Chief Financial Officer - Department of Medicine University of Pennsylvania Health System - Philadelphia, PA Position Summary The Chief Financial Officer oversees the Department of Medicine Financial Operations, including Clinical, Research Administration, Funds Flow (IETs) Academic Development Funds, and all Endowments and restricted/unrestricted funds held within PSOM. As a critical part of the department leadership team, the position serves as the chief financial strategist and key counsel to the Chair, Division Chiefs and other Health System leadership (e.g., CPUP CFO, other CPUP Departments, etc.) Division responsibilities include: Cardiology, Hematology Oncology, General Medicine, Gastroenterology, Pulmonary, Renal, Infectious Disease, Geriatrics, Rheumatology, Diabetes/Endocrine, Genetics, Allergy, and Sleep Medicine The scope includes clinical patient charges of $190M ; $114M in sponsored research, inter-entity transfer of $86M, 543 clinical and research faculty, 1100 staff employees, and a $138M endowment. The position will be the primary liaison to the Divisions, CPUP Administration, PSOM Administration, and Hospital Entities’ Administration for issues related to finance and financial operations. Additionally this position will direct the key service functions including: financial information and reporting, financial planning and analytics, direction of the annual budget/multiyear planning, revenue cycle, post award grant accounting, balance sheet management, audit support, disbursements (UPHS/PSOM accounts payable and payroll). Also, responsible for maintaining efficient, customer-focused financial processes and systems, to ensure alignment with the present and future needs of the Health System. Reporting Relationships Reporting directly to the COO, with a matrix relationship to the CPUP CFO, this individual manages a staff of 14, including the Senior Manager of Financial Operations and Director of Patient Financial Services. This role will have a close working relationship with each of the Clinical Division Administrators, who have a matrix reporting relationship to the COO and individual Division Chief but also have a high level of accountability to the Department CFO. This position supports the department leadership and faculty as well as entity leaders in the development and execution of state of the art financial plans, ensuring alignment of department objectives with the UPHS Mission and the Penn Medicine Strategy. Primary Responsibilities: Financial Strategy • Serve as key advisor to the Chair and COO for financial strategy related to both the current year and multi-year planning. • Forecast and identify financial trends, activities and events impacting the Department and proactively develop strategy to mitigate impact or optimize results. • Implement fiscal change management strategy within Department of Medicine, CPUP and UPHS in alignment with UPHS objectives. • Develop and effectively communicate major fiscal messages which are consistent regardless of audience, credible, and reflect UPHS’ core values. • Ensure appropriate follow-up of major issues. • Maintain accountability for financial performance at all levels of the Department. Financial Information and Reporting • Partner with the COO to tightly link operational improvement opportunities and financial performance in areas such as patient access and revenue cycle operations. • Partner with the Penn Medicine Finance Leadership team in developing and implementing common financial systems and standards in a coordinated and efficient manner. • Serves as Medicine financial liaison in all decisions which materially impact the department’s financial performance and in ensuring the effective delivery of system-wide shared services Analytics and Annual Budget/Multiyear Financial Planning • Provide financial planning and analysis services to Department leadership including business planning and modeling for Department/Division based initiatives and business ventures. • Consult with leadership in the assessment and evaluation of on-going programs, clinical commitments and businesses. • Direct the development and implementation of capital and operating budgets using system wide standards and processes • Partner with Department Leadership team in developing performance targets, reporting variances and creating remediation plans, including Billing/Reimbursement/Revenue Cycle initiatives. • Collaborate with Department leadership in implementing Penn Medicine balanced scorecard measurement and financial performance reporting systems. Ensure timely, accurate reporting of monthly financial statements including drafting monthly entity management report. Partner with CPUP Administration in developing and communicating system wide performance results. • Plan and project revenue, rate, volume, payer mix, service mix; work RVU’s for new and existing programs, sites, practices, and clinicians. Works with CPUP Finance to identify trends or potential issues. Communicate to department (COO, physician, CDA, Division Chiefs, Faculty, and revenue leaders) to discuss potential impact and develop remediation plans. • Compliance and Management Control – Ensure that operations fully utilize appropriate financial controls and are in compliance with Federal, State, Professional and Local financial requirements. Revenue Cycle • Manage revenue Cycle personnel and services to ensure best financial position for Department • Develop tools, metrics and measures of revenue cycle performance and interface with other departmental operational and financial performance metrics. • Interface with Physician Billing office and Penn Medicine Revenue analytic teams PSOM Accounting & Post Awards Reporting • Operate an efficient office to support the Director of PSOM/Research Operations in research financial operations, clinical research and post award grant accounting. • Routinely report on pre and post award grant activity • Develop available cash spending reports and projections of restricted and unrestricted fund accounts. As needed, present & discuss fluctuations with stakeholders (i.e. Department Chair, Department COO, CDA, and Division Chief). Directly responsible, or should work closely with counterpart at Department school side on these activities. Financial Operations/Processes: • Responsible and accountable for having financial statements and statistical results accurately and consistently reported and prepared on an accrual basis in conformity with general accounting principles and in accordance with Penn Medicines’ policies and procedures. Maintain working knowledge of University/SOM/Hospital/VA side of financial