Chief Financial Officer

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Pemberton & Associates has been retained by InterMed located in South Portland, Maine to recruit its next Chief Financial Officer. Founded in 1994, InterMed is a physician-owned, multi-specialty medical group operating multiple locations across southern Maine. The organization offers a comprehensive range of primary care and specialty services. Since its inception, InterMed has grown to approximately 1,000 employees, including 100 physicians, with 60 physician shareholders and an 11-member physician board.

This position requires on-site presence . If you have any questions regarding the opportunity, please contact Susan Pemberton, CPA, CIA, Partner at Pemberton & Associates, View email address on click.appcast.io to arrange a time to discuss. The job description is as follows:

SUMMARY:

Working under the general supervision of the Chief Executive Officer (CEO) and in accordance with the policies and procedures of InterMed, P.A., generally accepted accounting principles (GAAP), and State and Federal regulations, the Chief Financial Officer (CFO) plans, organizes, directs and supervises activities associated with the financial aspects of the Organization. The CFO is directly responsible for fiscal reporting, the audit function, vendor contract administration, and treasury. The CFO has administrative responsibilities in the absence of other administrative staff and consults with and advises administrative officers regarding methods of generating revenues and controlling operational costs in relation to the organization’s long-term goals. The CFO is responsive to trends in market conditions and the healthcare environment locally, regionally, and nationally.

ESSENTIAL FUNCTIONS

Leadership:

• Always incorporates InterMed’s mission, vision and values into the delivery of high-quality services to our stakeholders - patients, physicians, staff, community, and payers/providers/vendors.
• Plans, develops, organizes, implements, directs and evaluates InterMed’s fiscal function and performance. Works closely with the CEO, Board of Directors, Business Intelligence and leadership throughout the organization to gather and disseminate relevant financial and operational information. Reports on periodic financial statements and related issues or concerns to various governance bodies.
• As a strategic member of the executive team, is active in the strategic planning process and responds to changes in the healthcare environment that impact financial operations. Keeps those with a ‘need to know’ informed.
• Provides technical financial advice and knowledge to others in the financial departments. Supervises directly reporting employees (and indirectly, their employees) and is accountable for a productive and engaged staff. Conducts supervisory responsibilities according to established procedures (hiring, training, evaluation, performance management).
• Works in partnership with physician leadership to facilitate effective working relationships between physicians and staff. Ensures an environment of respect and collaboration while inspiring leaders and caregivers to deliver on InterMed’s commitment to our patients.
• Creates a climate in which people want to do their best. Effectively creates teams with strong morale and spirit.
• Serves as a change agent as our company constantly seeks ways to improve the way we care for our patients.
• Provides thoughtful leadership for our managers including direction, timely feedback, professional development, and ongoing performance planning. Develops improvement action plans and implements them where necessary.

Communication:

• Fosters strong working relationships with managers and executive leaders to facilitate effective communication and follow through on key organizational imperatives.
• Demonstrates strong interpersonal savvy.
• Builds appropriate rapport and effective working relationships. Uses diplomacy and tact to comfortably navigate complex personnel situations.
• Collaborates across different functional areas to meet business objectives.
• Evaluates and advises the Chief Executive Officer, Board of Directors and Board Committees on the financial impact of long-range planning, introduction of new programs/strategies, alliances/mergers/acquisitions, and regulatory action. Recommends usage of outside expertise when appropriate.
• Responsible for the accurate and timely receipt of revenue, reimbursement by all payers, patient billing, collection on accounts, disbursement of expenses, payment of payroll and benefits, and accurate reporting of same. Oversees monthly and periodic financial reporting on these activities. Continually reviews and modifies cost systems and data collection to assure appropriate reimbursement for patient services in accordance with payer contracts.
• Develops and oversees the organization’s financial strategy, to include short- and long-term planning (including CAPEX planning and the related management of tax attributes), financial projections, capital planning, financial wellness, and employee benefits.
• Develops the organization’s debt and lease management strategy and oversees loan and lease documents and renewals.
• Oversees the development of efficient forecasting and budgeting tools in the administration of annual operating and capital budgets. Monitors variances and works to resolve problems judiciously.
• Performs operational and financial analysis to ensure corporate financial goals are met.
• Provides the framework and foundation for accurate and timely fiscal, operational and compliance reporting as required by regulatory agencies. Includes required Cost Reports and annual audit procedures with outside auditors. Reports findings to the Finance Committee and the Board of Directors.
• Oversees the physician Income Distribution Plan (IDP), also known as the Physician Compensation Plan (PCP), including draw analysis and adjustment. Supports and meets with physicians to perform IDP projections and/or answer questions.
• Plans, organizes, coordinates, and controls the financial policies for the organization to control the receipt of revenue, expenditure of funds, and conservation of corporate assets.
• Coordinates and controls the organization’s cash and investment management activities. In collaboration with Business Intelligence, develops and oversees a reliable cash flow projection process and reporting mechanism. Optimizes the handling of bank and deposit relationships and initiates appropriate strategies to enhance days cash on-hand.
• Maintains external relationships including banking, accounting, corporate legal counsel, and third-party administrators.
• Negotiates financing for capital asset purchases and facilities acquisition/ improvements.
• Reviews departmental performance and ensures compliance with fiscal governmental reporting requirements, including tax reports.
• Responsible for the financial aspects of all vendor contract development and administration – to include but not limited to insurance, purchases, service agreements, compensation arrangements, employee benefits, financial documents, loans/leases, construction, etc. Ensures contracts are thorough, accurate, and protect InterMed’s financial interests.
• Provides high-level oversight and management of the accounts receivable, billing, and revenue cycle processes to ensure charges are billed and collected accurately and timely using the latest monitoring and collection practices.
• Establishes and maintains appropriate records and reports. Ensures records retention policy is set and followed, and that data retrieval is easily accomplished.
• Evaluates information system capabilities on an ongoing basis and adapts programs to changing needs.
• Attends required meetings and participates on committees as required.
• Maintains strictest confidentiality, is trustworthy and dependable. Is organized, attentive to detail, and follows up. Recognizes the impact the work of the CFO has on others.
• Participates in professional activities; maintains professional affiliations to keep abreast of current trends and changes in legislation in the field.

OTHER DUTIES AND RESPONSIBILITIES

• Performs other duties as may be necessary to fulfill the responsibilities of this position.

WORKING RELATIONSHIPS:

Reports directly to the Chief Executive Officer, indirectly to the Board of Directors. Departments managed include Business Office, Accounting. Due to nature of position, will interact regularly with Business Intelligence, most other managers and many physicians and mid-level providers. Frequent contact with outside agencies and organizations – regulatory, banking, accounting, legal.

JOB REQUIREMENTS

• Bachelor’s Degree is required. Master’s Degree in Finance and/or CPA is preferred.
• 7 – 10 years of fiscal management experience is required. Health care leadership experience is preferred.
• Proven success working collaboratively with physicians is strongly preferred.
• Knowledge of governmental and health care fiscal regulations and reporting requirement
• Knowledge of computer systems, spreadsheet and financial systems programs and applications
• Experience developing strategic plans and implementing key components of these plans on time and within approved budgets is required.
• Ability to synthesize and communicate complex information to different audiences with varying backgrounds is required.
• Ability to effectively prioritize, organize, and plan work independently is required.
• Excellent communication skills are required: listening, oral and written.
• Possess personal qualities of integrity, credibility, and commitment to corporate mission
• Flexible and able to multitask; can work within an ambiguous, fast-moving environment, while also driving toward clarity and solutions; demonstrated resourcefulness in setting priorities and guiding investment in people and systems
• Ability to make decisions utilizing sound judgment

Seniority level

• Seniority level

  Executive

Employment type

• Employment type

  Full-time

Job function

• Job function

  Accounting/Auditing, Finance, and Consulting

• Industries

  Hospitals and Health Care, Wellness and Fitness Services, and Medical Practices

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