Chief Financial Officer(CFO)

Overview

Under the administrative direction of the Chief Executive Officer (CEO), the Chief Financial Officer (CFO) is the highest-level financial executive.

The Chief Financial Officer (CFO) has complete oversight of all fiscal functions within AHMC Anaheim Regional Medical Center (ARMC) including the development, interpretation, coordination, and administration of the hospital’s policies on finance, accounting, insurance, financial / accounting systems, internal controls, budgeting, and auditing.

The CFO oversees the planning and direction of all finances, and formulates long-range goals and plans for expansion. Develops and establishes operating policies consistent with overall objectives and ensures their adequate execution.

The CFO manages, directs, plans and coordinates the functions and activities of assigned areas; serves as part of the hospital’s senior management team.

The CFO is to manage the financial affairs of the hospital according to the business unit goals, sound business practices, corporate and hospital’s policies and procedures according to the government regulatory requirements.

The incumbent will ensure efficient utilization of resources in order to meet the needs of the organization and will maintain compliance with all federal, state, local, and government agencies and accrediting bodies as required.

Participates in executing administrative decisions as these functions relate to and impact the provision of total patient care.

Works collaboratively and cooperatively with all departments and with members of the Medical Staff to accomplish the strategic goals and to achieve and enhance the mission of AHMC Anaheim Regional Medical Center.

This position requires the full understanding and active participation in fulfilling the Mission of AHMC Anaheim Regional Medical Center.

It is expected that the Chief Financial Officer demonstrate behavior consistent with the Core Values. The Chief Financial Officer shall support the Hospital’s strategic plan and the goals and direction of the Performance Improvement Plan.

Responsibilities

TASKS / DUTIES / RESPONSIBILITIES

• Plans, develops, organizes implements, directs, and evaluates ARMC’s fiscal function and performance.
• Provides timely and accurate analysis of budgets, financial reports, and financial trends to the CEO and the Board of Directors.
• As a member of the ARMC’s Administrative Team, participates in the financial and functional decision making processes necessary for the successful attainment of the hospital’s mission and / or strategic plan.
• Collaborates with members of the Administrative Team to develop financial goals and objectives for the hospital.
• Provides financial expertise in the planning of new services and the expansion of existing services promoting revenue growth.
• Provides proactive, sound guidance regarding management of assets and financial trends within the facility.
• Collaborates with department directors and patient care executives to implement financial plans and productivity benchmarks, and to monitor progress toward financial goals.
• Develops financial plans and authorizes operating budgets in accordance with established goals.
• Monitors capital asset expenditures and depreciation; prepares annual operating budgets with input and involvement at the departmental level including capital budgets and cash flow projections.
• Prepares hospital operating and capital budgets based on past, current and anticipated expenditures and revenues. Directs compilation of data, preparation of financial and operating reports for planning effective administration of hospital activities by management.
• Devises and installs new or modified accounting systems to provide complete and accurate records of hospital assets, liabilities, and financial transactions.

Evaluates accounting and patient accounting procedures for quality control and to plan methods for insuring timely receipt of payment on patient records, reducing costs of accounting operations, and expediting flow of work.

• Keeps up to date with all federal and state statutes surrounding participation in government programs including, but not limited to EMTALA, Medicare fraud and abuse issues, Stark legislation, and IRS guidelines.
• Directs the facility’s information resources and plans. Ensure optimal data security systems are maintained at all times.

Takes necessary steps to ensure data security of all systems.

• Develops and implements policies and procedures and ensures that goals and objectives are consistent with the hospital’s mission.
• Prepares detailed analyses of financial statements to reflect variances in income, expenditures, and capital asset values from previous periods.

Makes recommendations to the Administrative Team concerning means of reducing hospital operating costs and increasing revenues, based on knowledge of market trends, financial reports, and industry operating procedures.

Arranges for audits of hospital accounts. Prepares, or directs preparation of annual tax returns, annual OSHPD report, quarterly OSHPD reports, and other required governmental reporting.

Prepares, or directs the preparation of the annual Medicare and Medi-Cal cost reports.

Develops and establishes operating policies consistent with overall policies and objectives and ensures their adequate execution.

Appraises and evaluates the results of overall operations regularly and systematically and periodically reports these results to the CEO.

• Establishes and communicates clear objectives and goals for all departments under supervision. Maintains adequate staff of qualified and competent personnel to satisfy departmental responsibilities.
• Directs the personnel management activities of assigned areas; guides subordinate directors, managers and supervisors in the selection, hiring, training and development of staff as well as performance appraisal, documentation of deficiencies, performance recognition and disciplinary action;
• develops, supervises and appraises direct subordinates; plans and implements disciplinary actions as needed, working with Human Resources staff as appropriate;

makes recommendations to the CEO regarding the evaluation, promotion, transfer or discipline of subordinates.

• Responsible for positive staff morale, staff absenteeism management, and turnover for areas of responsibility.
• Ensures development of subordinates and succession planning.
• Participates in hospital-wide strategic planning activities to ensure the delivery of comprehensive and coordinated health services.
• Monitors and evaluates new or revised regulatory agency and industry laws, regulations, and standards applicable to assigned areas and ensures that assigned activities comply with all requirements and regulations.
• Maintains compliance with regulations governing hospitals and the rules of accrediting bodies by monitoring operations and initiating changes where required.
• Possesses general knowledge of wage and hour regulations, record keeping, and complies with company policies and procedures.
• Works collaboratively with Human Resources to effectively administer labor proceedings.
• Performs other duties as assigned.

Qualifications

EDUCATION / TRAINING / EXPERIENCE

• Bachelors in a related field is required, Masters in Business Administration or closely related field required
• Knowledge of generally accepted Accounting Principles and Managed Care contracting.
• A minimum of five years of progressive administrative experience in an acute care hospital setting overseeing multiple areas.

Minimum of ten (10) years’ experience in healthcare industry.

• Comprehensive knowledge of regulatory requirements affecting acute care hospitals.
• Experience with accreditation / regulatory activities, performance improvement, core measures and sentinel events requirements.

Proven track record of success as a CFO in an acute care hospital setting.

• Five years in an executive level position required
• Excellent written / verbal communication and computer skills
• Experience in budget preparation / operation

A combination of experience, education, and / or training which substantially demonstrates the following knowledge, skills, and abilities :

Compliance : Code of Conduct

Code of Conduct

Organization’s Policies and Procedures

Local, State, and Federal Regulations