Vice President of Finance-Assistant Chief Financial Officer
Company: MLK Community Hospital
Location: Los Angeles
Posted on: June 12, 2021
MLK Community Hospital & Foundation
1680 E. 120th St.
United States of America
The Vice President of Finance-Assistant Chief Financial Officer
("CFO") is a key member of the Management Team. In this capacity,
the VP-Finance/ACFO supports the Chief Financial Officer and other
Hospital Leadership in providing financial, analytical, and
decision support to the Hospital management team and Chief
Financial Officer (CFO). The VP-Finance/ Assistant CFO reports
directly to the Chief Financial Officer ("CFO"). The VP
Finance/Assistant CFO will be a highly visible position within the
Hospital, and will serve as a key support role and "second in
command' position to the CFO regarding the oversight of the
Hospital's budgeting, planning, accounting financial management
The VP Finance/ CFO will become knowledgeable in the Hospital's
various statutory Supplemental Funding programs and be involved in
all aspects/ phases of these programs.
ESSENTIAL DUTIES AND RESPONSIBILITIES including but not limited
Demonstrates knowledge of hospital and department compliance
requirements for federally funded healthcare programs (e.g.
Medicare and Medicaid) regarding fraud, waste and abuse. Brings any
questions or concerns regarding compliance to the immediate
attention of hospital Compliance Officer. Takes appropriate action
on concerns reported by department staff related to compliance.
Purposefully conducts all aspects of the job in an ethical
manner in support of the Hospital's commitment to ethical behavior
in all areas of personal and professional activity.
Ensures organizational continuity within the limits authorized
by policies, procedures, and budgets.
Through subordinates, oversees the daily operations of the
Financial Accounting (Accounts Payable, Payroll), Budget/ Financial
Planning / and Decision Support, departments.
- Through subordinates, develops, interprets, coordinates and
communicates hospital policies and procedures on finance,
accounting, budgeting, insurance, financial/accounting systems,
internal controls, auditing and all other areas of
- Conducts meetings with staff to ensure compliance with
established policies, procedures as well as practices, and keep
employees aware of current standards and changes that are occurring
within healthcare and the Hospital.
Manages the financial operations of the financial planning,
budgeting and analysis, and controllership functions.
- Oversees and participates in the preparation of cost reports
and full financial statements as well as oversee the financial
audits of funds. Ensures compliance with the closing calendar,
planning deadlines, and reporting requirements.
- Communicates financial information and collaborates with CFO
and hospital management regarding the business strategy.
- Prepares reports for the CFO outlining the Hospital's financial
position in all areas based on past, present, and future operations
as well as conducts a variance analysis of actual to budget
- Manages and controls a comprehensive budget including
allocations for capital budget.
- Coordinates the production and filing of government-required
reports, third party/ government program reviews, and other
- Is knowledgeable about the Hospital's revenue cycle functions
including registration, coding, medical records, billing, account
follow-up and collections, customer service and cash posting and
understands the impact these have on the Hospital's financial
statements and financial position.
- Is knowledgeable about the Hospital's materials management/
supply chain function and understands the impact these have on the
Hospital's financial statements and financial position.
Promotes sound fiscal operations by overseeing an effective
- Oversees the development of annual revenue, personnel, and
operating and capital expense budgets for the Hospital.
- Analyzes available financial data for significant
- Identifies data and trends to be used for future budget
planning and impacts on strategic planning.
- Applies current cost containment concepts.
- Identifies through performance improvement achievements areas
of quality and cost improvement.
- Assists the Hospital CFO along with Decision Support staff in
the development of long and short range operations plan which may
include service demand analysis, resources availability analyses,
and cost benefit analyses, resources availability analyses, and
cost benefit analyses of proposed capital and staff
- Participates in the development of long and short-range
operational budgets that are supported by the hospital's long and
short- range plans and objectives. Provides budget modifications as
- Monitors, interprets and analyzes hospital financial
performance in realizing established plans and objectives of the
hospital. Identifies undesirable trends and potential business
opportunities and communicates information to the appropriate
personnel. Interacts and works with others to implement changes as
- Assists the CFO in analyzing and exploring means of reducing
hospital operating costs and increasing revenues based on knowledge
of market trends, financial reports and operating procedures.
Ensures that the Hospital's annual operating and capital budget
process is aligned with the Hospital's strategic planning and
business unit/ service line prioritization process
- Establishes and maintains the objectives and strategy for the
operating and capital budget process finance that are linked to the
Hospital's objectives and strategy.
- Selects, motivates, and guides the budgeting/ forecasting/
financial planning team to achieve effective and timely budget,
financial planning, and analytical processes.
- Consults with and advises the CFO and other management team
members on policies, operations, objectives, and financial
Ensures the effective recruitment, selection, supervision,
development and retention of budgeting/ forecasting/ financial
accounting management and employees.
- Ensures the department directors/managers and other hospital
staff are qualified to perform the associated job responsibilities
- Provides input and oversight of department/service line
director's performance relative to budgets and objectives, and
assists in identifying ways to improve their performance.
