complies with mandatory and voluntary accreditation as accepted by the Hospital (this may include TJC, CMS, DPHS, etc.)
- Oversees data submission for public reporting.
Ensures well-integrated and organized delivery of services through effective intra and inter-departmental coordination.
- Facilitates resolution of intra and inter-departmental conflicts.
- Participates in evaluating, selecting and integrating healthcare technology and information management systems that support financial management needs.
Maintains and promotes a personal, professional philosophy of community involvement by participating in professional and community activities.
- Represents the organization on fiscal and business operations topics and issues through community involvement and Board participation.
Serves as a good community citizen through support of non-profit organizations that contribute to a quality lifestyle that is attractive to the current and future work force.
- Attends and/or conducts educational offerings.
- Speaks to hospital and community groups.
- Participates in professional organizations.
- Participates in system wide activities that relate to or influence the delivery of care.
