Chief Financial Officer

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Full Time Senior Management Chicago, IL, US

23 days ago Requisition ID: 2124

SUMMARY

The Chief Financial Officer (CFO) provides executive-level management for financial resources, financial operations, strategic planning, and business growth opportunities. The CFO is responsible for financial stewardship and financialintegrity to safeguard the hospital’s assets. In alignment with Loretto Hospital’s strategic plan, the CFO drives collective responsibility for business operations and sound financial management. Formulates and oversees the organization’s financialplanning, policies, and practices in collaboration with executive leadership.

The CFO provides leadership, direction, coordination, and administration to the Finance department. The incumbent will carry out her/his duties by adhering to the highest standards of ethical and moral conduct, acts in the best interest of Loretto Hospital, and fully supports the mission, vision, and values of Loretto Hospital. The incumbent will have knowledge of health care systems and hospital finances and have demonstrated ability to interact, relate to, work with, and support the activities of a diverse workforce.

ESSENTIAL DUTIES AND RESPONSIBILITIES

include the following. Other duties may be assigned

Executive Leadership & Strategic Governance

• Serves as a key member of the Executive Leadership Team, actively participating in the development, execution, and monitoring of the hospital’s strategic vision.
• Provides enterprise-wide financial leadership aligned with the hospital’s mission, vision, and values.
• Leads the development, implementation, and enforcement of financial policies, procedures, and governance structures.
• Advises the CEO, Board of Directors, and senior leadership on financial strategy, risk, and organizational sustainability.
• Ensures financial strategy supports clinical quality, patient access, and long-term organizational viability.
• Provides executive oversight and leadership responsibility for Finance and Revenue-related functions, including:
  • Accounting and Business Office
  • Medical Records / Health Information Management (HIM)
  • Materials Management / Supply Chain
• Oversees the hospital’s financial affairs to ensure funds are collected, managed, and expended in accordance with approved budgets and strategic priorities.
• Ensures financial integrity, fiscal responsibility, and compliance with applicable laws, regulations, and standards.

Financial Planning, Budgeting & Forecasting

• Leads executive leadership in the development of short- and long-range financial plans, operating budgets, capital plans, and cash flow projections.
• Oversees financial forecasts and performance tracking against approved targets.
• Uses data-driven methodologies to allocate resources and optimize financial outcomes.
• Identifies trends, risks, and indicators that may impact business operations, investments, and growth strategies.
• Oversees scenario planning and sensitivity analyses to support informed decision-making.

Operational & Performance Analytics

• Leads executive and operational leaders in the development of operational plasm using analyses that assess:
  • Demand and capacity
  • Resource availability and staffing productivity
  • Cost-benefit and ROl of programs, capital projects, and workforce expansions
• Partners with clinical and non-clinical leaders to drive results across quality, cost management, and financial performance.
• Establishes and monitors financial and operational KPls to support accountability and continuous improvement.

Revenue Cycle & Reimbursement Strategy

• Partners with physicians and clinical leadership to improve revenue cycle effectiveness while supporting quality outcomes.
• Oversees preparation of monthly exhibits reflecting accurate third-party reimbursement contractual allowances.
• Leads or supports initiatives to improve charge capture, revenue integrity, and productivity in partnership with the Revenue Cycle team.
• Participates in state and federal funding initiatives to improve reimbursement for the hospital and providers.
• Forecasts the financial impact of reimbursement changes, payer mix shifts, and regulatory updates.

Throughput, Utilization & Denials Management

• In partnership with Case Management and Utilization Review teams, leads throughput optimization initiatives.
• Oversees denial prevention, management, and appeal strategies through multidisciplinary collaboration.
• Ensures alignment between clinical documentation, utilization management, and reimbursement requirements.
• Monitors utilization patterns to support efficient patient flow and financial sustainability.
• Reviews and approves financial terms of contracts, including MCOs, insurance agreements, vendor contracts, and purchase agreements.
• Ensures contractual arrangements align with organizational strategy, financial performance expectations, and regulatory requirements.
• Oversees Materials Management and Supply Chain strategy to control costs and ensure operational continuity.
• Leads or supports vendor negotiations and evaluates financial impact of contractual commitments.

Audit, Compliance & Regulatory Leadership

• Oversees all required audits and audit processes, including:
  • Annual hospital financial audit
  • 403(b) retirement plan audit
  • Other regulatory or grant-related audits

• Ensures ongoing compliance with CAAP, GAAS, CMS, state and federal financial regulations.
• Reviews audit findings, ensures corrective action plans are implemented, and monitors resolution.
• Maintains audit readiness and strong internal control environments.

Financial Systems & Technology Enablement

• Approves, coordinates, and oversees enhancements to automated financial and revenue systems.
• Ensures financial systems support accurate reporting, operational efficiency, and data-driven decision-making.
• Partners with IT and operational leaders on system implementations, upgrades, and integrations.
• Promotes data governance and system security in financial applications.

Board & Stakeholder Engagement

• Serves as the primary financial liaison among the Board of Directors, executive leadership, and senior management.
• Prepares and presents clear, accurate, and actionable financial reports for Board review.
• Partners with internal and external stakeholders to support revenue growth, margin improvement, and strategic initiatives.
• Represents the organization in financial discussions with regulators, lenders, and external partners.

Talent Development & Culture

• Attracts, recruits, develops, and retains high-performing finance, revenue cycle, and supply chain leaders.
• Builds a culture of accountability, collaboration, and financial discipline.
• Establishes succession planning, performance management, and professional development strategies.
• Models ethical leadership and promotes diversity, equity, and inclusion within the finance organization.

Compliance Responsibilities

• Understands and adheres to Loretto Hospital’s compliance standards as they appear in the Compliance Policy, Code of Conduct and Conflict of Interest Policy.
• Keeps abreast of all pertinent federal, state and Hospital regulations, laws, and policies as they presently exist and as they change or are modified.
• Ensures that the staff are trained and evaluated on their knowledge of and adherence to compliance policies and procedures specific to their jobs.

Performs other duties as assigned to support organizational needs and strategic priorities.

JOB REQUIREMENTS

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed must be representative of the knowledge, skills, minimum education, training, licensure, experience, and/or ability required. Reasonable accommodation(s) may be made to enable individuals with disabilities to perform the essential functions.

EDUCATION and/or EXPERIENCE

• Master’s degree in Accounting, Finance, or Business Administration required.
• Seven or more years as a director of finance in a medium-to-large urban hospital.
• Demonstrated expertise in GAAP accounting, budgeting, financial reporting, forecasting, cost accounting, compliance, audits, and financial risk management.
• Excellent written and oral communication, analytical, and technology skills are required.
• Proven ability to lead and develop high-performing teams.
• Strategic thinker with a proactive and results driven mindset.
• Proficient in financial software and MS Office, particularly advanced Excel skills.

CERTIFICATES, LICENSES, REGISTRATIONS

• CPA strongly preferred

The above statements are intended to describe the general nature and level of work being performed by people assigned to this classification. They are not intended to be construed as an exhaustive list of all responsibilities, duties and skills required of the personnel so classified.

For purposes of the American with Disabilities Act, "Job Duties" are essential job functions.

PHYSICAL DEMANDS

While performing the duties of this job, the employee is frequently required to sit, stand and walk as well as occasionally stoop, kneel or crouch. Normal or corrected vision, hearing and ability to speak are necessary. Specific vision abilities required include close vision, sharp eye focus and ability to distinguish colors. There may be periods of stressful, intense concentration with more than average pressure used in a variety of problem-solving situations.