Job Description
Job DescriptionJob DescriptionDescription:
As a key member of the executive leadership team, the CFO will oversee all financial aspects of the hospital, ensuring fiscal stability, compliance with regulatory requirements, and alignment with the organization's mission to provide high-quality healthcare to rural and underserved communities. This role is critical in managing cost-based reimbursement structures unique to CAHs, optimizing revenue cycles, and supporting long-term sustainability in a challenging healthcare environment. Key Responsibilities Financial Strategy and Planning :
Develop and implement comprehensive financial strategies, including annual budgets, long-term financial forecasts, and capital planning. Collaborate with the CEO and board to align financial goals with operational objectives, focusing on sustainability in a rural healthcare setting. Revenue Cycle Management :
Oversee billing, collections, and reimbursement processes, with a strong emphasis on Medicare cost-based reimbursement, Medicaid, and other payer contracts specific to CAHs. Identify opportunities to enhance revenue streams while minimizing denials and bad debt. Cost Control and Efficiency :
Analyze operational costs, implement cost-saving initiatives, and monitor expenses to maintain financial health. Conduct regular financial audits and variance analyses to ensure efficient resource allocation in areas like staffing, supplies, and facility maintenance. Regulatory Compliance and Reporting :
Ensure adherence to federal, state, and local regulations, including those from CMS (Centers for Medicare & Medicaid Services), HIPAA, and IRS guidelines. Prepare and submit accurate financial reports, cost reports, and audits for CAH designation compliance. Risk Management and Internal Controls :
Develop and maintain robust internal financial controls to mitigate risks. Manage insurance programs, investment portfolios, and debt financing as needed. Team Leadership and Development :
Lead and mentor the finance team, including accounting, payroll, and revenue cycle staff. Foster a culture of accountability, continuous improvement, and professional growth. Strategic Initiatives :
Participate in executive decision-making, including mergers, expansions, or partnerships. Provide financial insights for grant applications, fundraising, and community health programs. Stakeholder Relations :
Build relationships with external auditors, bankers, vendors, and government agencies. Communicate financial performance to the board, staff, and community stakeholders. Requirements:
Education :
Master's degree in Accounting, Finance, Business Administration, or a related field required. Commensurate experience may be accepted in lieu of a Master's degree. Experience :
Minimum of 7-10 years of progressive financial leadership experience, with at least 5 years in healthcare finance. Prior experience in a Critical Access Hospital or rural healthcare setting is highly desirable. Demonstrated expertise in healthcare reimbursement models, including cost-based systems. Skills and Competencies :
Strong knowledge of healthcare accounting principles (GAAP), financial modeling, revenue cycle, and ERP systems (e.g., Cerner, Epic, or similar). Proficiency in data analysis tools (e.g., Excel, SQL) and financial software. Excellent leadership, communication, and interpersonal skills, with the ability to collaborate across departments. Strategic thinker with a proven track record of driving financial improvements in resource-constrained environments. Commitment to ethical practices and patient-centered care. Other Requirements :
Ability to work in a fast-paced, rural environment.
