Chief Financial Officer
- Location: Fergus Falls, MN
- Posted: Dec 14, 2018
The Chief Financial Officer is responsible for the daily financial operations, strategic financial outlook, leadership and performance of Lake Region Healthcare and its affiliated companies and subsidiaries, which includes the role of Chief Financial Officer of Prairie Ridge Hospital & Health Services, a Critical Access Hospital of which Lake Region Healthcare is the sole member. S/he will develop a culture that is conducive to effective team work by recognizing both the internal and external customers and will embrace and model the organizations values of patient centered care. Personal commitment will be demonstrated through open and clear communication, appropriate utilization of resources, recognition of opportunities for quality improvement, and the demonstration of a proactive approach to problem solving. Additionally, s/he will model personal compliance with organization policies, including confidentiality, and demonstrate commitment to further education to enhance personal improvement.
Collaborate with the Chief Executive Officer, physician leaders, and the collective management teams to ensure the continued growth and refinement of services that fulfill the organizations aims to help improve the health of people in the communities and regions served by our organizations. Lake Region Healthcare, Prairie Ridge Hospital & Health Services and the Lake Region Medical Group share a commitment to remaining a strong and independent, community based healthcare organization, and the Chief Financial Officer will further that mission and vision, and work as part of a larger team to further the missions and visions of Prairie Ridge and Lake Region. Areas of responsibility include (along with others as assigned):
Establish organization wide financial goals and objectives along with initiatives and reporting mechanisms. Demonstrate effective leadership related to the allocation of financial resources within the organizations. With the advice and consent of the Chief Executive Officer and in collaboration with the medical staff and the leadership team, propose, develop, and implement the organization wide financial planning.
Provide regular, reliable, and insightful reporting on the key performance indicators of the financial components of the organizations. Ensure the Chief Executive Officer, Finance Committee of the Governing Boards and the Governing Boards have timely and complete information and adequate time to review essential elements of information as requested/required.
Ensure a proactive outlook and predictive modeling of debt, revenue and expenses to ensure financial strength for the organization as well as improve days cash on hand and maintain a strong and healthy operating margin.
Ensure the Organization is equipped with financial staff and resources necessary to consistently deliver exemplary, high quality, patient-centered care to all patients and ensure financial information and revenue cycle processes are effective for the organization.
Retain and mentor an excellent finance team. Seek and accept accountability for the achievement of agreed upon finance goals and objectives. Evaluate, assess and alter the finance department as necessary to ensure the highest levels of performance and accountability.
Seek continuous improvement of financial performance of the organizations. Provide regular, reliable, and insightful reporting on those dimensions.
Ensure maximum efficiency of billing and collections.
Work within an expectation of collaboration with the leadership teams, and to enhance and deepen a culture of resource development, sharing, and growth amongst the organizations.
Help develop and maintain a budget that will ensure a strong and healthy net operating margin for the organization.
Seek new and/or innovative ways to help maximize reimbursement and reduce expenses such as provider based clinics, critical access hospital cost reporting, accountable care organization initiatives, and other reimbursement mechanisms.
Develop the financial well-being of the organizations by providing financial projections and accounting services, prepares growth plans, advises of any cost containment or revenue enhancement strategies, and oversees financial management projects.
Develops strategies related to debt management and payoff; refinancing and financing of debt. increasing days cash on hand.
Provides insight, recommendations and engage consultants, auditors, and regulators. Fiscal management of all programs of the organizations.
Responsible for developing, updating and analyzing all financial accounting and reporting, procedures and internal controls of the organizations.
Responsible for the organizations relationship with federal and state tax authorities.
Participate in pivotal decisions as they relate to strategic initiatives and operational models
Attend the Finance Committee and Board meetings of the Board of Trustees and present the current fiscal situation at LRH and PRHHS.
Develop, supervise, and coordinate all efforts to attain maximum third party reimbursement including capitated arrangements in a PPS, CAH, Provider Based Clinic, and other relevant environment.
Assists with the preparation of all regulatory reports (i.e. FSR, UDS, Medicare, Medicaid, IRS Form 990, state and federal tax returns, etc.)
Preparation of annual organization budget as well as individual grant budgets; coordinate all department budgets; work with all department heads throughout the year to insure that expenditures adhere to legal and budgetary requirements
Overall supervision and the engagement of Payroll, Purchasing, Accounts Receivable, Accounts Payable, and General Accounting functions of LRH, PRHHS and other LRH affiliated companies.
Create ongoing mechanisms to promote effective and collaborative communication with the Chief Executive Officer, leadership teams, governing Boards, caregivers, staff, and members of the community.
Promote strong working relationships with the medical staff, business, and health care leaders.
Create a work environment that fosters employee enrichment and development.
Live in the community and act as the face of the Organization by actively participating in an appropriate range of community and professional activities and groups (along with other leadership team members as appropriate).
Create and promote effective financial collaboration among all service locations, Lake Region Healthcare and Prairie Ridge.
Serves on the Operations Council Team.
Undergraduate degree from an accredited college or university in accounting or finance and a MBA, MPA or equivalent advanced degree required with at least 10 years of increasing executive responsibilities in organizations of comparable or larger size and reputation. The selected candidate will have demonstrated financial leadership experience and significant achievements as a senior finance executive of such an organization. Must be a Certified Public Accountant.
Demonstrated knowledge of and experience with health organization financial leadership, including: budgeting and finance planning, revenue cycle, business office, tax matters, banking, investments, PPS experience, CAH, provider based clinic billing, home office cost experience, 340B regulations, and finance and departmental regulatory affairs. Experience with automated accounting and billing systems. Computer literate.
Compensation arrangements are competitive, will be based on fair market value and reasonable compensation studies, and will be commensurate with the selected candidates experience and achievements, and the responsibilities of the position.
Hours: 80 Hours Biweekly