A regional healthcare provider with approximately 250 beds and rated the “Highest Recommended Hospital in the Region” by HCAHPS. Additionally, this hospital has achieved Pathway to Excellence designation for excellence in nursing services from the American Nurses Credentialing Center’s (ANCC) Recognition Program. Since its inception in 1953, the hospital has emerged to be an outstanding regional healthcare provider. Its medical staff is a well-built team of more than 600 physicians, representing a variety of specialties. The hospital currently employs over 2,000 employees.
Scope of the Job:
The Vice President of Hospital Financial Operations will be located in New Albany, Indiana, and will report to the Kentuckiana, Vice President of Regional Hospital Financial Operation. The Vice President of Hospital Financial Operations will be responsible for the strategic direction for the market, including the surrounding counties, the budget, and financial planning/forecasting. The incumbent will plan, develop, and implement business and financial strategies, analysis of operating results, and new business opportunities that support strategic planning processes. He/she will ensure financial strategies and processes align and effectively support the achievement of the organization’s objectives. You will develop and execute financial strategies, systems, and processes that optimize current and future financial operational performance. She/he will work in collaboration 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.
Lead the comprehensive market-wide long-range capital planning and strategic financial planning process. Oversee the preparation and development of financial models for feasibility studies of capital projects and the acquisition of organizations and physicians for the Market. Direct the financial analysis for new business development opportunities for the Market, such as strategic acquisitions and significant capital expenditure proposals for the hospitals.
Coordinate 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, and SSC Performance Advisory Office. Participate in the evaluation and financial feasibility of plans and incorporate those plans into the long-range financial plan.
Participate in facility, Market, and system initiatives to develop new services/processes by identifying issues, brainstorming ideas, and proactively creating action plans working to include appropriate stakeholders in discussions.
Evaluate and translate high-level System goals into budgeting and forecasting strategies that support the organization’s financial objectives. Responsible for reporting outcomes to critical constituents and implementing necessary 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.
Lead 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.
Oversee Market-wide financial budgeting/forecasting strategy and collaborates with senior leadership to analyze trends and identify opportunities to align strategic direction with system financial goals.
Collaborate with senior operations 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.
Serve as a change agent – Tactically communicate at all leadership levels changes required to meet the Hospital, Market, and System goals and objectives.
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 leadership in accordance with System and/or site guidelines and offers training/education to address financial issues. Provide financial direction to operating units to assist them 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 a minimum of 7 years of experience in health system financial operations. System experience strongly preferred.
3. Requires travel (10% OR LESS)
4. The perfect candidate profile: Experience in consulting with senior-level leadership providing guidance on financial strategies and decisions that impact the organization’s performance.
- 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 and 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, bonus, and an attractive benefits package.