What are the responsibilities and job description for the VP, Chief Financial Officer UMMMC position at UMass Memorial Health?

Exemption Status : Exempt

Schedule Details : Monday through Friday

Scheduled Hours : Day Shift, will vary

Shift : 1 - Day Shift, 8 Hours (United States of America)

Hours : 40

Cost Center : 10020 - 5800 Administration

This position may have a signing bonus available; a member of the Recruitment Team will confirm eligibility during the interview process.

Everyone Is a Caregiver

At UMass Memorial Health, everyone is a caregiver - regardless of their title or responsibilities. Exceptional patient care, academic excellence, and leading-edge research make UMass Memorial the premier health system of Central Massachusetts, and a place where we can help you build the career you deserve. We are more than 16,000 employees, working together as one health system in a relentless pursuit of healing for our patients, community, and each other. And everyone, in their own unique way, plays an important part, every day.

Reporting to the Medical Center President, with a secondary reporting relationship to the system CFO, the position is responsible for the coordination and direction of the financial performance for the UMMMC, including the development, implementation, and monitoring of short-term and long-range operating and capital financial plans. In addition, this position is responsible for executing on strategic decisions that impact the UMMMC and various performance improvement initiatives associated with the goals, objectives, and strategic priorities of UMass Memorial Health. Assists senior management with strategic and tactical business planning and implementation.

I. Major Responsibilities :

Directly coordinates financial planning, financial reporting, budget, managed care finance, payment systems, decision support, and revenue cycle.
Develops the basic assumptions and methodology for the capital and operating plans of the Medical Center in coordination with the System's capital and operating plans.
Develops appropriate operational financial controls. Establishes and monitors financial / business performance standards, assists in long range planning, and monitors activities to assure the efficient, high-quality performance of the function.
Evaluates entity performance against plans, standards, and goals. Provides analysis of achievements and areas of concern, as well as corrective action. Directs cost reduction programs and profit optimization studies.
Recommends and implements improvements and eliminates inefficient procedures. Administers, designs, analyzes, and communicates relevant financial information to the President of the Medical Center and others.
Develops and administers the process for developing measurable objectives and criteria for managing the financial operations of UMMMC. Oversees the financial performance to ensure that objectives and criteria are achieved. Performs timely analytical reviews, providing management with performance summaries, trends, and early warning of significant variances or operational issues, as well as recommendations for corrective action.
Develops, implements, and recommends appropriate changes relevant to practices and policies.
Works with Human Resources on labor strategy and implementation including working with the union administration.
Identifies external benchmarks for the Medical Center, centers of excellence, and key service lines.
In collaboration with Medical Center administration, works on the development, refinement, and implementation of strategic business plans. Ensures appropriate systems are in place for monitoring success of strategic plans, centers of excellence, and service lines.
Assists senior management with strategic and tactical business planning. Actively participates in the implementation of the strategic plan including the deployment of resources, design and implementation of programs and measurements of success.
Develops logistics strategies and implements policies to affect the lowest supply chain costs. Liaison with department heads, physicians, and others to improve processes, resolve discrepancies, and assists in obtaining supplies in an efficient manner.
Negotiates and works with UMMH vendors to obtain market information on cost reduction programs for UMMH supply chain logistics. Responsible for ensuring adequate amounts of inventory. Implements and monitors stock balancing of all dated products to avoid outdating of products. Oversees the returns of discontinued or outdated products and ensures credits are obtained. Responsible for arranging with vendors for replacement of defective items purchased.
Ensures an accurate financial accounting of distribution assets is maintained. Responsible for the development of financial tracking tools and vendor contract negotiations.
Develops policies and procedures regarding the procurement of all medical and non-medical supplies, equipment, and services.
Develops and directs adequate procedures and methods for the movement and storage of items, management of the distribution centers, the preparation and submission of periodic or special reports and the maintenance of all required records.
Partners with Medical School financial leadership to develop graduate medical education strategies and approaches shared services and funds flow.
Executes funds flow strategy in partnership with the VP of business development, CFO of the Medical Group.
Maintains Iproval function to aid funds flow from Medical Center to Medical Group.

