Chief Financial Officer
The Chief Financial Officer position fills an essential role through directing the financial activities of an independent public critical access hospital (CAH) in beautiful south central Washington including: accounting, revenue cycle, financial systems and controls, compliance, financial analysis, budgeting, operational effectiveness, strategic positioning, forecasting, and reporting. Additionally, the CFO directly oversees all operational aspects of revenue cycle, HIM, patient access, accounting activities, materials management, nutrition services and plant operations.
The Chief Financial Officer reports directly to the Chief Executive Officer and is a significant member of the administrative leadership team at Prosser Memorial Health and is expected to build and support effective relationships with internal and external constituents. The CFO serves a one of the key components to the leadership team and is expected to provide honest counsel, both financially and strategically as they develop a rapport with staff, community and Board of Commissioners. This position is expected to maintain a high level of visibility within the facility, our community, and the region.
The CFO must exhibit the following leadership competencies:
- Customer Focus: Is dedicated to meeting the expectations and requirements of internal and external customers; gets first-hand customer information and uses it for improvements in products and services; acts with customers in mind; establishes and maintains effective relationships with customers and gains their trust and respect. Familiarity with Studer principles preferred.
- Drive for Results: Can be counted on to exceed goals successfully; is constantly and consistently one of the top performers; very bottom-line oriented; steadfastly pushes self and others for results.
- Business Acumen: Knows how businesses work; knowledgeable in current and possible future policies, practices, trends, and information affecting his/her business and organization; knows the competition; is aware of how strategies and tactics work in the marketplace.
- Managing Vision and Purpose: Communicates a compelling and inspired vision or sense of core purpose; talks beyond today; talks about possibilities; is optimistic; creates mileposts and symbols to rally support behind the vision; makes the vision sharable by everyone; can inspire and motivate entire units or organizations.
- Strategic Agility: Sees ahead clearly; can anticipate future consequences and trends accurately; has broad knowledge and perspective; is future-oriented; can articulately paint credible pictures and visions of possibilities and likelihoods; can create competitive and breakthrough strategies and plans.
- Developing Direct Reports: Is good at establishing clear directions; sets stretching objectives; distributes the workload appropriately; lays out work in a well-planned and organized manner; maintains the two-way dialogue with others on work and results; brings out the best in people; is a clear communicator.
- Provide leadership to achieve financial and operational performance objectives and expectations including revenue growth, operational margin targets, effective expense management and overall efficiency measures including the utilization of productivity systems. This includes the use of analytical processes to assure the success of initiatives and performance improvement opportunities in the areas of operational performance, clinical excellence, patient satisfaction and employee engagement.
- Provide leadership in strategic planning and evaluation/assessment of growth and operational initiatives as well as the evaluation, development and implementation of new programs and service lines, capital acquisition (including campus planning and future expansion) and technological investments. This includes the evaluation and assessment of future facility operations to ensure strong financial and operating outcomes.
- Provide leadership, supervision, guidance and development for staff. Articulate and demonstrate an expectation for continuous quality improvement through the support and display of the PMH mission, vision, values and standards of behavior. Identify and provide growth opportunities for high-potential staff, which may include functioning as a mentor.
- Develop strategy and drive process improvements focused on clinical services, outcomes, patient throughput, and patient safety. Promote a patient-centered healing environment. Promote the use and implementation of technology in the workplace in order to streamline operations, improve communications, and optimize work processes.
- Oversee HRSA, DSH, Medicare Cost Report, and other state and federal reporting and compliance requirements.
- Ensure an Ethics & Compliance Program is in place and functioning in all areas that report to the CFO. Enforce PMH’s compliance policies and procedures; assist or help coordinate compliance investigations, audits, and monitoring activities; coordinate and oversee compliance training.
- Help cultivate and nurture an effective team environment in order to coordinate activities, review work, exchange information, and resolve problems. Champion, model, and promote service excellence philosophies and behaviors at the facility to enhance the overall patient experience.
Essential Hard Skills:
- Workforce development that is change-ready and adaptable.
- Developing efficient business processes with a particular focus on effective revenue cycle management.