operations. • Accountable to maintain a system of internal/business controls which are designed to provide reasonable assurance to Penn Medicine Management and Trustees that the information for the department is accurate, timely and reliable. • Oversee the monthly financial reporting and variance processes for the department. This includes: review of department, divisional, and physician level income statement and Department balance sheet financial statements. • Ensure preparation and analyze the department’s financial statements including; Patient A/R, Gross & Net Patient Revenue, Other Operating Revenue, InterEntity support and Expenses. Initiate and create remediation plans to improve finances, as needed. • Accountable for annual budget and current year projections including; department and division P&L projections in a manner to project sufficient detail at a physician level. In addition, prepare a three year department/division level projection (per guidance with CPUP Finance) • Communicate with colleagues to be aware of strategies to enhance patient satisfaction and patient access along with modeling financial implications to drive strategy implications and improvement. • Oversee modeling, tracking, accounting, and analyzing of faculty/provider incentive plans. Leads monthly measurement of physician incentive expense accruals in conjunction with COO. • Accountable for standard financial “package” of information in advance of physician recruitment. Where needed, work closely with Department Chair, Faculty Coordinator and Department COO to complete package and ensure the timely and efficient Request to Recruit process, in accordance with the CPUP and UPHS guidelines. • Direct, in concert with the Chair and relevant Vice Chair(s), the development of annual Work Plan, Risk Reduction Initiatives, Administrative financial goals and objectives • Provide analytics to the operations team to efficiently manage productivity of staff throughout the department. • Accountable for monthly review of mission-based statements for accuracy and identify issues and trends that impact short- and long-term financial viability of the Department of Medicine. Review quarterly with Department COO and make adjustments as necessary. • Work closely with Department COO to prepare business plans for new business ventures, including financial accountability, resource management, and evaluation of implementation requirements, costs and return on investment. Assist and support Department COO and Department Chair in strategic and operational planning initiatives • Accountable for maintain proper control over inventory • Oversee miscellaneous accounts receivable, accounts payable, and purchasing functions. Authorize all purchase orders and check requests and complete authorization for substantial purchase orders or check requests, per department guidelines. • Manage staff utilization and productivity to ensure direct reports are fully deployed. Responsible for Human Resources function for staff positions including submission of position justification, recruitment, performance management and ensuring mandatory education compliance. Manage and approve employees’ time through e-STAR. • Review and oversee process for reporting provider productivity standards in coordination with the COO, Chair & Department Medical Director. • Oversee modeling, tracking, accounting, and analyzing of faculty/provider incentive plans. Lead monthly measurement of physician incentive expense accruals in conjunction with COO. • Present financial data, provides explanations, communicates data and leads discussion with relevant stakeholders (Chair, Division Chief, COO, Health System/PSOM Administration) on a routine basis. • Hold regular meetings and develops working relationship with University counterpart(s) regarding grants, gifts, and endowments to understand relevant touch points between the University and CPUP financials. • Responsible for Department cash management related to CPUP clinical operations. • Work collaboratively with CPUP Finance (central administration) on funds flow rebasing process every three years. • Reviews, analyzes, and updates faculty coverage reports. • Maintain knowledge and current skills using Lawson, Essbase, Smartview, Hyperion Reports and Planning, Epic APM, Epic Business Objects, SAM, Excel, I payment, etc.. Attend education sessions and seek coaching from CPUP Finance in becoming proficient with applications. • Oversee preparation and submission of internal and external surveys (i.e., AAMC). Minimum Requirements Qualification, Experience & Key Attributes: • 7-10 years experience in managing finances of multi-million dollar organization with a proven record of growth and accomplishment • Strong service orientation and extremely strong communicator with ability to translate financial data into business intelligence to be utilized effectively by key stakeholders. • Demonstrated record of collaborative working relationships with a variety of publics -- physicians, the School of Medicine and hospital finance, etc • Masters degree in Business Administration, Finance, or Healthcare Administration • Experience in AMC with clinical revenue cycle and sponsored award processing • Experience with a variety of hardware and software platforms • Excellent Communications skills • Must have the ability to work in a fast-paced environment and to handle multiple priorities. • Must be able to effectively and appropriately manage confidential information and to work responsibly in a team environment as well as independently. • Strong program budgeting skills, particularly as they relate to building new programs and generating revenue, are highly valuable. • Accustomed to working in a team-based/interdependent environment. • Ability to comprehend the financial drivers of all aspects of the organization (clinical, research and education) and reconcile to the best overall interest of the organization. • The ability to manage and develop talent is critical to the candidate’s success. • A strong commitment to the vision of the Health System is ideal. • Business development experience in the areas of acquisitions and divestitures, new program/product development is very desirable. Additional Information We are an Equal Opportunity Employer and do not discriminate against applicants due to race, ethnicity, gender, veteran status, or on the basis of disability or any other federal, state or local protected class. University of Pennsylvania Health System - 2 days ago University of Pennsylvania Health System 39 reviews View job Save this job Apply from my computer
Posted on: Sun, 05 Oct 2014 20:21:42 +0000