Standard Executive Level Responsibilities :

Directs and supervises assigned personnel including performance evaluations, scheduling, orientation, and training. Makes recommendations on employee hires, transfers, promotions, demotions, discipline, terminations, and similar actions.

Develops and recommends the budgets for the areas managed. Ensures adequate equipment and supplies for the department. Manages activities to assure financial goals are met.

Encourages and supports diverse views and approaches, demonstrates Standards of Respect, and contributes to creating and maintaining an environment of professionalism, respect, tolerance, civility, and acceptance toward all employees, patients, and visitors.

Integrates diversity into departmental objectives, such as hiring, promotions, training, vendor selections, etc.

Fosters the effective integration of efforts with system-wide initiatives. Participates in performance improvement initiatives and demonstrates the use of quality improvement in daily operations.

Ensures compliance with regulatory agencies such as Joint Commission, DPH, etc. Develops and maintains procedures necessary to meet regulatory requirements.

Ensures that the department complies with hospital established policies, quality assurance programs, safety, and infection control policies and procedures.

Develops and maintains established departmental policies, procedures, and objectives.

Ensures compliance with all health and safety regulations and requirements.

All responsibilities are essential job functions.

II. Position Qualifications :

Scroll down to find an indepth overview of this job, and what is expected of candidates Make an application by clicking on the Apply button.

License / Certification / Education :

Required :

Master's Degree, MBA or MPA in Health, Business Administration or related field or equivalent professional experience.

Preferred :

CPA.

Experience / Skill : Required :

Minimum of eight to ten years of progressively more responsible management experience in an acute-care hospital or health care related business is required.

Must have excellent interpersonal and communication skills to interact effectively with all levels of the organization to exchange information, develop patient-focused service requirements, solve complex problems and / or obtain commitments.

Must have excellent analytical and financial skills having the ability to evaluate problems and take decisive action to correct core issues.

Must be a team player utilizing a participatory, boundary less, and consensus-building management style.

Must provide direction and leadership through their example by dealing honestly and fairly and must embrace accountability.

Must be a positive change agent and mentor possessing the ability to assess both staff and structure to assure high morale and performance while motivating and nurturing professional and personal growth among staff.

Must possess knowledge of healthcare delivery systems, financial planning and forecasting of hospital operations, generally accepted accounting principles, budget variance reporting and cost accounting principles.

Working knowledge of micro-based electronic spreadsheets and database management systems.

Strong interpersonal skills necessary to communicate and interact with all levels of management.

Unless certification, licensure or registration is required, an equivalent combination of education and experience which provides proficiency in the areas of responsibility listed in this description may be substituted for the above requirements.

Department-specific competencies, including age-specific competencies and their measurements, will be developed and maintained in the individual departments. The competencies will be maintained and attached to the departmental job description. Responsible managers will review competencies with position incumbents.

III. Physical Demands and Environmental Conditions :

Work is considered sedentary. Position requires work indoors in a normal office environment.

All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability or protected veteran status.

We're striving to make respect a part of everything we do at UMass Memorial Health - for our patients, our community, and each other. Our six Standards of Respect are : Acknowledge, Listen, Communicate, Be Responsive, Be a Team Player and Be Kind. If you share these Standards of Respect, we hope you will join our team and help us make respect our standard for everyone, every day.

As an equal opportunity and affirmative action employer, UMass Memorial Health recognizes the power of a diverse community and encourages applications from individuals with varied experiences, perspectives, and backgrounds. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, sexual orientation, national origin, age, disability, gender identity and expression, protected veteran status or other status protected by law.

If you are unable to submit an application because of incompatible assistive technology or a disability, please contact us at talentacquisition@umassmemorial.org. We will make every effort to respond to your request for disability assistance as soon as possible.

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