Vice President, Chief Financial Officer (CFO)
Wellstar Health Systems

Job Info

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Vice President, Chief Financial Officer (CFO) Wellstar MCG Health • Augusta, Georgia • Day Shift • Full Time • JR-0831

Facility: Wellstar MCG Health

Overview

The Vice President of Finance, Chief Financial Officer is part of the overall health system financial department reporting to the Senior Vice President Finance Hospital Division and matrixed to the Senior Vice President, Market Leader for Wellstar MCG. Wellstar MCG Health has a net revenue of 1.4 billion dollars. The role functions as the lead on-site financial resource for the hospital focusing on leading the hospital management team toward meeting the financial goals of the hospital in support of the performance excellence pillar and assisting the management team in achieving other Strategic Goals of caregiver and team member, quality and patient safety, consumer and marketplace.

The VP will lead the annual financial planning (budgeting) process for the hospital, working closely with the Senior Vice President Finance-Hospital Division and Corporate Vice President of Financial Planning. This individual is a supply chain champion at the hospital, while working closely with the Corporate Senior Vice President of Supply Chain. This individual in this role is a workforce productivity champion, working closely with the rest of the hospital management team to achieve the productivity goals of the hospital and health system. They are expected to monitor charge capture, revenue cycle efficiency and denial management, while working closely with the Corporate Vice President of Revenue Cycle; The VP serves as a facility champion and stakeholder on documentation improvement initiatives, while working closely with the Corporate Senior Vice President of Compliance and takes the lead in establishing appropriate internal controls at the hospital, in consultation with the Corporate Internal Audit Department.

Corporate: In addition, this role includes assuming responsibility for key corporate initiatives including but not limited to 1) Financial leader for assigned services lines and 2) developing budgets for new system and hospital initiatives

The VP is responsible for providing monthly review and analysis of hospital and cost center performance against plan (budget). This individual works with senior hospital management and department directors, provides reasonable, rational explanations for variances. This individual demonstrates an inquisitive nature by analyzing and investigating operational performance on a prospective, rather than reactive, basis. They assist Hospital Administration and department managers with implementing corrective actions for unapproved plan (budget) variances.

The VP provides financial education programs for facility management to ensure understanding and compliance with WellStar's stated budget and financial goals and objectives, including, but not limited to: Taking the lead in new program evaluation with an appreciation of multi-departmental implications. Supports certificate of need (CON) applications by assisting management in development of Pro Forma financial statements. At the joint discretion of the Hospital Administrator and Senior Vice President-Hospital Division has potential management oversight responsibilities for Patient Access Services, Financial Analysts, and other hospital departments or functions as delegated. Participating in monthly financial statement closing for the hospital. The VP will prepare financial summary and analysis to be included in health system reports. They will work closely with the Corporate Accounting Department in order to identify and communicate any financial information needed in producing accurate and complete financial reports. The VP will review and perform financial analyses with respect to expense and revenue accruals and profit and loss statement classifications. Providing leadership in on-going hospital performance evaluation, interim forecasting and course correction development. Embracing the idea that we are all owners of our health system.

