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Job Description
Primary Function
As a key executive at Care New England, the Care New England Medical Group (CNEMG)/Integra ACO Vice President of Finance is responsible for supporting the mission to drive and model a patient-centric culture focused on quality, safety, service excellence, fiscal responsibility, and the consistent delivery of an exceptional patient experience. Working in partnership with the CNE Executive Team, the CNEMG/Integra VP of Finance will be instrumental in creating a financial structure that supports a fully integrated health care delivery system; one that reflects the mission, vision, and values of CNE. As the VP of Finance for Care New England Medical Group (CNEMG) and Integra ACO, s/he will drive CNE’s objective to be the market leader in Population Health through establishing payer relationships that support a clinically integrated delivery network and expanding the accountable care organization.
The VP of Finance has responsibility for CNEMG and the Integra ACO’s financial statement and management, reporting, planning, budgeting, cash management, and accounting practices. By providing effective leadership, direction, and management of the finance department and the integrity of its work product, the VP of Finance will support the mission and vision of CNEMG and the Integra ACO, as well as each organization’s goals, with a focus on the long-term sustainability of the ACO’s healthcare provider group and patient population. As the most senior finance leader within CNEMG, s/he 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 and accountable care organization will require proficiency in payment programs, physician compensation models, working knowledge of wRVUs and professional fee reimbursement, as well as subject matter expertise in the MGMA physician compensation and cost survey(s) to be used for external benchmarking. The CNEMG VP of Finance, working collaboratively with corporate finance team, will develop, implement, and ensure compliance with financial and accounting policies and procedures.
Specifications
Bachelor’s degree in Finance/Accounting or related fields. MBA/CPA preferred. Minimum of ten years of executive level healthcare experience, preferably in a large hospital-sponsored medical group (150+ physicians) and/or accountable care organization. Excellent analytical skills; budgeting, preparing financial reports, and computer applications. Excellent written/oral skills. Possess interpersonal/listening skills to interact effectively with individuals of all backgrounds, experience and educational levels; as well as ability to develop a team, delegate responsibility and authority to staff, and hold individual(s) accountable for results and managing to deadlines.
I. Application of Knowledge and Skill
A. Directs the finance support function for Care New England Medical Group and Integra ACO, to include budgeting, financial reporting, finance and accounting, internal controls, purchasing, and long range forecasting activities crucial to the financial sustainability of the accountable care organization. Develops and implements financial policies and procedures and ensures compliance.
B. Responsible for the timeliness of the month end close for monthly financial records, in accordance with GAAP, which includes preparation of financial statements, supplemental schedules and notes to the financial statements, Medical Group Leadership Council and ACO Board presentation materials, journal entries and account reconciliation.
C. Leads budget preparation – Establishes guidelines for budget preparation, develops specific timelines for budget development in support of system goals, assists Directors of Operations and Regional Practice Administrators with the preparation of budgets.
D. Directs balance sheet maintenance activities; to include cash reconciliations, cash flow projections, bank statement reconciliations, fixed asset accounting, third party contractual allowance and reserve accounting and evaluation, goodwill, and other intangible asset impairment analysis.
E. Leads efforts for CNE to develop leading practice payer relationships that support a transition to value / quality based reimbursements for the system and CNEMG. Develops and implements payment models designed specifically for the patient population served by Integra ACO.
F. Manages and develops the CNEMG & Integra ACO Finance Staff – Includes staff in planning, decision-making, and process improvement; takes responsibility for subordinates’ activities, provides regular performance feedback; develops subordinates’ skills and encourage growth. Delegates work assignments; matches the responsibility to the individual’s skill level; gives authority to work independently; sets expectations and monitor delegated activities; provides recognition for results. Instills culture of accountability.
G. Responsible for the integrity and administration of the physician compensation program(s), to include the administration of and appropriate accounting for the professional expenses that are unique to physicians (e.g. cell phone allowance, CME allowance, and proper management of professional society dues and expenses). Physician compensation includes all remuneration that will be included on the W-2 (to include compensation for direct patient care, call pay, incentive compensation, medical Executive Directorship(s), sign-on bonus, and loan forgiveness).
H. Manages the acquisition of capital assets and other fixed assets of the medical group. Ensures that these assets are properly recorded, amortized, and disposed of as appropriate. If assets are to be acquired, ensures that independent, fair market value opinion is secured, and the proper forms are completed (i.e. Form 8594).
I. Responsible for the accuracy and integrity of the financial projections used in all physician employment and/or practice acquisition transactions. Review and approve the key financial drivers and critical assumptions.
J. Monitors all legislation that is relevant to the financial performance of the CNEMG and Integra ACO, to include changes in third party reimbursement, value based purchasing, bundled payments, and the annual changes in CMS wRVUs and conversion factor. Ensures that these changes are incorporated into the accounting models for third-party contractual allowances and reserves.
K. Oversees the management of all leases, service agreements, contracts, and financial commitments of CNEMG and Integra ACO.
L. Analyzes opportunities for acquisitions, divestitures, joint ventures, and other strategic alliances. Ensures that the opportunities are aligned with CNEMG and Integra ACO strategy.
M. Ensures that appropriate internal controls are in place and monitored, to include a well-developed and clearly articulated policy and procedure specific to signature authority for capital purchases, service agreements, real estate lease agreements, and other contracts.
N. Supervises the analysis of operating expenses, reviews the internal and external benchmarking of those expenses, interprets and draws conclusions from the data, and submits recommendations to improve financial performance.
O. Assists with all other duties and responsibilities assigned.
