University Medical Center (UMC) and University of Louisville Physicians (ULP) is seeking a Chief Financial Officer (CFO) who will directly report to the CEO for UofL’s consolidated health care system that includes University Medical Center (a University of Louisville nonprofit affiliate consisting of the University of Louisville Hospital and the James Graham Brown Cancer Center) and the University of Louisville Physican Group (ULP). This position will serve as the chief financial strategist and overall systems financial leader for the UofL Health Care enterprise.
Responsible for financial planning and oversight of system-wide financial activities of U of L Health (System), including specific supervision of UMC and ULP CFOs/ACFOs/Others as Assigned.
As a team leader, the System CFO will require the hospital and practice plan CFOs /ACFOs to become more involved in an integrated (to the highest level possible) Revenue Cycle, that includes the clinical aspects of healthcare and define clinical outcomes, quality metrics, readmission rates, length of stay, HAC and patient satisfaction scores.
1. Financial Reporting, Performance Monitoring, and Standards Development-
1.1 Responsibility for the preparation of routine and ad-hoc financial statements of all University of Louisville Health entities on both an individual and consolidated basis.
1.2 Monitors the financial and operational performance and financial position of Health System entities to identify variances and key trends that affect the System’s financial viability. Facilitates early recognition of changes in Health System financial circumstances so that timely operation adjustments can be made when necessary. Supports executive management as necessary.
1.3 Serves as the primary source that provides analyses of financial and operational performance and financial position to the University of Louisville Health Board of Directors, University of Louisville Health Finance Committee, subsidiary board of directors (as required), and other applicable board designated committees (as required). Attends hospital Finance Committee meetings to keep abreast of financial
activities at member hospitals. Responsible directly for staffing support for the Health System Finance Committee.
1.4 Reviews key financial and utilization information with System CEO and key Finance and operating staff of subsidiary corporations. Directly assists by providing variance explanations and analyses with recommendations for correcting identified variances and negative trends or implementing greater efficiencies that maximize net revenues and quality patient care and experience.
1.5 Coordinates and works directly with the system component CEO and CEO’s of to provide up-to-date reporting formats necessary for monitoring financial affairs. Responsible for reporting system-wide financial performance to corporate executive staff and other audiences.
1.6 Establishes and maintains system-wide financial and operating performance standards based upon industry GAAP standards.
1.7 Works with system CFOs/ACFOs to establish and/or maintain system-wide policies, processes, and best practices for transaction based financial functions including general ledger, fixed assets, other accounts receivable, and accounts payable, and payroll.
1.8 The System CFO will become the team leader to develop the system’s CFOs/ACFOs to undertake Support Specialist roles as it moves to integration of business functions.
1.9 Maintains or improves the ratings with applicable rating agencies (ex Moody’s and S&P), while building relationships with those organizations
2. Financial Feasibility Analysis
2.1 Responsible for the timely completion of system-wide feasibility studies regarding acquisitions, service lines, expense control, revenue enhancement, major capital acquisitions, contractual arrangements, management contracts, etc., to allow for decision making.
2.2 Conducts analysis of financial performance, financial position, and evaluation of purchase options and parameters of potential merger partners and physician partners.
2.3 Completes financial due diligence for identifying financial risks and potential liabilities of entities being acquired, affiliated, or merged with the System or any of its subsidiary corporations.
2.4 Gathers competitive, publicly available information regarding cash flow, costs, operating margins, investments, etc., necessary for understanding competitor strategies, strengths and weaknesses.
2.5 Keeps abreast of up-to-date legislative and/or third party reimbursement changes and recommends alternatives to enhance or protect the System’s financial position and performance.
2.6 Assists consultants by providing necessary financial and utilization information. Participates as a member of the Corporate Executive staff in the feasibility study of major projects that significantly impact the future of the System.
3. Subsidiary Organizations and Functional Oversight-
3.1 Directly responsible for the financial oversight and fiscal operations of subsidiary organizations not monitored by hospital finance functions.
3.2 Maintains an indirect reporting line to the University of Louisville Vice President for Administration and Finance/CFO
3.3 Directly Responsible of financial oversight of University of Louisville Physicians working directly with Director and Controller to minimize losses on physician practices and improve operational performance.
3.4 Develops standard training programs for financial staff where common operation training needs are identified.
3.5 Works with hospital CFOs/ACFOs to expand specialized expertise across all entities in the area of reimbursement, tax compliance, regulatory compliance and value based purchasing.
3.6 Provides financial oversight to IT Technology plan. Includes providing executive oversight to conversions and installations of commonly used financial systems.
