Job Description
CHIEF FINANCIAL OFFICER
Last Updated on June 14, 2024
Reports to the Deputy Chief Executive Officer
Background
Cahaba Medical Care Foundation is a Federally Qualified Health Center with 25 sites spread across seven counties providing medical, pharmacy, dental, and behavioral health services to diverse underserved communities in Alabama. This is an exciting, fast-paced organization with a strong mission and commitment to providing high quality care.
Purpose
CMCF is in need of a CFO to support the Deputy CEO, CEO, and Board of Directors by developing and implementing financial strategies that support the organization’s mission and goals. The CFO guides, analyzes, and reports the current financial health of this Federally Qualified Health Center, creates tools to guide financial and operating decisions, and implements strategies that will ensure enduring sustainability, growth, and progress. The CFO leads a department of approximately 30 staff, overseeing all accounting, financial reporting, cash management, budgeting, forecasting, financial analysis, and financial compliance requirements.
Responsibilities and Duties
Financial and Operational Management
- Develop and implement financial strategies that support the organization’s mission and goals
- Oversee all accounts, ledgers, and reporting systems, ensuring compliance with Generally Accepted Accounting Principles
- Ensure the accuracy and completeness of financial records, including the general ledger, accounts payable, accounts receivable, payroll, and other financial systems
- Coordinate audit activities, supplying accurate information and transparent answers to inquiries
- Develop and maintain a reliable cash flow projection process and reporting mechanism that includes minimum cash thresholds to meet operating needs
- Optimize banking relationships and initiate appropriate strategies to enhance cash positions
- Manage and track grant activity in keeping with the policies and guidelines mandated by the granting organizations, including developing grant budgets, monitoring spending, reconciling balances, submitting progress reports, and supporting audits of grant activity
- Ensure sound revenue cycle management practices that maximize cash flow while complying fully with billing rules, laws, and regulations
- Prepare and present financial reports and performance metrics to the Principals, providing analyses and recommendations as needed
- Cooperate with Human Resources in preparing and delivering an accurate and timely payroll process
- Implement spending controls that are consistent with the organization’s budgets and goals, including a robust, company-issued, employee credit card program
- Review contracts for financial implications, making recommendations for counter-proposals when appropriate
- Represent the organization at internal and external events and meetings, providing financial information, guidance, and support as needed, including conducting training sessions when called upon
Financial Planning and Analysis
- Develop and maintain financial forecasting models that emphasize cash flow management and that support long-term financial planning and decision-making
- Analyze financial data, forecast future trends, and provide insights to support informed decision-making
- Develop and oversee the annual budgeting process, aligning with the Deputy CEO and CEO on overall objectives for the budget period and working closely with department managers and other stakeholders to develop realistic and achievable budgets
- Monitor actual performance against budgets and provide regular updates and analyses to the Deputy CEO, CEO and Board of Directors
- Develop business cases and profitability models to predict future performance, assess alternative strategies, allow for what-if scenarios, and ultimately guide cash allocations
Strategic Planning and Leadership
- Work closely with the Deputy CEO, CEO, and senior leaders to develop and implement strategic plans and goals that support the organization’s mission and vision
- Contribute to major decisions by evaluating financial implications and providing insights into potential risks as well as inherent gains
- Develop tools and systems that will provide critical financial and operational information to the Deputy CEO and CEO, and make actionable recommendations on both strategy and operations
- Assess organizational performance against the organization’s long-term strategy so that long-term objectives are not lost in the immediacy of current demands
- Guide capital allocation decisions, balancing the need for investments in innovation and expansion with reasonable return on investment
- Engage regularly with the Deputy CEO and CEO regarding issues, trends, and changes in projections
- Prepare meeting agendas as required to maintain clear communications regarding financial matters with the Deputy CEO and CEO and with the Executive Committee
- Select and engage with outside consultants (auditors, content experts) when appropriate for the success of the enterprise
Risk Management and Compliance
- Oversee all compliance requirements relevant to the finance and accounting departments, ensuring that the organization is in compliance with all relevant laws and regulations including GAAP and FQHC-related rules and guidelines
- Ensure compliance with all financial reporting and regulatory guidelines, including audits, grants management, tax filings, and other reporting requirements
- Identify financial risks that could impact the organization’s stability and reputation and recommend actions to mitigate these negative influences
- Implement rigorous internal control systems to guard against fraud, embezzlement, and false reporting
- Exploit relationships with external auditors and other financial service providers to enhance compliance with all reporting and regulatory requirements
Board Relations and Reporting
- Prepare a high-level adaptation the monthly financial report for the CEO to present to the Board of Directors, including regular updates on budget performance, forecasts, and financial risks and opportunities
- Report on the financial performance of the organization to the Board of Directors, when directed by the CEO
- Lead the Finance Committee, collaborating with committee members to provide strategic financial guidance and support
- Collaborate with the Deputy CEO, CEO and Board of Directors to develop and implement financial policies and procedures that align with the organization’s values and strategic goals and that provide consistency and transparency regarding the financial functions of the organization
Team Management
- Provide leadership, mentorship, and challenges to the finance team, fostering a culture of continuous improvement and professional development
- Serve the Finance team by sharing performance feedback, delegating assignments and providing training, solving problems, offering executive support, showing appreciation as well as enforcing discipline, managing work allocation, and modeling the organization’s core values
- Participate in and/or lead cross-functional teams to add a Financial dynamic to discussions and decisions wherever they may occur
Qualifications
The CFO will be a seasoned and mature leader with at least twelve years of broad finance experience, ideally beginning in accounting, followed by experience gathering and evaluating financial information and making actionable recommendations to senior leadership. She/he will have experience managing the finance function (accounting, budgeting, control, and reporting) within a multi-site-based entity.
The CFO will have the following experience and attributes:
- Proven track record of successful financial management, including experience developing and implementing financial strategies, managing budgets, and overseeing financial reporting and compliance
- Bachelor of Science Degree in a business-related field (Master’s Degree preferred)
- Passion for Cahaba Medical Care’s Core Cultural Competencies
- Expertise in GAAP compliance and audit coordination
- Indisputable reputation for integrity
- Partnership mentality in working with Principals, strategically and tactically
- Compelling cash management obsession
- Creative perception to convert a strategic vision into an operational model
- Experience with Revenue Cycle Management functions, including provider enrollment and medical billing
- Collaborative and flexible style, with a strong service motivation
- Persuasive cooperation with functional areas outside of Finance
- Highly analytical and professionally curious
- Effective leadership and management practices to build and lead high-performing teams in functions as diverse as Accounting, Finance, Medical Billing, Provider Enrollment, and Purchasing, including a passionate interest in mentoring others
- Unassuming interpersonal style with the ability to communicate financial information to non-financial stakeholders
- Advanced proficiency in managing and exploiting accounting software
- Affinity for spreadsheet software in manipulating large data sets, including the regular use of complex formulas
Work Environment:
- Cahaba Medical Care is a nicotine-free organization. Smoking and use of electronic cigarettes is prohibited anywhere on a Cahaba Medical Care campus. Employees who use nicotine are not eligible for full employee coverage of health insurance premiums.
- Cahaba Medical Care requires adherence to TB screening and immunization policies for its staff in accordance with CDC recommendations for healthcare workers.
- Cahaba Medical Care’s administrative office setting requires professionalism in both behavior and business-casual attire as well as rigid conformance with safety protocols.