Chief Financial Officer (CFO)

Chief Financial Officer (CFO)

The CFO is a key leadership role responsible for managing the clinic’s financial health, overseeing financial planning, and ensuring compliance with regulatory standards. The CFO works closely with other executives to align the clinic’s financial strategy with its overall goals.

Key Responsibilities:

1. Financial Management and Oversight
   • Budgeting:
     • Develop and manage the clinic’s annual budget, forecasting income and expenses, and ensuring funds are allocated to different departments according to their needs.
     • Monitor monthly, quarterly, and annual spending to ensure that the clinic stays within budget.
     • Revise budgets periodically based on changes in clinic operations, patient volume, or unexpected expenses.
   • Accounting:
     • Oversee all financial accounting functions, including recording transactions, maintaining ledgers, and ensuring the accuracy of financial reports.
     • Ensure that all financial activities are documented in accordance with GAAP (Generally Accepted Accounting Principles).
     • Supervise monthly and year-end financial close processes to produce accurate profit and loss statements, balance sheets, and cash flow statements.
   • Cash Flow Management:
     • Monitor clinic's cash flow, ensuring that the clinic has sufficient liquidity to cover operational expenses, salaries, and other financial commitments.
     • Implement effective cash management practices to optimize income while ensuring that the clinic has adequate reserves.
2. Financial Strategy and Planning
   • Developing Financial Plans:
     • Collaborate with other clinic leaders to create long-term financial plans for the clinic’s growth, including expansion, capital improvements, or technological upgrades.
     • Develop strategic financial goals that align with the clinic's overall mission, whether that’s increasing patient access, improving patient outcomes, or expanding services.
   • Sustainability:
     • Formulate strategies to ensure the clinic’s financial sustainability in the long run, including diversifying funding sources, managing debt, and optimizing cost control.
     • Identify and explore new revenue opportunities, such as partnerships, new service lines, or private pay options.
   • Risk Management:
     • Identify financial risks (e.g., fluctuating reimbursement rates, changing insurance policies) and create strategies to mitigate those risks.
     • Implement processes to manage financial liabilities, such as loans, payments to contractors, or insurance premiums.
3. Grant Funding and Reimbursement
   • Grant Management:
     • Oversee the identification and application for grants from federal, state, or private sources, ensuring that the clinic receives adequate funding for special programs or capital projects.
     • Maintain relationships with grant providers and ensure that funds are used according to the guidelines specified by the funder.
     • Track and report on grant usage to ensure compliance with grant agreements, providing required documentation and progress reports as needed.
   • Insurance Reimbursement:
     • Work with billing and coding teams to maximize reimbursement from insurance providers, ensuring accurate and timely submission of claims.
     • Negotiate reimbursement rates with insurance companies and manage relationships with payers to optimize revenue.
     • Ensure that the clinic complies with all insurance and healthcare payment regulations, including Medicare, Medicaid, and private insurance.
4. Compliance and Financial Reporting
   • Regulatory Compliance:
     • Ensure the clinic complies with all financial regulations set forth by federal and state agencies, including tax filings, healthcare billing standards, and accounting practices.
     • Stay updated on any changes to financial or healthcare regulations that could impact the clinic’s operations, including coding and billing requirements, patient privacy laws, and financial disclosures.
   • Financial Reporting:
     • Prepare and present detailed financial reports to the clinic’s executive team, board of directors, and external stakeholders.
     • Provide monthly, quarterly, and annual reports on the clinic’s financial health, highlighting key performance indicators such as operating margin, liquidity, and patient revenue.
     • Ensure the clinic’s audit preparedness, liaising with external auditors during annual audits.
5. Team Leadership and Supervision
   • Manage Finance Staff:
     • Lead and supervise the clinic’s finance team, including accountants, bookkeepers, and payroll staff.
     • Provide coaching and professional development opportunities to ensure the team’s expertise remains up-to-date with accounting standards and regulations.
   • Cross-Department Collaboration:
     • Work closely with clinical and administrative leaders to ensure financial objectives are integrated into daily operations.
     • Participate in strategy meetings with department heads to provide financial insights that can help improve efficiency and profitability.

Skills and Qualifications:

• Educational Background:
  • A Bachelor's degree in Accounting, Finance, or a related field (required).
  • A Master’s degree in Business Administration (MBA) or a related field is often preferred.
  • Professional certifications like CPA (Certified Public Accountant) or CFA (Chartered Financial Analyst) are highly valued.
• Experience:
  • Significant experience in financial management within the healthcare or community clinic sector.
  • Previous experience with grant writing and management is beneficial.
  • Familiarity with healthcare billing systems and insurance reimbursement processes.
• Technical Skills:
  • Proficient in accounting software (e.g., QuickBooks, Sage, or specialized healthcare accounting software).
  • Strong Excel skills for financial modeling and analysis.
• Soft Skills:
  • Strong analytical and problem-solving skills.
  • Ability to communicate financial information clearly to non-financial staff.
  • Leadership and team management skills.

In Summary:

The CFO is responsible for ensuring the clinic’s financial health through effective management of resources, revenue generation, cost control, and compliance with regulations. They also play a key role in securing funding (through grants and insurance reimbursements), as well as developing long-term strategies for the clinic's financial sustainability. By fulfilling these responsibilities, the CFO helps the clinic thrive while maintaining financial transparency and integrity.

Job Type: Full-time

Pay: $60,000.00 - $70,000.00 per year

Benefits:

• Flexible schedule
• Health insurance
• Paid time off

Schedule:

• Monday to Friday

Ability to Commute:

• Downey, CA 90242 (Required)

Ability to Relocate:

• Downey, CA 90242: Relocate before starting work (Required)

Work Location: In person