Vice President of Finance—Assistant Chief Financial Officer
Overview
Date Posted: 5/3/2021
Job Code: ACFO
Location: MLK Community Hospital & Foundation
Address: 1680 E.
120th St.
City:
State: CA
Country: United States of America
Category: Accounting/Finance
POSITION SUMMARY
The Vice President of Finance—Assistant Chief Financial Officer (“CFO”) is a key member of the Management Team.
In this capacity, the VP-Finance/ACFO supports the Chief Financial Officer and other Hospital Leadership in providing financial, analytical, and decision support to the Hospital management team and Chief Financial Officer (CFO).
The VP-Finance/ Assistant CFO reports directly to the Chief Financial Officer (“CFO”).
The VP Finance/Assistant CFO will be a highly visible position within the Hospital, and will serve as a key support role and “second in command’ position to the CFO regarding the oversight of the Hospital’s budgeting, planning, accounting financial management functions.
The VP Finance/ CFO will become knowledgeable in the Hospital’s various statutory Supplemental Funding programs and be involved in all aspects/ phases of these programs.
ESSENTIAL DUTIES AND RESPONSIBILITIES including but not limited to:
Demonstrates knowledge of hospital and department compliance requirements for federally funded healthcare programs (e.g.
Medicare and Medicaid) regarding fraud, waste and abuse.
Brings any questions or concerns regarding compliance to the immediate attention of hospital Compliance Officer.
Takes appropriate action on concerns reported by department staff related to compliance.
Purposefully conducts all aspects of the job in an ethical manner in support of the Hospital’s commitment to ethical behavior in all areas of personal and professional activity.
Ensures organizational continuity within the limits authorized by policies, procedures, and budgets.
Through subordinates, oversees the daily operations of the Financial Accounting (Accounts Payable, Payroll), Budget/ Financial Planning / and Decision Support, departments.
Through subordinates, develops, interprets, coordinates and communicates hospital policies and procedures on finance, accounting, budgeting, insurance, financial/accounting systems, internal controls, auditing and all other areas of responsibility.
Conducts meetings with staff to ensure compliance with established policies, procedures as well as practices, and keep employees aware of current standards and changes that are occurring within healthcare and the Hospital.
Manages the financial operations of the financial planning, budgeting and analysis, and controllership functions.
Oversees and participates in the preparation of cost reports and full financial statements as well as oversee the financial audits of funds.
Ensures compliance with the closing calendar, planning deadlines, and reporting requirements.
Communicates financial information and collaborates with CFO and hospital management regarding the business strategy.
Prepares reports for the CFO outlining the Hospital’s financial position in all areas based on past, present, and future operations as well as conducts a variance analysis of actual to budget performance.
Manages and controls a comprehensive budget including allocations for capital budget.
Coordinates the production and filing of government-required reports, third party/ government program reviews, and other financial information.
Is knowledgeable about the Hospital’s revenue cycle functions including registration, coding, medical records, billing, account follow-up and collections, customer service and cash posting and understands the impact these have on the Hospital’s financial statements and financial position.
Is knowledgeable about the Hospital’s materials management/ supply chain function and understands the impact these have on the Hospital’s financial statements and financial position.
Promotes sound fiscal operations by overseeing an effective budgeting process.
Oversees the development of annual revenue, personnel, and operating and capital expense budgets for the Hospital.
Analyzes available financial data for significant variances.
Identifies data and trends to be used for future budget planning and impacts on strategic planning.
Applies current cost containment concepts.
Identifies through performance improvement achievements areas of quality and cost improvement.
Assists the Hospital CFO along with Decision Support staff in the development of long and short range operations plan which may include service demand analysis, resources availability analyses, and cost benefit analyses, resources availability analyses, and cost benefit analyses of proposed capital and staff expansions.
Participates in the development of long and short-range operational budgets that are supported by the hospital’s long and short
– range plans and objectives.
Provides budget modifications as required.
Monitors, interprets and analyzes hospital financial performance in realizing established plans and objectives of the hospital.
Identifies undesirable trends and potential business opportunities and communicates information to the appropriate personnel.
Interacts and works with others to implement changes as necessary.
Assists the CFO in analyzing and exploring means of reducing hospital operating costs and increasing revenues based on knowledge of market trends, financial reports and operating procedures.
Ensures that the Hospital’s annual operating and capital budget process is aligned with the Hospital’s strategic planning and business unit/ service line prioritization process
Establishes and maintains the objectives and strategy for the operating and capital budget process finance that are linked to the Hospital’s objectives and strategy.
Selects, motivates, and guides the budgeting/ forecasting/ financial planning team to achieve effective and timely budget, financial planning, and analytical processes.
Consults with and advises the CFO and other management team members on policies, operations, objectives, and financial positioning.
Ensures the effective recruitment, selection, supervision, development and retention of budgeting/ forecasting/ financial accounting management and employees.
Ensures the department directors/managers and other hospital staff are qualified to perform the associated job responsibilities and requirements.
Provides input and oversight of department/service line director’s performance relative to budgets and objectives, and assists in identifying ways to improve their performance.
Delegates authority commensurate with the responsibilities of financial services leadership positions; ensures that scope of authority is clearly defined and understood; monitors direct reports performance and provides support and assistance as needed.
Provides support to programs designated to develop managers skills and abilities necessary for performance improvement, as well as effective leadership.
Collaborates with Human Resources on compensation for personnel to ensure that they are commensurate with qualifications and in line with positions of comparable responsibilities within the organization and external healthcare market.
Becomes knowledgeable in MLKCH’s various Supplemental Funding Programs (AB2599/SB857).
Actively participates in all aspects of Supplemental Funding development, planning, and reporting.
Understands the fundamentals of MLKCH’s Supplemental Funding Programs (AB2599/SB857) Participates with CFO in all discussions/ meetings/ planning activities with MLKCH Cost Reimbursement Consultants, MLKCH Counsel, County of Los Angeles, California Dept.
of Healthcare Services, (DHCS) and Centers for Medicare and Medicaid Services (CMS) regarding Supplemental Funding Actively involved in report and data submissions submitted to DHCS to develop Supplemental Funding amounts for Fee-for Service and Managed Care Medi-Cal Understands impact of these programs on MLKCH’s financial position and integrates this understanding into financial planning and budgeting process
Serves as a member of the Management Team.
Provides input to the CFO regarding financial management activities and strategies.
Where applicable, participates in key decisions regarding implementation of patient care and hospital strategies.
Works in tandem with the management team to create a collaborative multidisciplinary environment.
Other responsibilities and duties.
Represents the Hospital as assigned by the CFO.
Ensures rational and purposeful management of financial services through the application of sound planning and goal setting principles.
Facilitates a multidisciplinary approach to financial management and services.
Promotes forecasting within the Hospital to actively anticipate and influence future events.
Plans change and coordinates the implementation of new ideas.