Responsibilities

Core Responsibilities and Essential Functions

• Provide Financial and Operational Leadership to Hospital Management Team.
  a. As a member of the hospital's senior administrative team, provide leadership, advice, and counsel with regard to business, finance, revenue cycle, supply chain, productivity, internal controls and compliance matters.
  b. Work collaboratively with Corporate Finance and attend periodic health system finance meetings.
  c. Make presentations on hospital finance to hospital management, regional Boards and health system management, as requested.
  d. Be a part of the hospital community served and represent the hospital and health system at all times and as requested.
  e. Work with the Vice President of Medical Affairs and medical staff leadership where financial information, education, and direction are required.
  f. Provide assistance and advice to service line leadership and department directors on matters pertaining to their operations
• Enhance Revenue Generation and Valuation
  a. Working through the offices of the patient access services, ensure timely and accurate registration of patients while maximizing collections at or before the time of service.
  b. Review trends and reasons for denied claims. Work collaboratively with Corporate patient financial services and revenue management to develop processes to minimize denials.
  c. Monthly, ensure adequate reserves for contractual allowances. Analyze percentage variances in net-to-gross by payor. Review the calculation for the bad debt reserve.
  d. Work with Corporate revenue management to ensure chargemaster accuracy and with Corporate revenue management, patient access services, and cost center managers/directors to ensure optimal charge capture (including accuracy of patient type and accommodation codes).
  e. Work with health information management department to ensure medical records are completed in a timely manner and according to regulation.
  f. Work with Corporate reimbursement management and the managed care department, stay abreast of reimbursement changes and provide senior hospital leadership with the implication of changes and assist in developing actions plans
• Workforce Management Productivity Champion
  a. Monitor key workforce management metrics and analyze variances to plan/target levels of productivity.
  b. Prepare and/or review workforce management productivity exceptions reports and work closely with the hospital management team to develop action plans to mitigate unfavorable variances to goals and targets.
• Lead Annual Financial Plan (Budget) Development and Influence Adherence.
  a. Lead hospital plan (budget) committee.
  b. Develop global statistic drivers of the operating budget
  c. Assist senior hospital operational leaders in development of annual operating and capital plans (budgets) by providing financial leadership, analysis and counsel.
  d. Provide senior leadership with daily analysis of operations and project monthly financial results against plan (budget).
  e. Review monthly financial statements to determine significant variances. Working with senior management and department directors, develop corrective actions to ensure adherence to plan (budget) goals.
  f. Approve capital spending and reconcile against plan (budget) to ensure spending with plan (budget) parameters.
• Supply Chain Champion
  a. Work closely with the hospital management team, medical staff and physician leaders to efficiently utilize supplies throughout the hospital, with particular attention paid to high cost/high preference supplies.
  b. Work closely with the Corporate supply chain department in hospital and health system wide initiatives to control and reduce supply costs.
  c. In joint responsibility with the supply chain leadership, evaluate and maintain appropriate supply inventory internal controls and minimize excessive and obsolete supply inventory.
• Monthly Financial Closing for Hospital(s)
  a. Work with the Corporate Accounting Department in order to identify and communicate any financial information needed in producing accurate and complete financial reporting.
  b. Review and perform financial analysis with the respect to the following:
  i. Identify any additional needed accruals, both in expenses and revenues.
  ii. Identify any additional P&L items that should be reclassed to the balance sheet (e.g. minor equipment, capital equipment, prepaids, deferrals, capital lease obligations, and any additional contractual obligations).
  c. Establish and monitor contractual reserve requirements.
  d. Prepare financial summary and analysis to be included in health system reports.
• New Program Development and Other Special Projects
  a. Provide financial leadership to assist management in the development of pro forma financial statements and business plans.
  b. After implementation, report on the results of new programs against original plans.
  c. Support CON development by acting as a liaison to the strategic business development department.
  d. Work collaboratively with Corporate Decision Support staff to request, analyze, and interpret hospital operational data.
  e. Prepare reports for review by Senior Leadership to help with strategic initiatives.
  f. Review and/or negotiate contracts at the request of senior leadership and perform other tasks as assigned by the Hospital President and/or Senior Vice President Finance-Hospital Division.

Required for All Jobs

• Performs other duties as assigned
• Complies with all Wellstar Health System policies, standards of work, and code of conduct.

Qualifications

Required Minimum Education

• Bachelor's Degree in Accounting or related field of study required
• Master's Degree MBA preferred

Required Minimum Experience

• Minimum 12 years of healthcare financial experience required
• Minimum 7 years progressive financial leadership in a complex healthcare organization commensurate in scale to the specific hospital position along with proven record working with a matrix healthcare system.
• Prior leadership of with primary responsibility for annual operating plan processes, monthly operating review, variance analysis, revenue and cost management and short- and long-term capital planning with an experience of operations finance and strategic planning. Strong preference for specific hospital operating plan experience.
• Proven experience in evaluating programs, services and pro-forma development.
• Working knowledge of healthcare billing processes and third-party reimbursement.
• Spreadsheet analysis skills.

Required Minimum Skills

• Knowledge of the principles of Information Systems in order to effectively analyze data and make decisions.
• Detail oriented, accountable and a team builder who appreciates inclusion and excels at consensus building.
• Engaged, responsive, and visible and accessible to leadership, peers and subordinates.
• Exceptional interpersonal skills for written, verbal, presentation, and computer communication in an easy to understand manager; along with proven leadership skills posed by someone who can engage and motivate others.
• Proven track record in developing collaborative working relationships at the system and hospital level.
• Strong critical thinking and problem-solving skills.
• Skill in good verbal, written, and interpersonal communication.
• Skill in time management and project management.
• Ability to work efficiently under pressure.
• Ability to operate a computer and related applications. Advanced proficiency in Microsoft Excel.
• Ability to apply appropriate supervisory, management and leadership techniques in an operational setting.
• Ability to work independently and take initiative; while openly soliciting and welcoming ideas and input from others.
• Ability to demonstrate a commitment to continuous learning and to operationalize that learning.
• Ability to deal effectively with constant changes and be a change agent.
• Ability to effectively navigate challenging situations or differences of opinions with stakeholders with minimal conflict.
• Ability to willingly accept responsibility and/or delegate responsibility.
• Ability to set priorities and use good judgment for self and staff.
• Ability to be flexible and broadly expand financial leadership responsibilities across the system as needed.
• Possesses strong business acumen, abundant character and high ethical standards

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