Title: Vice President and Chief Financial Officer
Organization: Springfield Clinic
Location: Springfield IL
About Springfield Clinic:
Founded in 1939 by five physician partners, Springfield Clinic was one of the first multispecialty medical clinics to form in downstate Illinois. Now, Springfield Clinic’s 550 physicians and advanced practitioners and 2,400 employees serve a population of approximately one million patients throughout the central Illinois region in eighty medical specialties and sub-specialties.
The Vice President and Chief Financial Officer (CFO) provides leadership and strategic planning for all financial activities of the Springfield Clinic Partnership and all related organizations, including assisting the Chief Executive Officer, the Finance Committee, Investment Sub-Committee, Corporate Compliance Task Force and the Board of Directors in developing financial goals and objectives. The CFO is a member of the senior leadership team at the Springfield Clinic Partnership and will play a key role in driving the performance of the group as well as have an important voice in setting the strategy for the future.
Undergraduate degree in Accounting, Business Administration or Finance required
Financial Leadership experience with large, multi-specialty medical groups
Strong knowledge of information systems/healthcare concepts and terminology
A regional medical and referral center with 373 beds, serving about 200,000 patients a year from four states. The hospital provides a full range of services, including cardiac and cancer care, diagnostic imaging, women's and children's services, surgery, emergency treatment, rehabilitation, transitional care, weight management, and wound care. The main campus covers eight square blocks, plus off-site outpatient rehab, occupational medicine, primary care, school clinics, imaging, and lab. Overall, the hospital offers 20 points of care to make healthcare more convenient for area residents.
Scope of the Job:
The Director of Hospital Financial Operations will be located in Paducah, Kentucky, and will report to the Vice President of Hospital Financial Operations. The Director will assist the Vice President with providing strategic direction for the Paducah Market budget and financial planning/forecasting. The incumbent will help plan, develop, implement business and financial strategies, analyze operating results and new business opportunities supporting the strategic planning processes. You will assist with developing and executing financial strategies, systems, and processes that optimize current and future financial, operational performance. You will collaborate with senior leadership across the Market and System to identify and execute financial performance improvement initiatives, including revenue optimization, expense control methods, and capital management, contributing to optimal performance and strategic positioning efforts.
Assist in leading a comprehensive market-wide long-range capital planning and strategic financial planning process. Oversee the preparation and development of financial models for financial feasibility studies of capital projects and acquisition of organizations and physicians for the Market.
Assist with the financial analysis for new business development opportunities for the Market, such as strategic acquisitions or major capital expenditure proposals for the hospitals.
Prepare the financial analysis and reporting of all business plans by working with representatives across the System, including but not limited to System Senior Leadership, Finance Directors, Hospital Leadership, System Service Center (SSC) Planning, SSC Decision Support, SSC Performance Advisory Office, and leadership. You will participate in the evaluation and financial feasibility of plans and incorporate them into the long-range financial plan.
Participate in the facility, Market, and system initiatives to develop new services/processes by identifying issues, brainstorming ideas, and proactively creating action plans to include appropriate stakeholders in discussions.
Assist with evaluating and translating high-level system goals into budgeting and forecasting strategies that support the organization's financial objectives. Responsible for reporting outcomes to key constituents and implementing critical actions and best practices to improve financial and budgetary performance and processes.
Ensure the integration of financial planning tools among management teams for strategic, financial, operations, quality management, and other management decision-making processes and applications by facilitating the information exchange. Serves as a Market consultant on specific finance-related issues or day-to-day operations issues and provides notification of material issues impacting financial performance.
Assist with the development and implementation of the Market-wide capital and operating budget, including managing all facets of the capital and operating budget processes and maintaining overall accountability for the successful execution in a manner sufficient to support the System's mission and financial goals.
Assists with market-wide financial budgeting/forecasting strategy and collaborate with senior leadership to analyze trends and identify opportunities to align strategic direction with system financial goals.
Collaborate with senior operations and operating unit leadership to ensure completion and maintenance of annual operating budgets / rolling forecasts meeting established deadlines and system parameters. Analyzes variances from budgets/forecasts and communicates such to operations management. Makes recommendations to and partners with Market operations leaders to ensure financial targets are met and/or exceeded.
Prepare and review reports on financial performance. Supervise, investigate, analyze and present recommendations concerning asset, liability, cost, and revenue initiatives, including processes, re-engineering, and detailed performance/financial/program reviews, to ensure stated financial goals are attained.
Participate in monthly operating reviews with senior and operating unit leadership in accordance with system and site guidelines and offers training/education to address financial issues. Provide financial direction to operating units to assist in achieving goals with remaining within established budget thresholds/parameters.
Promote corporate integrity through compliance with the Corporate Responsibility Program.
1. We seek a healthcare finance executive with a Bachelor's degree in Finance or Accounting. A Masters degree in Finance or related field preferred.
2. We seek a healthcare finance executive with 5 years of experience in health system financial operations. System experience strongly preferred.
3. The perfect candidate profile:
- Experience in consulting with senior-level leadership providing guidance on financial strategies and decisions that impact the performance of the organization.
- Comprehensive knowledge of best financial practices within and outside the health care industry. Strong understanding of health care dynamics and economics as it relates to the profitability of various services and margin contribution available with marginal investment.
- Advanced knowledge and skills in developing and evaluating complex financial plans and strategies which support creating effective, successful business plans.
- Skills in prioritizing needs based on business requirements, effectively manage resources, and develop effective processes that impact the organization.
- Strong oral and written communication skills to effectively communicate with all levels of leadership within the organization.
- Skills in presenting financial strategies, results and analyses. Demonstrated ability to explain complex financial issues to non-financial staff and leadership.
- Possess analytical and computer skills with demonstrated knowledge of financial modeling based upon market data, reimbursement issues, and cost of providing care.
A compensation package will be designed to attract outstanding talent and will include a competitive salary and an attractive benefits package.
Tracy Wolfe, CPC
Zingaro, Fidler, Wolfe & Company
firstname.lastname@example.org / 512 327-7277 or (512) 785-8856
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