SUMMARY

The CFO provides strategic and operational direction in the financial management of the practice to ensure continued growth and success. The CFO is an integral part of the leadership team, participating in business direction setting and then leveraging a unique understanding of the business structure and processes to maximize financial value for PSC’s opportunities strategically and operationally.

In addition to having overall responsibility for the direction and management of the financial health of the organization, the position is responsible for the effective and efficient utilization of resources and building and maintaining strong relationships with physicians, executive team and the Board of Directors. Additionally, the role is responsible for oversight of consolidated budgeting, accounting, banking relationships, tax, IT as it relates to finance department, and Revenue Cycle Management functions. Some of the specific responsibilities include monitoring the financial health of the organization and working proactively to ensure the organization is financially successful.

Works to improve and standardize processes in all areas of finance, including consolidated budgeting, accounting, banking relationships and Revenue Cycle Management

PRIMARY RESPONSIBILITIES

Financial Analysis, Budgeting and Forecasting

• Develop credibility by providing timely and accurate financial reports that will assist the CEO and other senior managers in fulfilling their responsibilities.
• Continual improvement of the budgeting process through education of department managers on financial issues impacting their budgets.
• Oversight on preparation of monthly financial budgeting reports including monthly profit and loss statements, forecast vs. budget by department and cash flow reports. (This responsibility is currently delegated to the Controller)
• Review and analyze monthly financial results and provide recommendations
• Develop and advise cost control and reimbursement strategies.
• Utilize forward-looking models and activity based analysis to provide financial insight into the organization’s plans and operating budgets.

Accounting, General Ledger, Administration and Operations.

• Oversee the month-end close process, constantly reviewing procedures while eliminating inefficiencies.
• Oversee preparation of monthly, quarterly, and annual financial statements.
• Review and ensure application of appropriate internal controls, compliance and financial procedures.
• Manage the preparation of the official reports of actual revenues, transfers, and expenses at the individual physician, department and organization level.
• Implement financial operations best practices.
• Focuses Practices on issues that will positively impact financial performance. Works with Practice leadership on annual budgeting, forecasting and analysis for potential new business opportunities.
• Achieves favorable reimbursement agreements with payors.
• Analyzes the implication of each element in the revenue cycle recommending interventions and initiating actions.
• Availability during and outside of work hours including while on PTO is expected within reason for the continuation of efficient clinic operations.

Financial and Cash Management

• Manage cash flow planning process and ensure fund availability.
• Oversee investments and management of assets.
• Explore new investment opportunities and provide recommendations on potential returns and risks.
• Maintain outstanding banking relationships and strategic alliances with vendors and business partners.
• Oversee weekly cash management; approve large payables, sign checks, authorize large wires.
• Supervise accounts receivable management, revenue cycle management and provide guidance relating to the collection process.
• Administer the retirement plan, cash balance plan and profit sharing plan including related legal issues
• Ensure compliance with local, state, and federal reporting requirements.
• Direct financial audits and provide recommendations for procedural improvements.
• Coordinate activities of external auditors.
• Assist with tax functions as well as special projects.

Strategic Planning

• Establish credibility throughout the organization and with the Board as an effective problem solver; be viewed as approachable and as a mentor to people concerning financial issues.
• Create and establish annual financial objectives that align with the clinic’s plan for growth and expansion.
• Provide strategic financial input and leadership on decision-making issues affecting the clinic such as evaluation of potential alliances and acquisitions.
• Enhance and/or develop, implement and enforce policies and procedures that will improve the overall operation and effectiveness of the clinic.
• Identify, develop and execute feasibility studies for business initiatives and new service offerings.
• Assist Human Resources with benefit plans, with particular emphasis on maximizing a cost-effective benefits package.
• Prepare operational statistical reports to track clinic key performance measures.
• Participate in the negotiation of contracts.
• Evaluate the impact of hospital and ASC outpatient bundling and/or other payment policy changes. Assessment of alternative payment arrangements, including global risk agreements, bundled payments, etc.
• Serve on the Financial Operations and the Business Development committees.
• Represent Pinehurst Surgical as an executive; potential travel involved.
• Strategic planning to meet goals and work with outside constituencies to maximize reimbursement.

Staffing

• Recruit, train, supervise, and evaluate staff.
• Improve efficiencies in the use of labor and assets and the optimum allocation of resources.
• Evaluate the finance division structure and team plan for continual improvement of the efficiency and effectiveness of the group as well as provide individuals with professional and personal growth.
• Oversee daily operations of the finance department.

ORANIZATIONAL RELATIONSHIPS

• Accountable to the Chief Executive Officer
• Positions accountable to the CFO:
• Controller
• Finance Specialist
• Staff Accountant
• Director of Business Services
• Patient Access Services Manager
• Functions Accountable to the CFO
• Accounting
• Payroll
• Accounts Payable
• Purchasing
• Patient Financial Services
• Patient Access Services

PREFERRED QUALIFICATIONS:

• Master’s degree (MA), CPA or equivalent with five to ten years’ related experience and/or training; or equivalent combination of education and experience.
• Healthcare experience preferred.
• Ability to understand the revenue cycle for surgical providers, including but not limited to the government rules and regulations associated with the coding, billing, and collecting for services.
• Working knowledge of CPT and ICD9-10 coding and claims processing.
• Experience negotiating hospital compensation arrangements to include PSA’s and joint ventures with MOB’s and ASC’s.
• Ability to make effective and persuasive presentations on controversial or complex topics to management, outside stakeholders, and the Board of Directors.
• Sound technical skills, analytical ability, good judgment and strong operational focus.
• Demonstrated success in implementing financial planning and management strategies.
• Ability to apply advanced mathematical concepts and operations such as frequency distribution, determination of test reliability and validity analysis of variance, correlation techniques, sampling theory, and factor analysis.
• Ability to apply principles of logical or scientific thinking to a wide range of intellectual and practical problems.
• Demonstrated success in budgeting and monitoring financial performance.
• Excellent at negotiating.
• Experience with managed care contracting.
• A good educator, trustworthy, willing to share information and serve as a mentor.

PERSONAL CHARACTERISTICS:

• Straight forward, articulate leader with high ethical standards and an appropriate professional image.
• A well-organized and self-directed team player.
• A strategic visionary with political savvy.
• Decisive and able to adapt a big picture perspective.