The Chief Financial Officer (CFO) is responsible for the overall financial strategy and management of Knoxville Hospital & Clinics. The CFO will ensure the hospital’s financial sustainability while maintaining alignment with its mission to provide high-quality healthcare services to the community. As part of the executive leadership team, the CFO will guide financial planning, budgeting, revenue cycle management, and regulatory compliance while fostering an environment of transparency and accountability.
Key Responsibilities:
- Strategic Financial Leadership:
- Develop and implement financial strategies that support the hospital’s purpose, culture, and strategic goals.
- Provide financial insights to the CEO and Board of Directors to support decision-making and strategic planning.
- Lead financial risk management initiatives and ensure effective internal controls and governance frameworks.
- Financial Planning & Analysis:
- Oversee the development and implementation of short- and long-term financial plans.
- Direct the budgeting process, ensuring alignment with hospital priorities and department needs.
- Perform financial forecasting, scenario modeling, and profitability analysis to guide executive decision-making.
- Ensure that key financial metrics (e.g., margins, liquidity, operating cash flow) are regularly tracked and reported.
- Revenue Cycle Management:
- Oversee the hospital’s revenue cycle operations, including billing, collections, coding, and reimbursement processes.
- Maximize revenue capture while ensuring compliance with Medicare, Medicaid, and private payer policies.
- Develop strategies to enhance reimbursement rates and reduce payment denials.
- Financial Reporting & Compliance:
- Ensure accurate and timely financial reporting to internal and external stakeholders, including the CEO, Board of Directors, auditors, and regulatory agencies.
- Lead the preparation of financial statements in compliance with Generally Accepted Accounting Principles (GAAP) and healthcare-specific accounting standards.
- Ensure compliance with federal, state, and local financial regulations, including tax filings, cost reports, and grant compliance.
- Oversee audits and maintain relationships with external auditors to ensure the integrity of financial reporting.
- Cost Management & Efficiency:
- Monitor and control operational costs while ensuring the delivery of high-quality patient care.
- Oversee treasury and cash management, utilizing this information to provide insight and maximize return on hospital investments.
- Implement cost-saving initiatives, including process improvements, renegotiation of contracts, and vendor management.
- Lead initiatives to enhance the hospital’s financial performance, such as productivity analysis, resource allocation, and process optimization.
- Capital Planning & Asset Management:
- Manage the hospital’s capital budget, including the procurement of major equipment and facility upgrades.
- Oversee debt management and capital funding strategies to support infrastructure needs and growth opportunities.
- Ensure the effective management of the hospital’s physical and financial assets.
- Collaboration with Clinical Leadership:
- Collaborate with clinical leaders to balance financial constraints with patient care priorities.
- Provide financial guidance on resource allocation for clinical programs, technology investments, and staffing decisions.
- Ensure that financial goals align with patient care outcomes and hospital performance metrics.
- Community and Stakeholder Engagement:
- Represent the hospital in meetings with community leaders, donors, government agencies, and other stakeholders.
- Develop and maintain relationships with financial institutions, regulatory bodies, and healthcare associations.
- Support fundraising and grant-seeking initiatives in collaboration with hospital leadership and the community.
Relevant Experience and required Qualifications:
– Previous Critical Access Hospital-CFO experience preferred.
– Bachelor’s degree from an accredited institution in business or accounting. CPA or MBA preferred.
– Proven analytical and problem-solving abilities.
– Experience with Critical Access Hospital reimbursement and a complete understanding of Medicare Cost Reports.
– Strong written and verbal communication skills.
– Demonstrated ability to independently establish priorities, delegate tasks, and establish accountability with direct reports.
– Previous managerial or supervisory experience, preferably in the healthcare field.
– Additional compensation if successful candidate moves to Knoxville School District.
This is a full time, benefits eligible position (medical, dental, vision, company paid Life insurance, FSA, PTO, Short term and Long term disability)