What are the responsibilities and job description for the Executive Vice President, Chief Financial Officer position at Houston Methodist?
At Houston Methodist, the Executive Vice President/Chief Financial Officer (EVP/CFO) position is responsible for overall operational oversight of Finance and Revenue performance, in alignment with system vision, mission and values of Houston Methodist. This position reports directly to President and CEO of Houston Methodist and has responsibilities providing management and oversight of multiple areas and entities including but are not limited to Supply Chain, Construction and Facilities Design, Corporate Financial Service and Revenue Cycle and Managed Care. This role also oversees functions across the finance disciplines of budgeting, financial management, procurement, financial analysis, treasury, general ledger accounting, statutory and financial reporting, accounts payable, accounts receivable, internal and external audits and financial systems.
Demonstrating business acumen and a proven record of financial planning, administration, and responsible fiscal management, this role designs and prioritizes financial strategies for a complex, academic health system within a highly competitive and evolving market. In anticipation of economic changes and industry trends, this position establishes short-term and long-term financial objectives and goals in partnership with the President/CEO and the Board of Directors. This position is responsible for connecting all aspects of financial administration including board relations, strategic planning, finance, joint-ventures, and vendor/payer contract negotiations and engages organizational teams in executing financial objectives, connecting systems and culture for continual improvement in care deliver, fiscal performance, and employee engagement.
This position fosters a culture of behavior that allows us to provide unparalleled, personalized care and service to a diverse patient population and leads the organization to adapt and meet reshaped consumer expectations. In collaboration with senior leadership team, this role sustains and enhances the system's success in access, efficiency, service and quality, while championing actions that promote an inclusive workplace and equitable treatment, for all.
- Provides visionary and strategic financial direction to achieve the goals and provide responsible fiscal management of Houston Methodist, prioritizing and designing financial strategies based on future possibilities for a complex, academic health system.
- Partners with President/CEO to lead a committed senior leadership team that will sustain and enhance the system's success in access, efficiency, service and quality, while championing actions that promote an inclusive workplace that celebrates diverse backgrounds and thoughts while championing equitable treatment, for all.
- Collaborates with the Board of Directors and other executives to establish short-term financial objectives and long-range goals, and related plans and policies to advance the academic mission of the HM system, fully integrating the research mission into the clinical environment.
- Develops strong relationships with key stake holders: Boards, executive management, physicians and external partners to further the vision and mission of Houston Methodist. Fosters a climate of inclusion and participation at a variety of levels both within and outside the organization with key stakeholders. Represents HM at community or professional organization meetings.
- Engages organizational teams in executing key financial objectives, connecting systems and culture for continual improvement in care delivery, fiscal performance, and employee engagement.
- Provides leadership to establish a climate that encourages growth and demonstrated competence of executive management, line management, physician leaders and employees. Directly and indirectly oversees management staff with the goal of enhancing professional development and personal growth, providing training and mentorship as needed.
- Provides leadership for management team to maintain a competent and engaged employee group and provides recognition/commendations to achieve desired outcomes. Drives initiatives to meet or exceed threshold goal for turnover and/or system metrics on employee engagement indicators.
SERVICE ESSENTIAL FUNCTIONS
- Serves as a visible, engaging leader who possesses business acumen in connecting aspects of financial administration including board relations, strategic planning, finance, joint-venture, and vendor/payer contract negotiations.
- Defines and implements key performance indicators and strategic objectives for the system; facilitates measurement of those objectives, reporting results to the Board of Directors. Prioritizes objectives and implements strategies to achieve organization initiatives as part of the executive leadership team. Delegates responsibilities to direct report management, providing guidance and direction, as appropriate.
- Presents regular reports on the status of the organization's operations to the Board of Directors, President/CEO and to executive leadership.
- Engages with others in external-facing settings that include supporting philanthropic/ donor, advocacy and community relations activities, and interfaces with community, regulatory and political leaders.
- Oversees functions across the finance disciplines of budgeting, financial management, supply chain and procurement, financial analysis, travel, treasury, general ledger accounting, statutory and financial reporting, accounts payable, accounts receivable, internal and external audits and financial systems to ensure that goals or objectives are accomplished within the prescribed time frame, providing guidance to management team to ensure the best possible delivery of service and high customer/patient satisfaction.
- Recognizes the evolving consumer needs of patients. Leads the organization to adapt and continually meet reshaped consumer financial expectations. Drives HM service standards and activities to impact system score for patient/customer-based satisfaction, through role modeling and fostering accountability.
- Fosters a culture of behavior that allows us to provide unparalleled, personalized care and service to a diverse patient population.
QUALITY/SAFETY ESSENTIAL FUNCTIONS
- Reviews levels of service and significant trends that impact the effectiveness of critical operational financial objectives, or other key components within the organization. Proactively guides management to identify prevention/risk avoidance opportunities and implements continuous improvement plans, utilizing tools such as lean and change management principles.
- Chairs Clinical Documentation Improvement (CDI) committee. Proactively oversees this program and supports HM's strong risk of mortality variance which helps drive excellent results in national rankings.
- Ensures compliance with federal, state, local, and organizational laws, regulations, guidelines, and best practices, including but not limited to tax laws, generally accepted accounting principles (GAAP), federal acquisition regulations (FAR), and cost accounting standards (CAS).
- Performs risk management by analyzing the organization's liabilities and investments. Decides investment strategies by considering cash and liquidity risks.
FINANCE ESSENTIAL FUNCTIONS
- Aligns Board of Director expectations of financial viability with ensuring system budgets meet/exceed expectations. Ensures hospitals and physician organization's operational and capital budgets align with system's strategic plan. Uses benchmark data to support performance, costs and return on investment. Directs preparation of financial forecast and models for operating and capital projects and services.
- Evaluates strategic, financial relationships within a highly competitive market, with an ultimate goal of better serving the needs of the community. Leverages relationships with vendors and partners to obtain contracts that support cost-efficient operations and maintenance.
- Reviews the financial results of all operations, comparing them with the organization's objectives and taking appropriate measures to correct unsatisfactory performance and results.
- Drives the maximization of efficiency and productivity. Directs activities related to ensuring financial stewardship including budgeting, operating and capital expenditures, and financial reporting.
GROWTH/INNOVATION ESSENTIAL FUNCTIONS
- Anticipates national, state and local economic changes that will affect the organization and its environment, envisioning multiple potential scenarios/outcomes, and observing industry trends to become a nationally pre-eminent academic health system.
- Implements innovative solutions for practice or workflow changes to improve system financial operations.
- Evaluates bond markets and assesses whether and when to tap into the capital markets to support HM's capital planning and expansion efforts.
- Serves as a change agent, encouraging high performance and innovation, and maintaining a Best Place to Work environment. Drives change initiatives, ensuring leaders maintain effectiveness when experiencing major changes in work responsibilities or environment.
- Focuses on cultivating a leadership team and next-generation health system leaders. Initiates and executes succession plans. Conducts conversations with direct report management on their individual My Development plan.
This job description is not intended to be all-inclusive; the employee will also perform other reasonably related business/job duties as assigned. Houston Methodist reserves the right to revise job duties and responsibilities as the need arises.
- Master's degree in accounting, finance, business or related field
WORK EXPERIENCE
- Ten years of finance and accounting experience including experience in complex system environments with multiple funding sources and business lines, and includes seven years in a senior administrative level position and eight years in a people management role
