The Chief Financial Officer (CFO) is responsible for the strategic and operational leadership of all financial activities within the Critical Access Hospital. The CFO ensures the organization’s financial integrity, regulatory compliance, long-term financial sustainability, and support of the hospital’s mission to provide high-quality healthcare services to the community. This position oversees accounting, budgeting, financial reporting, reimbursement, revenue cycle, payroll, purchasing, and financial planning functions.
Essential Duties and Responsibilities
Financial Leadership and Strategy
· Serve as a key member of the executive leadership team.
· Develop and implement financial strategies that support the hospital’s mission, vision, and strategic plan.
· Advise the CEO and Board of Directors on financial performance, risks, opportunities, and capital investments.
· Lead long-range financial planning and forecasting.
Financial Management
· Direct all accounting and financial reporting activities.
· Ensure accurate and timely preparation of monthly, quarterly, and annual financial statements.
· Monitor cash flow, liquidity, and debt management.
· Oversee investment activities and banking relationships.
· Develop and maintain internal financial controls and policies.
Budgeting and Forecasting
· Coordinate the annual operating and capital budget process.
· Monitor budget performance and recommend corrective actions as needed.
· Prepare financial projections and productivity analyses.
Revenue Cycle and Reimbursement
· Oversee patient financial services, billing, collections, and accounts receivable management.
· Monitor reimbursement from Medicare, Medicaid, commercial insurers, and other payers.
· Ensure accurate preparation and filing of the Medicare Cost Report.
· Maximize reimbursement opportunities available to Critical Access Hospitals.
Compliance and Risk Management
· Ensure compliance with federal, state, and local financial regulations.
· Maintain compliance with Critical Access Hospital Conditions of Participation and reimbursement requirements.
· Coordinate external audits and regulatory reviews.
· Implement effective risk management and fraud prevention measures.
Operational Oversight
· Supervise accounting, payroll, purchasing, revenue cycle, and financial staff.
· Evaluate financial performance of service lines and departments.
· Support operational leaders with financial analysis and decision-making.
· Identify opportunities for cost containment and operational efficiency.
Board and Community Relations
· Present financial reports and analyses to the Board of Directors.
· Participate in board committees as assigned.
· Represent the hospital in financial matters with lenders, auditors, governmental agencies, and community stakeholders.
Education
· Bachelor’s degree in Accounting, Finance, Business Administration, or related field required.
· Master’s degree in Business Administration (MBA), Healthcare Administration (MHA), Finance, or related field preferred.
· Certified Public Accountant (CPA) preferred.
Experience
· Minimum of 5–7 years of progressively responsible financial management experience.
· At least 3 years of healthcare financial leadership experience preferred.
· Experience with Critical Access Hospital reimbursement, Medicare Cost Reports, and rural healthcare finance strongly preferred.
· Experience supervising financial and revenue cycle operations.
Knowledge, Skills, and Abilities
· Thorough knowledge of healthcare finance, accounting principles, budgeting, and reimbursement methodologies.
· Understanding of Critical Access Hospital regulations and Medicare reimbursement systems.
· Strong analytical, organizational, and problem-solving skills.
· Ability to communicate complex financial information clearly to executives, board members, and staff.
· Proficiency with healthcare financial systems and electronic health records.
· Strong leadership, team-building, and interpersonal skills.
Physical Requirements
· Ability to sit, stand, and use computer equipment for extended periods.
· Occasional travel for meetings, training, and professional development.
Performance Expectations
· Maintain financial stability and regulatory compliance.
· Ensure timely and accurate financial reporting.
· Optimize reimbursement and revenue cycle performance.
· Support strategic growth and operational excellence.