Chief Financial Officer - Palmetto General Hospital

Job Description

Job Description

Chief Financial Officer - Palmetto General Hospital

Position Summary

The Chief Financial Officer (CFO) serves as the senior financial executive of the hospital and is responsible for the strategic leadership, financial management, and operational oversight of all financial functions. As a member of the Hospital Executive Leadership Team, the CFO partners with the Chief Executive Officer (CEO), medical staff, department leaders, and corporate leadership to ensure the organization's financial strength, regulatory compliance, and long-term sustainability.

The CFO provides leadership over accounting, budgeting, financial planning and analysis, treasury, revenue cycle oversight, reimbursement, managed care, capital planning, supply chain finance, and financial reporting. The CFO is responsible for developing strategies that improve financial performance while supporting high-quality patient care and organizational growth.

Essential Responsibilities

Executive Leadership

• Serve as a strategic advisor to the Hospital CEO and Executive Leadership Team.
• Develop and execute the hospital's financial strategy in alignment with organizational goals.
• Present financial results, forecasts, and strategic initiatives to the CEO, Board of Directors, Finance Committee, and Corporate Leadership.
• Provide financial leadership for hospital expansion, new service lines, physician alignment, and strategic initiatives.
• Foster a culture of accountability, collaboration, and continuous improvement.

Financial Operations

Direct and oversee all hospital financial operations, including:

• General Accounting
• Financial Reporting
• Financial Planning & Analysis (FP&A)
• Budgeting and Forecasting
• Treasury and Cash Management
• Payroll
• Accounts Payable
• Capital Asset Management
• Fixed Assets
• Internal Controls
• Financial Systems

Ensure timely preparation of:

• Monthly financial statements
• Annual operating and capital budgets
• Cash flow forecasts
• Variance analyses
• Board reports
• Regulatory financial reports
• Annual audited financial statements

Revenue Cycle Oversight

Provide executive oversight of revenue cycle operations, including:

• Patient Financial Services
• Patient Access
• Health Information Management (HIM)
• Clinical Documentation Improvement (CDI)
• Coding
• Billing
• Collections
• Denial Management
• Revenue Integrity

Monitor and improve key performance indicators including:

• Days in Accounts Receivable (AR)
• Net Collection Rate
• Clean Claim Rate
• DNFB (Discharged Not Final Billed)
• DFNC (Discharged Final Not Coded)
• Bad Debt
• Cash Collections
• Point-of-Service Collections
• Revenue Capture

Collaborate with revenue cycle vendors and hospital leadership to maximize reimbursement and improve operational efficiency.

Healthcare Reimbursement

Oversee reimbursement strategies related to:

• Medicare
• Medicaid
• Commercial Insurance
• Managed Care
• Self-Pay
• Medicare Cost Reports
• Medicaid Cost Reports
• Supplemental payment programs (LIP, DSH, UPL, DPP, and applicable state programs)
• Value-Based Purchasing
• Quality incentive programs

Analyze reimbursement trends and recommend strategies to optimize revenue.

Financial Planning & Analysis

• Lead the annual budget and long-range financial planning process.
• Prepare monthly financial forecasts and cash flow projections.
• Analyze hospital financial performance and operational trends.
• Evaluate service line profitability and physician practice performance.
• Develop productivity and labor analyses.
• Identify opportunities to improve operating margins and reduce costs.

Treasury & Capital Management

• Manage hospital cash flow and liquidity.
• Oversee banking relationships and treasury operations.
• Monitor debt obligations and financial covenant compliance.
• Develop capital expenditure plans.
• Evaluate return on investment (ROI) for capital projects and new service lines.

Compliance & Internal Controls

• Ensure compliance with Generally Accepted Accounting Principles (GAAP).
• Maintain strong internal controls and financial governance.
• Coordinate annual independent audits.
• Ensure compliance with CMS, Medicare, Medicaid, state regulations, and other applicable healthcare requirements.
• Support enterprise risk management initiatives.

Operational Leadership

Partner with hospital leadership to:

• Improve operational efficiency
• Reduce unnecessary costs
• Enhance physician productivity
• Improve patient throughput
• Optimize resource utilization
• Support quality and patient safety initiatives

Provide financial analysis supporting operational and strategic decision-making.

Leadership & Staff Development

• Recruit, mentor, and develop Finance Department leaders and staff.
• Establish performance expectations and accountability measures.
• Promote continuous education and professional development.
• Build collaborative relationships across clinical and administrative departments.

Minimum Qualifications

• Bachelor's degree in Accounting or Finance (required).
• Master's degree in Business Administration (MBA), Healthcare Administration (MHA), Finance, or related field (preferred).
• Active Certified Public Accountant (CPA) license (required).
• Minimum of 10 years of progressive healthcare finance experience , including at least 5 years in hospital financial leadership .
• Previous experience as a Hospital CFO, Assistant CFO, Controller, or Finance Director within an acute care hospital.

Required Healthcare Experience

Demonstrated experience in:

• Acute care hospital finance
• Hospital budgeting and forecasting
• Revenue Cycle Management
• Medicare and Medicaid reimbursement
• Cost reporting
• Financial statement preparation
• Treasury and cash management
• Managed care contracting
• Capital planning
• Operational finance
• Financial turnaround initiatives
• Regulatory compliance

Experience with hospitals ranging from 100 to 500+ licensed beds is preferred.

Preferred Qualifications

• Multi-hospital health system experience.
• Experience with hospital acquisitions or integrations.
• Experience implementing financial or clinical information systems (e.g., Meditech, Epic, Oracle, Workday).
• Experience with bond financing, lender reporting, and capital projects.
• Lean or Six Sigma certification is a plus.

Knowledge, Skills & Abilities

• Strong knowledge of hospital reimbursement methodologies.
• Expertise in GAAP, healthcare accounting, and financial reporting.
• Advanced financial modeling and forecasting skills.
• Strong understanding of revenue cycle operations and performance metrics.
• Excellent strategic planning and business acumen.
• Exceptional leadership, communication, and interpersonal skills.
• Ability to influence physicians, executive leadership, and governing boards.
• Advanced proficiency in Microsoft Excel, ERP systems, and business intelligence tools.

Reporting Relationship

Reports directly to the Hospital Chief Executive Officer (CEO) with a dotted-line reporting relationship to the Corporate Chief Financial Officer.