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About the Job General Summary of Position The Chief Financial Officer (CFO) serves as the primary financial officer for the MedStar Washington Hospital Center and the MedStar Health Research Institute. Major responsibilities include developing and maintaining a strategic financial plan and annual operating and capital budgets; financial analysis of new programs review of all financial reporting and analyses reports; decision support review of patient revenue activities and oversight of the financial and government reporting compliance.
Responsible for directing the fiscal functions of the MedStar Washington Hospital Center and the MedStar Health Research Institute in accordance with financial management techniques and practices appropriate within the healthcare industry in partnership with MedStar's Professional Support Services Center. Primary Duties and Responsibilities Develops and contributes to the achievement of established department goals and objectives and adheres to department policies procedures quality standards and safety standards.
Ensures compliance with hospital/facility policies and procedures and governmental/accreditation regulations. Participates in multidisciplinary quality and service improvement teams as appropriate. Participates in meetings serves on committees and represents the department and hospital/facility in community outreach efforts as appropriate.
Functions as an integral part of the overall MedStar Health finance team. Works closely with MWHC and MHRI leadership and the health system finance team to promote good stewardship of MWHC and MHRI resources. Working through the management team and physicians serves as a resource to help enhance revenues; reduce costs; achieve effective utilization and quality goals and objectives; and analyze and utilize information to develop and support management decisions.
Directs a comprehensive budget process for MWHC and MHRI including prioritized project submissions for the capital budget. Performs monthly financial review and analysis of operating results for MWHC and MHRI. In conjunction with MedStar Professional Support Services Center (PSSC) coordinates the preparation of monthly financial analyses reports and variance analyses.
Directs the preparation of financial projections for new projects major capital expenditures or proposed changes in operations. Provides leadership in the development and the continuous evaluation of short and long-term strategic financial objectives for both organizations. Develops implements and periodically updates a strategic financial plan/long range financial forecast in collaboration with System finance team.
Interprets current financial trends and respond with appropriate action to improve financial results for both enterprises. Providing timely and accurate analysis of financial data reports and trends on a routine basis and as requested by management and others. Supervises and provides leadership and mentoring to fiscal and other staff; develop and establish policies and procedures in alignment with system polices and procedures; establishes goals for professional development of staff; participate in succession planning for fiscal staff.
Maintains customer service standards consistent with MedStar Health customer service standards Helps coordinate revenue cycle initiatives in collaboration with PSSC. Serves as the liaison with the MedStar parent corporation the PSSC and its subsidiaries (hospital and other MedStar entities) on financial related topics and issues. Consistently demonstrates support for compliance in the performance of job duties and responsibilities by (a) developing and maintaining knowledge of and performing job functions in compliance with rules regulations policies and statutes that affect his/her job; (b) maintaining knowledge of and performing job functions in compliance with MedStar Health MWHC and MRI policies and procedures; and (c) reporting compliance concerns in an appropriate and timely manner.
Works with PSSC on Federal and Commercial Grants and Contracts Post Award accounting and reporting. Reviews annual costs reports and coordinates activities related to Medicare and Federal Indirect Cost Proposals. Collaborate with PSSC on the coordination and activities of independent auditors associated with all research grant major programs in connection with the A-133 audits.
Develops in conjunction with PSSC and manages MWHC and MHRI key financial performance indicators and works with entity management in improving financial results using such indicators. Collaborate to integrate MedStar System level business transformation initiatives into MWHC and MHRI operations. Identify and advance entity specific business transformation initiatives.
Represents MWHC with external stakeholders as necessary including DC Hospital Association and the DC Department of Healthcare Finance. Minimal Qualifications Education Bachelor's degree required (accounting or finance preferred) or MBA in lieu of Bachelor's degree Experience Minimum of 10 years of progressive financial career track record in large tertiary or academic medical centers is required Successful experience in complex integrated healthcare system is required Demonstrated experience in a key financial leadership position is required Experience overseeing federal research grants and required financial accounting is required Licenses and Certifications Certified Public Accountant (CPA) Upon Hire preferred Knowledge Skills and Abilities Verbal and written communication skills.
Basic computer skills preferred. This position has a hiring range of USD $353,685.00 - USD $478,515.00 /Yr.
About the role
Major responsibilities include developing and maintaining a strategic financial plan and annual operating and capital budgets; financial analysis of new programs review of all financial reporting and analyses reports; decision support review of patient revenue activities and oversight of the financial and government reporting compliance.