What are the responsibilities and job description for the Chief Financial Officer, Health Plan position at Sanford Health?
Careers With Purpose
Sanford Health is one of the largest and fastest-growing not-for-profit health systems in the United States. We're proud to offer many development and advancement opportunities to our nearly 50,000 members of the Sanford Family who are dedicated to the work of health and healing across our broad footprint.
Facility: GSS National Campus
Location: Sioux Falls, SD
Address: 4800 W 57th St, Sioux Falls, SD 57108, USA
Shift: 8 Hours - Day Shifts
Job Schedule: Full time
Weekly Hours: 40.00
Job Summary
The Chief Financial Officer (CFO) is a member of the senior leadership team of the Health Plan who collaborates with the President & CEO of the Health Plan, executive colleagues, and system leadership in developing and executing the health plan’s overall strategic plan. Reporting through the Chief Financial Officer led finance organizational structure of the Sanford Health system, the CFO oversees all financial aspects of a health insurance plan with a primary focus of ensuring the health plan’s financial stability and profitability while adhering to healthcare regulations. Leadership responsibilities include development of leaders and team members, budgeting, financial planning, accounting, financial reporting, statutory audits, coordinating national association of insurance commissioners (NAIC) and state regulatory filings and exams, risk analysis, actuarial services, underwriting, medical economics, risk adjustment, strategic financial and data driven decision-making, and advanced analytical analysis. Lead the finance team, overseeing day-to-day financial operations, including maintaining efficient and accurate financial reporting and forecasting processes, leveraging data analyses and technology to allow for appropriate use of resources to help inform data driven decisions, and monitoring internal controls of financial systems to safeguard financial assets of the organization and ensure compliance with various accounting standards. Analyze financial performance against budget and industry benchmarks, identifying areas for cost reduction and revenue enhancement. Monitor key financial metrics like member acquisition costs, claims utilization, and profit margins.
Identify and mitigate potential financial risks with healthcare regulations, market fluctuations, and claims trends through sophisticated modeling, predictive analytics, and industry insights. Develop and implement risk management strategies including reserving practices and reinsurance arrangements. Sets pricing strategies and collaborates on product development. Collaborates closely with health plan provider contracting on negotiation strategies and ensure full understanding of financial implication of rates and contract terms pre and post contract finalization.
With integrity, manage relationships and communicates effectively in collaboration with senior leadership with internal and external stakeholders, such as auditors, providers, regulatory bodies, and health plan members. Provide financial performance and strategic advisement to Health Plan board of directors. Partner with senior leadership team in evaluating new business venture opportunities to drive growth and scale to the provider led health plan operations. Develop strong working relationships with counterparts in the health services delivery operations within the health system to ensure appropriate management of cost of care for shared members and patients and coding capture for accuracy in risk scoring, where applicable.
Qualifications
Bachelor’s degree in Healthcare, Business, or Accounting required. Master of Business Administration preferred.
A minimum of ten years management experience and experience in health industry preferred. Audit experience and knowledge of generally accepted accounting principles (GAAP) and Statutory Accounting Principles (SAP) accounting guidelines preferred. Knowledge of National Association of Insurance Commissioners (NAIC) and state regulatory requirements for financial reporting and underwriting regulations preferred.
Certified Public Accountant (CPA) preferred.
Benefits
Sanford Health offers an attractive benefits package for qualifying full-time and part-time employees. Depending on eligibility, a variety of benefits include health insurance, dental insurance, vision insurance, life insurance, a 401(k) retirement plan, work/life balance benefits, and a generous time off package to maintain a healthy home-work balance. For more information about Total Rewards, visit https://sanfordcareers.com/benefits .
Sanford is an EEO/AA Employer M/F/Disability/Vet. If you are an individual with a disability and would like to request an accommodation for help with your online application, please call 1-877-673-0854 or send an email to talent@sanfordhealth.org .
Sanford Health has a Drug Free Workplace Policy. An accepted offer will require a drug screen and pre-employment background screening as a condition of employment.
Req Number: R-0214044
Job Function: Leadership
Featured: No