3.7 Directly responsible for executive oversight of system-wide supply chain initiatives and activities.
4. This position will maintain a high level of interaction and cooperation with University of Lousiville personnel, including, but not limited to, School of Medicine, general health sciences and University level senior staff. This interaction is focused toward ensuring adequate mission support amounts and structures are in place to support the university/HSC academic mission.trategic Planning and Budgeting
4.1 The system CFO will partner with hospital Executive leadership, both administrative and clinical to assist the systemto stay focused on areas that help in providing high quality care while protecting and improving reimbursement. These key relationships with the hospitals CEOs CMO, CIO, CCO, and VP of Planning will build a team to address clinical program development.
4.2 Coordinates budget guidelines, assumptions, calendars, formats, and presentation requirements with all key finance staff of System entities. Develops and oversees system-wide budgeting standards and monthly reporting.
4.3 Directly responsible for completing, presenting, and monitoring the expense and capital budgets for all University of Louisville Health Entities.
4.4 Presents and/or coordinates the presentation of budgets of all entities for the approval of the Finance Committee and Board of Directors.
4.5 Effectively represents system entities, as necessary, as to financial matters related to certificate of need hearings or other forums established to provide required reports to any state or federal agencies.
4.6 Provides long-term financial planning and capital budgeting including financial modeling, financial analysis, capital acquisition, investment analysis, cash planning, calculate debt capacity, cash management, third party payer contractual planning, etc., to support system planning activities. Requires making recommendations as necessary and appropriate to the System CEO, CEOs of subsidiary corporations, and the Board of Directors
5. Treasury Management
5.1 Responsible for establishing common investment management oversight of investment policies and investment managers. Includes identifying opportunities to improve return on management of short-term cash reserves.
5.2 Directly responsible for structuring and securing debt, when necessary and approved by the Board and CFO of the University, to finance the objectives of Health System entities while building key relationships with lending institutions. Includes maintaining compliance with all covenants and requirements of debt instruments.
5.3 Directly authorizes disbursements.
6. Regulatory and Finance Control
6.1 Directs and provides oversight to external auditors on completion of annual financial audits of Health System and other related engagements. Directly reviews,monitors and holds responsibility for corrective action plans regarding management letter and other recommendations for improving and/or correcting deficiencies in accounting system control procedures.
6.2 Safeguards assets by coordinating assessments of internal control procedures of System entities as necessary. Serves to direct and conduct investigations of allegations of corporate financial wrongdoing as appropriate.
6.3 Establishes and maintains centralized administrative and financial policies where required to standardize and provide consistency among Health System entities. Analyzes and interprets the impact of changes in local, state, and federal legislation on finance policies.
6.4 Identify the high-risk areas within the System that require internal audits and present to the Audit Committee. Report the audit results to the Audit Committee every two months following the audit risk program.
6.5 The Health System CFO shall report all actions taken under the Debt Compliance Policy to the Audit Committee regarding any non-compliance with this policy or any of the debt documents.
7.1 Works collaboratively with system staff and subsidiary CEOs, CFOs ACFOs and senior management by providing direction related to financial matters.
7.2 Maintains an excellent rapport with executives, physicians, management and associates of all System entities and gains cooperation while working toward institutional goals and objectives, as identified under 4.1. Requires establishing trust and credibility among all constituents.
7.3 Models adaptive behavior by demonstrating a proactive attitude and enthusiasm while exhibiting patience with different cultures of System entities. Demonstrates honesty, integrity and a strong work ethic.
7.4 Demonstrates strategic thinking and effectiveness by identifying future needs, opportunities and problem areas, developing workable solutions, and following through on solutions.
7.5 Establishes and maintains open and transparent communication protocol and standards for informing Board of Directors, executives, physicians, management, and others of applicable and appropriate finance matters.
8.1 Maintains personal program to improve professional and business skills necessary for high-level performance within this position. Attends meetings and seminars to maintain knowledge of current trends and developments in the field, presents information obtained as in service training sessions as necessary.
8.2 Supports or participates on various System Subsidiary Board of Directors and committee’s as appointed.
8.3 Functions as the System’s representative with the Kentucky Hospital Association
8.4 Serves on various System, state, and local committee’s concerned with financing of hospitals and health care facilities.
8.5 Serves on Hospital Association Committees and participates in the National HFMA.
8.6 Carries out special projects as assigned by the System CEO
8.7 Assists the compliance officer and subsidiary CEOs in the assessment, correction, complementation, and enforcement of fraud and abuse issues related to the System corporate compliance program
8.8 Performs other duties as assigned.
A. Requires seven years’ health care experience, with executive management experience in health care setting with broad knowledge of all general and specialized finance areas as well as experience with various types of subsidiary activities including primary care, home care, and long-term care.
B. Bachelor’s degree in accounting, finance, or business administration required. CPA certification and master’s degree are desirable and preferred.
C. Requires developed skills in financial analysis and financial planning, proven business judgement, and highly developed communication and presentation skills. Requires working knowledge of Windows, spreadsheet, word processing, organizing, and graphical presentation software.