- Delegates authority commensurate with the responsibilities of
financial services leadership positions; ensures that scope of
authority is clearly defined and understood; monitors direct
reports performance and provides support and assistance as
- Provides support to programs designated to develop managers
skills and abilities necessary for performance improvement, as well
as effective leadership.
- Collaborates with Human Resources on compensation for personnel
to ensure that they are commensurate with qualifications and in
line with positions of comparable responsibilities within the
organization and external healthcare market.
Becomes knowledgeable in MLKCH's various Supplemental Funding
Programs (AB2599/SB857). Actively participates in all aspects of
Supplemental Funding development, planning, and reporting.
- Understands the fundamentals of MLKCH's Supplemental Funding
- Participates with CFO in all discussions/ meetings/ planning
activities with MLKCH Cost Reimbursement Consultants, MLKCH
Counsel, County of Los Angeles, California Dept. of Healthcare
Services, (DHCS) and Centers for Medicare and Medicaid Services
(CMS) regarding Supplemental Funding
- Actively involved in report and data submissions submitted to
DHCS to develop Supplemental Funding amounts for Fee-for Service
and Managed Care Medi-Cal
- Understands impact of these programs on MLKCH's financial
position and integrates this understanding into financial planning
and budgeting process
Serves as a member of the Management Team.
- Provides input to the CFO regarding financial management
activities and strategies.
- Where applicable, participates in key decisions regarding
implementation of patient care and hospital strategies.
- Works in tandem with the management team to create a
collaborative multidisciplinary environment.
Other responsibilities and duties.
- Represents the Hospital as assigned by the CFO.
Ensures rational and purposeful management of financial services
through the application of sound planning and goal setting
- Facilitates a multidisciplinary approach to financial
management and services.
- Promotes forecasting within the Hospital to actively anticipate
and influence future events.
- Plans change and coordinates the implementation of new
- Develops annual goals for areas of direct accountability.
- Participates in planning innovations to enhance the financial
management of the Hospital.
- Incorporates evidence-based practice into all aspects of
Assures effective leadership and management of assigned
departments/service lines through the application of management
principles within established guidelines.
- Assures that all job descriptions, within the area of
responsibility, clarify and delineate position expectations.
- Facilitates orientation, in-service, on the job training, and
continuing education programming to meet staff development
- Facilitates the completion of annual performance appraisals for
all staff in areas of accountability.
- Participates as necessary in counseling, coaching,
commendation, disciplinary action, promotion, demotion, and
- Promotes staff growth and development.
- Ensures that policies and procedures on financial/accounting
systems, budgeting, internal controls, and auditing exist and are
updated as required.
- Ensures consistent and appropriate interpretation and
implementation of hospital and financial policies.
- Ensures staff alignment and engagement through participative
decision-making and shared governance.
Reviews, reports, and adjusts practices in the Hospital in order
to meet necessary regulatory and legal standards.
- Assures the Hospital meets the necessary financial regulatory
and compliance requirements associated with federal, state, and
- Responsible for MLK's compliance with all agreements with Los
Angeles County and serves as the main contact for the Director of
Finance of the LA County Department of Health Services.
- Effectively prepares and complies with mandatory and voluntary
accreditation as accepted by the Hospital (this may include TJC,
CMS, DPHS, etc.)
- Oversees data submission for public reporting.
- Through subordinates, responsible for direction and submission
on a timely basis all financial data and associated reports
required by government and other regulating agencies including
payroll tax reports, public disclosure reports, and third-party
payor cost reports.
Ensures well-integrated and organized delivery of services
through effective intra and inter-departmental coordination.
- Facilitates resolution of intra and inter-departmental
- Participates in evaluating, selecting and integrating
healthcare technology and information management systems that
support financial management needs.
- Bachelor's degree in Accounting, Finance or Business
- Master's degree in health administration, MBA or CPA
- Minimum of 5 years of experience in general accounting
principles, personnel management, and coordination of major
- Minimum of 5 years of Management hospital experience
- Prior experience in financial management within a large
hospital preferred. Experience working in safety net hospitals
and/or California marketplace strongly preferred.
C. Special Skills/Knowledge
- Excellent communication skills and evidence of collaborative
practice. History of successful clinical and fiscal outcomes.
Expertise in healthcare delivery systems and performance
improvement. Knowledge of TJC and federal and state regulatory
standards is required. Computer savvy and advanced skills in
Microsoft Office applications.
Equal Rights Employer
Applicants are considered for positions without discrimination
on the basis of race, color, religion, sex, national origin, age,
disability, genetic information, citizenship status, military
service, or any other status protected by federal, state, or local
laws. This application is intended for use in evaluating your
application for employment. Please click the link below to view the
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MLK Community Healthcare
1680 E 120th Street
Los Angeles, CA 90059
Keywords: MLK Community Hospital, Los Angeles , Vice President of Finance-Assistant Chief Financial Officer, Other , Los Angeles, California
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