Director Finance Service

Advocate Aurora Health; Barrington (IL); On-site; USD 130,000 - 180,000; Full time

Job summary

Advocate Health in Barrington, IL seeks an experienced Senior Finance Leader to steer budgeting, forecasting, and financial planning for the site. You will prepare proformas, lead the budget process, and partner with site leadership to improve financial performance.

The role requires a Master's in Finance or related field, 7 years in financial operations with at least 3 in management, healthcare experience preferred, and strong communication with executives.

Qualifications

• Master's Degree in Finance or related field required.
• Typically 7 years of experience in financial operations including overseeing financial operations and developing/executing financial strategies.
• Healthcare experience preferred; includes 3 years of management experience in financial management.

Responsibilities

• Lead the budget process for the site, establishing timing, methods and process for the budget and ensuring integrity of the budget.
• Prepare proformas or financial analyses to meet organizational decision making needs.
• Lead the forecast process and partner with site leaders to improve financial performance.
• Direct or prepare revenue budgeting including gross revenues, contractuals and bad debts/charity; identify opportunities for revenue enhancement and cost reduction.
• Oversee capital process, including capital requests, tracking, and reporting; staff the site capital committee.
• Prepare presentations and reports for Senior Finance Leader and executive team; may present financial information at management meetings.
• Collaborate with site department leaders and corporate finance to impact net reimbursement, denials reduction, labor productivity and cost management.
• Explain and interpret close results, reconcile variances, and produce reports for distribution to leadership.
• Lead productivity huddles to help achieve labor productivity and cost management goals.
• Perform HR responsibilities for staff including hiring, promotions, performance evaluations, and morale.
• Develop and recommend operating and capital budgets within approved objectives.
• Ensure adherence to the organization's Code of Ethical Conduct.

Skills

Excellent relational skills

Excellent communication skills

Excellent analytical skills

Effective collaboration and teamwork

Healthcare economics understanding

Education

Master's Degree in Finance or related field

Job description

Major Responsibilities:

• Under the direction of the Senior Finance Leader prepares proformas or financial analyses to meet organization decision making needs.
• Leads the budget process for the site(s), including establishing the timing, methods and process for the budget. Establishes controls and processes that insures the integrity of the budget. Directs or prepares revenue budget for the organization, including gross revenues, contractuals and bad debts/charity. Quantifies and budgets revenue enhancement and cost reduction opportunities. Assists the Senior Finance Leader and site leadership in identifying financial improvement opportunities.
• Leads the forecast process in a similar manner.
• Works collaboratively with site department leaders and SRCO to help improve site financial performance, including improved labor productivity, cost management, revenue capture, denials reduction, and other areas.
• Directs the site capital process, including the capital request and approval process, tracking and reporting of capital dollars, and preparation of proformas and other financial analyses as directed. Staffs the site capital committee.
• Prepares presentations, reports and other information for the Senior Finance Leader and executive team as requested. May present financial information at management team meetings.
• Serves as a resource/liaison for site(s) or service line leadership, corporate finance staff (general accounting and reimbursement, etc.) departments and functions that directly affect the financial performance, and revenue cycle (including managed care), health information management, system logistics, and information technology for the site(s) or service line by providing guidance on policies and procedures, provides direction of financial statement preparation process, consultation on specific finance-related issues or day-to-day operations issues, notification regarding material issues impacting net reimbursement, etc.
• Oversees, explains and interprets close results for site(s) or service line leadership. Partners with leadership to review and reconcile unusual expenses, unfavorable variances, or cost saving opportunities. Directs the production of reports and distributions to the organization.
• Analyzes close while explaining variances. Partners with site(s) or service line leadership to review and reconcile unusual expenses, unfavorable variances, or cost savings opportunities. Directs the production of reports and distributions to the organization.
• Leads site(s) or service line productivity huddle while partnering with operational leaders to assist in achieving labor productivity and cost management goals.
• Performs human resources responsibilities for staff which include interviewing and selection of new employees, promotions, staff development, performance evaluations, compensation changes, resolution of employee concerns, corrective actions, terminations, and overall employee morale.
• Develops and recommends operating and capital budgets and controls expenditures within approved budget objectives.
• Responsible for understanding and adhering to the organization's Code of Ethical Conduct and for ensuring that personal actions, and the actions of employees supervised, comply with the policies, regulations and laws applicable to the organization's business.

Licensure, Registration, and/or Certification Required:

• None Required.

Education Required:

• Master's Degree (or equivalent knowledge) in Finance or related field.

Experience Required:

• Typically requires 7 years of experience in financial operations which includes experiences overseeing financial operations and developing and executing financial strategies within a large complex organization. Healthcare experience preferred. Includes 3 years of management experience in financial management.

Knowledge, Skills & Abilities Required:

• Excellent relational skills and ability to get things done through teamwork, persuasion and influence
• Excellent communication skills and ability to work with executive boards, teams, physicians and staff. Formal presentation and business writing skills. Ability to explain complex financial information in ways non-financial people can understand and relate to.
• Excellent analytical skills, including ability to review quantitative and qualitative data and reach sound conclusions
• Effective collaboration and teamwork skills, including ability to partner with operations leaders to improve financial management of organization resources.
• Strong understanding of health care dynamics and economics as it relates to the profitability of various services and the margin contribution available with marginal investment.

Physical Requirements and Working Conditions:

• Operates all equipment necessary to perform the job.
• Exposed to a normal office environment.
• This position requires travel so the incumbent will be exposed to weather and road conditions.

This job description indicates the general nature and level of work expected of the incumbent. It is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities required of the incumbent. Incumbent may be required to perform other related duties.