VICE PRESIDENT OF FINANCE
LARGE, MULTI-SPECIALTY MEDICAL PRACTICE GROUP
A network of 250 facilities including more than 1,000 physicians and advanced practice clinicians across Kentucky. Providers represent more than 85 specialties including primary care and family medicine, internal medicine, osteopathic medicine, emergency medicine, general surgery and a wide range of surgical specialties offering advanced treatment and care.
Scope of the Job
The Vice President of Finance will be located at Corporate Headquarters in Louisville, KY and will report to the System Chief Financial Officer with a dotted line to the system Chief Health Integration Officer. The Vice President of Finance will be responsible for the medical group’s financial-management, reporting, budgeting, business plans and strategic financial planning. By providing effective leadership, direction, and management of the finance department and the integrity of its work product, the Vice President of Finance will support the mission and vision of the System, as well as the organizational goals of the Medical Group. As the most senior finance leader within the Medical Group, the Vice President of Finance will lead the development of the financial dashboards, which are appropriate for end users within a medical group practice, in accordance with generally accepted accounting principles (GAAP). Financial-management of the physician entity will require proficiency in physician compensation models, working knowledge of wRVUs and professional fee reimbursement, as well as subject matter expertise in the Medical Group physician compensation and cost survey(s) to be used for external benchmarking. The Vice President of Finance, working collaboratively with corporate and individual market accounting and finance teams, will develop, implement, and ensure compliance with financial and accounting policies and procedures.
Budget and Reporting
- Coordinate preparation of annual operating and capital budgets
- Report financial performance by physician, practice, specialty, market, region in practice format
- Prepare and update cost allocation methodology on practice and group level
- Ensure revenue management, production, financial, accounts payable, payroll, budget reports are prepared and distributed timely
- Present financial updates to Board, Board committees, management committees
- Analyze new and existing services for financial viability
- Analyze and develop business plans for new and replacement physicians and APC
- Ensure the appropriateness and integrity of financial projections used in all physician employment and/or practice acquisition transactions
- Oversee Value Analysis process for new pharmacy, supply and equipment items
- Continually monitor investment by practice, physician, market and region – Recommend action plans to improve physician and practice financial performance;
- Benchmark staffing per practice to help ensure appropriate staffing level – Engage in Position Control
- Administer compensation plan including incentive payments
- Coordinate with Physician Integration team to ensure compensation is paid per contract
- Ensure work RVUs are adjusted according to policy for reporting and compensation purposes
- Relate to physicians on compensation payments and production questions
- Distribute monthly production reports to physicians
- Communicate productivity benchmarks to leadership and physicians
- Participate in development of compensation model and related policies
- Ensure medical director fees and locum vendor payments substantiated with adequate documentation and made according to policy
Revenue Cycle Management
- Maintain fee schedule and methodology
- Ensure education and monitoring of site of service performance
- Monitor denial management
- Monitor revenue cycle performance and communicate issues and recommendations to the revenue cycle team
- Interface with Epic team and Epic representatives
- Develop close working relationship with corporate and market accounting and finance teams to ensure accurate accounting and maintenance of general ledger
- Assist in financial audit process as requested
- In cooperation with the corporate and market finance teams, develop an educational program for regional, market and practice managers to further their knowledge of and skills in using financial and practice operations information. Conduct educational sessions on a routine basis.
- Meet with physicians on a routine basis (individually or group setting) to discuss financial performance, forecasts, expectations and concepts.
- Degree in Accounting or Finance. MBA and/or CPA is highly desirable.
- A minimum of ten (10) years of executive level finance experience. Healthcare experience in a large hospital-sponsored medical group (500+) providers.
- Knowledge of physician compensation plans.
- Ability to develop a team, delegate responsibility and authority to staff, and hold individual(s) accountable for results and managing to deadlines.
- Ability to analyze problems and opportunities, identify alternative solutions, project consequences of proposed actions and submit recommendations that support the organizational goals.
- Ability to lead during time of immense change, with high tolerance for a complex and ambiguous business environment with time-sensitive deadlines and competing priorities.
- Skill in budgeting, preparing financial reports, and computer applications.
- Skill in exercising initiative, judgment, discretion, and decision-making to achieve organizational objectives.
- Skill in relating at all levels of the organization, including the skill to gain the confidence of our physician partners.
A compensation package will be designed to attract outstanding talent and will include a base salary, and an attractive benefits package.
Zingaro, Fidler, Wolfe & Company
(512) 327-7277 or (512) 785-8856