Chief Executive Officer
The Chief Financial Officer is responsible for managing the financial actions of the organization by providing precise information to the CEO and reporting data as required to payor sources. The CFO will monitor the cash flow and assist the CEO with financial planning as well as analyzing the organizations financial strengths and weaknesses. The CFOs major role will consist of precise reporting to for financial audits, creating an annual operation budget and capital budget, assist with financial analysis of new programs and business developments and oversee the revenue cycle department.
SKILLS AND KNOWLEDGE REQUIREMENTS:
ESSENTIAL JOB FUNCTIONS:
Generates, or causes to be generated, accounting journal entries, monitors account balances, account coding and trial balance to insure at all times the general ledger accurately reflects the hospital’s financial situation and that unusual items are being reported.
Assures the preparation of accurate financial reports for directors, administration and Board of Directors.
Responsible for the preparation of the annual capital and operating budgets and year-end informational returns.
Ensures that account balances are reconciled and, if needed, corrected on a monthly basis.
Ensures all bank balances are current and ensures that bank statements are reconciled monthly.
Coordinates cash management program by ensuring that funds are deposited and transferred in an accurate and timely manner. Notifies the Chief Executive Officer when early indicators are present that funds may not be available and makes appropriate recommendations to administration and Board of Directors.
Coordinates the monthly financial closing process to ensure that all functions are accurately completed and within allowed time frames, which will lead to the timely and accurate preparation of financial statements.
Coordinates the disbursement of funds for approved invoices and monthly accounts payable items.
Assists in special project assignments and in related operational and strategic financial concerns of the hospital.
Reviews all capital equipment purchases and new leases.
Reviews contracts for financial approval.
Is responsible for the maintenance of third-party contract status (PPOs, HMOs, etc.).
Is responsible for maintaining liaison with other health care agencies and outside organizations as necessary.
Participates in strategic and long-range planning activities.
Takes the lead in proactively and regularly evaluating current operations for profitability and productivity and identify opportunities for improvement.
Recommends to the CEO and the Board of Directors appropriate financial benchmarks and targets to assure alignment with strategic plan.
Assures compliance with USDA financial covenant indicators.
Assist department managers and directors in the comprehension, and application of department budgets to insure that business expenditures adhere to legal and budgetary requirements.
Responsible for analysis of the receivables aging of accounts to direct the focus of patient representative activity for follow-up of accounts.
Serves as a member of the leadership team and participates in development of the hospital’s vision, policies and short/long-term objectives.
Provides in-depth analyses of financial policies in regard to accounting/reporting, procedures and internal controls of the department.
Supervise the preparation of all regulatory reports (i.e. Medicare Cost reports, Medicaid DSH/UCC, IRS Form 990, IRS Form 5500, state tax returns, etc.).
Attend the Hospital’s finance committee meeting, the Board of Directors meeting, medical staff and other meetings as requested to apprise attendees of the Hospital financial operations, and advise and educate as requested.
Able to carry out the essential functions of this job (with or without reasonable accommodation) without posing specific, current risk of substantial harm to health and safety of self and others.
NOTE: The essential functions are intended to describe the general content of and requirements of this position and are not intended to be an exhaustive statement of duties. Specific tasks, responsibilities and/or schedules may change as documented and outlined by the incumbent’s immediate manager.
MINIMUM QUALIFICATION STANDARDS:
Education: Bachelors or master’s degree in accounting or business administration for an accredited college or university.
Licensure: CPA preferred
Work Experience: Five to seven years of increasing responsibility in the healthcare environment related to financial services. One to two years’ experience in a critical access hospital, preferred.
Free from illegal use of drugs, and free from the use and effects of drugs and alcohol in the workplace.
Persons who have been found guilty by a court of law of abusing, neglecting or mistreating individuals in a health care related setting are ineligible for employment in this position.