- Maximizing information technology to improve both efficiency and quality.
- Reporting and communicating outcomes organization-wide.
- Documenting value in terms of cost, efficiency, quality, patient satisfaction and population health.
- Creating a culture that is patient-focused and customer driven.
- Developing and motivating managers and staff to achieve strategic objectives and maintain accountability.
- Developing and executing a financial strategic plan.
- Gaining credibility and partnering effectively with medical staff to achieve desired organizational outcomes.
- Success in leading profitable financial operations for a large, complex organization.
- Achieving cost savings in a decisive, yet collaborative and professional manner.
- Knowledge and thorough understanding of insurance an managed care contracting principles and practices.
- In-depth knowledge of revenue cycle, accounting principles, budgeting, cost accounting and reimbursement.
- Prepares cash flow analysis and budget variance analysis.
- Recommends budget modifications as required. Assists leaders in the development of departmental budgets.
- Assures the timely and accurate preparation of financial reports and assures that the reports reliably reflect the financial position of the hospital.
- Knowledge of the healthcare environment and key issues associated with hospitals, ambulatory care, physician alignment, ACOS and alternative payment models.
- Oversees development of pricing models to meet economic challenges.
- Works collaboratively with the leadership team, Board of Commissioners, Medical Staff and team members toward short and long-term strategic goals.
- The Chief Financial Officer must be able to negotiate with both insurance payers and vendors to achieve financial objectives while maintaining positive relationships.
- Skilled in strategically and proactively creating and managing financial solutions resulting in organizational growth and success.
- Coaching and developing direct reports that results in enhanced performance outcomes.
- Quickly assessing and assimilating organizational and industry financial dynamics and making appropriate decisions related to new initiatives.
- Constructing new and innovative solutions to meet changing organizational strategies and goals.
- Project management and construction of new facilities.
- Establishing, pursuing, and monitoring appropriate process and outcome measures for key initiatives.
- Analyzing a variety of complex financial and statistical data.
- Anticipating and meeting the needs of internal and external customers.
- Building strong, trusting relationships at all levels within the organization.
- Excellent human relations, organizational and communication skills, including written, verbal, and listening skills.
- Performs other duties as directed by the Chief Executive Officer.
- The Chief Financial Officer must possess a strong knowledge and understanding of business and financial healthcare as normally obtained through the completion of a Bachelor’s Degree in Accounting, Finance, Economics, Business Administration or related discipline.
- Must possess a strong knowledge and understanding of financial operations with a minimum of ten-plus years of progressively responsible financial leadership experience.
- Must possess five years of experience in medical center or Critical Access Hospital (CAH) in a financial leadership capacity.
- Master’s Degree in Accounting, Finance, Economics, Business Administration or CPA.
- Prior experience working as a CFO in a Critical Access Hospital.
The Chief Financial Officer should have prior experience working in all financial disciplines, including but not limited to: financial analysis, revenue cycle, budgeting, and accounting.
NOTES: Employer will assist with relocation costs.
About Prosser Memorial Health
For more than 70 years, Prosser Memorial Health has provided high-quality, compassionate, and comprehensive healthcare services to our communities. Service lines include: 24/7 Emergency Department, Specialty Clinics including Surgery and ENT/Allergy, Obstetrics and Family Birthplace, Therapy Services, and Primary Care through our local clinics. We are an established, 25-bed, Critical Access Hospital located in southeast Washington State in the heart of wine country. Prosser has the comforts of small-town living but is readily accessible to medium and large metropolitan areas like Seattle, Spokane and Portland. Our region offers all of the magnificent beauty of the Pacific Northwest with 300 days of sunshine a year.
At Prosser Memorial Health our team of 300+ employees and medical staff are committed to our ASPIRE values of- Accountability, Service, Promote Teamwork, Integrity, Respect and Excellence.
Our Mission is to improve the health of our community.
Our Vision includes Patients, Employees, Medical Staff, Quality, Services and Financial Stewardship. Our Goal is to be a Top 100 Critical Access Hospital in the Country.
We offer a competitive salary, full benefits package and retirement options. We are an equal opportunity employer.
Job Status: Full Time