Hospital Chief Financial Officer Job Description | Hospital CFO Recruiters | Healthcare Executive Search Firm

      Hospital Chief Financial Officer Job Description

      Written by Bruce Henry, Healthcare Executive Search Practice Leader

      The Chief Financial Officer provides leadership and direction to all financial departments for the overall fiscal responsibility of the hospital.

      Hospital CFO Responsibilities

      • Administers the general accounting, patient business services, including third party reimbursement, financial, and statistical reporting functions of the hospital in accordance with established policies and accounting procedures.
      • Provides formal or informal direction in data processing, distributed systems, material management and medical records functions.
      • Trains subordinates on the above areas and monitors performance to ensure fiscal responsibilities are fulfilled.
      • Assists the CEO in the development of long and short-range hospital operations plans that may include service demand analyses, resources availability analyses and cost benefit analyses of proposed capital and staff expansions.
      • Develops long and short-range operational and capital budgets, which are supported by the hospitals long and short range plans and objectives.
      • Prepares cash flow analyses and budget variance analyses.
      • Recommends budget modifications as required. Assists managers in the development of departmental budgets.
      • Monitors, interprets and analyzes hospital financial performance in realizing established plans and objectives of the hospital.
      • Identifies and reports undesirable trends and potential business opportunities and makes recommendations for action.
      • Directs the preparation of internal financial reports including work papers for annual financial audit.
      • Assures the timely and accurate preparation of financial reports and assures that the reports reliably reflect the financial position of the hospital.
      • Assumes a lead role in analyzing and exploring means of reducing hospital operating costs and increasing revenues based on knowledge of market trends, financial reports and operating procedures.
      • Responsible for direction and submission on a timely basis all financial data associated reports required by government and other regulated agencies including payroll tax reports, public disclosure reports and third-party payor cost reports.

      Hospital CFO Job Requirements

      Minimum Qualifications (Experience, Education & Special Certifications) 

      • Bachelor’s Degree in Accounting or Finance and the knowledge of generally accepted accounting principals, and verbal, interpersonal and quantitative skills normally acquired through completion of this degree is required.
      • CPA or Master’s Degree strongly preferred.
      • A minimum of 3 years of experience working at the CFO level in an acute-care hospital is required.
      • Minimum of three years of progressive management experience in an investor-owned healthcare organization required.
      • Must be a strong, hands-on and approachable leader who understands the value of being a team-player and have an outgoing and friendly personality.
      • Must understand how to motivate and inspire staff to achieve optimal results, while keeping employee satisfaction high.

      Key skills for hospital CFO candidates include:

      LANGUAGE SKILLS: Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or governmental regulations. Ability to write reports, business correspondence, and procedure manuals. Ability to effectively present information and respond to questions from groups of managers, Board of Directors, members, and the general public.

      MATHEMATICAL SKILLS: Ability to work with mathematical concepts such as probability and statistical inference, and fundamentals of plane and solid geometry and trigonometry. Ability to apply concepts such as fractions, percentages, ratios, and proportions to practical situations.

      REASONING ABILITY: Ability to define problems, collect data, establish facts, and draw valid conclusions. Ability to interpret an extensive variety of technical instructions in mathematical or diagram form and deal with several abstract and concrete variables.

      PHYSICAL DEMANDS: The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.

      While performing the duties of this job, the employee is regularly required to sit. The employee frequently is required to use hands to finger, handle, or feel objects, tools, or controls and talk or hear. The employee is occasionally required to stand and walk.

      The employee must occasionally lift and/or move up to 50 pounds.

      WORK ENVIRONMENT: The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions. The noise level in the work environment is usually moderate.

      Our Hospital is an Equal Opportunity Employer

      Job Type: Full-time

      Benefits:

      • 401(k)
      • 401(k) matching
      • Dental insurance
      • Employee assistance program
      • Health insurance
      • Health savings account
      • Life insurance
      • Paid time off
      • Vision insurance

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      Hospital CFO Recruiters | Healthcare Executive Search Firm | Cowen Partners
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