What are the responsibilities and job description for the Chief Financial Officer (CFO) - Carlsbad, NM position at Carlsbad Medical Center?
Carlsbad Medical Center is your community healthcare provider, a 99-bed facility with inpatient, outpatient, diagnostic, medical, surgical and emergency services. We believe in the power of people to create great care. We're 40 healthcare professionals strong. We are an accredited facility with a Level III Trauma Center and we work hard every day to be a place of healing, caring and connection for patients and families in the community we call home.
Job Summary
The Chief Financial Officer (CFO) is responsible for providing financial leadership and decision-making to support the hospital's mission and strategic objectives. This role oversees financial operations, including expense management, productivity, revenue cycle, budgeting, forecasting, financial analysis, and capital planning. The CFO collaborates with shared business partners in Accounting, Patient Access, Health Information Management, Revenue Management, Physician Practice Services, corporate Managed Care, and Human Resources to optimize daily and monthly financial operations. Additionally, the CFO manages financial risks and oversees the preparation of financial statements and reports. Departmental responsibilities typically include Accounting, Case Management, Information Systems, Health Information Management, and Patient Access.
Essential Functions
Job Summary
The Chief Financial Officer (CFO) is responsible for providing financial leadership and decision-making to support the hospital's mission and strategic objectives. This role oversees financial operations, including expense management, productivity, revenue cycle, budgeting, forecasting, financial analysis, and capital planning. The CFO collaborates with shared business partners in Accounting, Patient Access, Health Information Management, Revenue Management, Physician Practice Services, corporate Managed Care, and Human Resources to optimize daily and monthly financial operations. Additionally, the CFO manages financial risks and oversees the preparation of financial statements and reports. Departmental responsibilities typically include Accounting, Case Management, Information Systems, Health Information Management, and Patient Access.
Essential Functions
- Provides financial leadership to hospital staff and management to support, create ownership, and encourage decisions that positively impact the hospital’s financial performance.
- Develops and implements strategies for revenue growth and margin improvement to meet financial goals.
- Participates in state and federal funding initiatives to improve overall reimbursement for the facility and providers.
- Analyzes costs, operations, and forecast data on service lines in collaboration with senior leadership colleagues to monitor progress in meeting financial targets.
- Develops and enforces financial policies and procedures, short- and long-range goals, objectives, and plans.
- Manages costs by identifying opportunities for cost reduction and taking actions to eliminate non-value costs in partnership with other senior leadership colleagues.
- Ensures the hospital meets financial regulatory and compliance guidelines, maintaining adherence to all applicable standards.
- Works closely with providers and local team members to monitor quality metrics and align them with financial objectives.
- Oversees the accuracy of General Ledger entries and ensures the timely reconciliation of all bank accounts to the General Ledger.
- Monitors hospital cash receipts and disbursements for accuracy and adherence to internal control procedures.
- Prepares and presents timely and accurate monthly departmental operating reports to hospital staff and senior leadership.
- Prepares monthly exhibits for the accurate presentation of all third-party reimbursement contractual allowances.
- Performs other duties as assigned.
- Maintains regular and reliable attendance.
- Complies with all policies and standards.
- Bachelor's Degree in Accounting or Business related field required
- Master's Degree in Accounting, Business Administrations, or Healthcare Administration preferred
- 8-10 years of progressive experience in healthcare financial management required
- 5-7 years of experience in a senior financial leadership role within a hospital or healthcare system required
- 1-3 years of recent acute care hospital CFO experience in a proprietary health system preferred
- Comprehensive knowledge of healthcare financial operations, revenue cycle management, and reimbursement methodologies.
- Strong analytical and problem-solving skills to interpret complex financial data and drive strategic decisions.
- Excellent communication and interpersonal skills for effective collaboration with multidisciplinary teams and external stakeholders.
- Leadership and team-building skills to inspire and guide staff toward achieving organizational goals.
- Proficiency in financial systems, budgeting software, and enterprise resource planning (ERP) tools.
- Commitment to regulatory compliance and maintaining high ethical standards.
- Ability to manage multiple priorities in a fast-paced healthcare environment.
- Certified Public Accountant (CPA) preferred or
- Certified Healthcare Financial Professional (CHFP) preferred