Group Chief Financial Officer – Detroit Market

MARKET SUMMARY

Detroit Group 

Detroit Medical Center (DMC) (seven hospitals) 

DMC Children’s Hospital of Michigan, 228 beds, key service lines include Pediatric Surgery, Level I Trauma for Children, Cardiology, and NICU Services.

 

DMC Harper-Hutzel Hospital, 584 beds, key service lines include Neurology, Bariatrics, Transplant, Otolaryngology, Cardiology, and Women’s Services.

 

DMC Heart Hospital, 80 beds, key service lines include Emergency Angioplasty, Laser Atherectomy, Peripheral Procedures with Cryoplasty, Pacemaker Placement, Open-Heart Surgery, Internal Defibrillator Placement, and Radio-Frequency Ablation.

 

DMC Huron Valley-Sinai Hospital, 158 beds, key service lines include Orthopedics, Robotic Surgery, and Women’s Services.

 

DMC Receiving Hospital, 273 beds, key service lines include Level 1 Trauma Center, Primary Stroke Center, and Hyperbaric Oxygen Program.

 

DMC Rehab Institute of Michigan, 97 beds, key service lines include Rehabilitation Medicine and Research, Spinal Cord Injury, Brain Injury, Stroke, Orthopaedics, Amputee and Catastrophic Injury,  30+ Sports Medicine and Orthopaedics Outpatient Sites.

 

DMC Sinai-Grace Hospital, 404 beds, key service lines include Oncology, Gerontology, Women’s Services, Orthopedics, and Joint-Replacement Surgery.

 

POSITION SUMMARY

The Group Chief Financial Officer, Detroit Group, will be responsible for oversight of the financial integrity of the Detroit Market. He/she will have responsibility for ensuring that the hospitals in the Detroit Market run in the most cost-effective manner and that all financial risks for the organization are managed appropriately.

 

The Group Chief Financial Officer has overall responsibility for safeguarding the facility assets and ensuring the financial statements, including the books and records, are prepared and maintained in accordance with GAAP for all facilities within the assigned Group.  The Group Chief Financial Officer is also responsible for ensuring compliance with company financial and accounting policies and procedures, as well as ensuring internal controls are effective in both design and operation, including the routine monitoring of controls.  Additionally, the Group Chief Financial Officer serves a key member of the Facility(s) A-Teams and, as such, participates in establishing and implementing strategic business plans for each facility.  He/she is a key member of the facility(s) management team(s) that interacts and communicates on a regular basis with an array of internal and external constituents, including various regulatory bodies.

 

FUNCTIONAL EXPECTATIONS & REQUIREMENTS: 

The Group Chief Financial Officer has responsibility for the identification and independent assessment of financial risk, establishing and monitoring of mitigation plans, and for the communication of financial risk and opportunity to the Group Chief Executive Officer and Facility Chief Executive Officer(s).  The Group Chief Financial Officer is also responsible for the monitoring of financial performance and the maintenance of reasonable and appropriate financial plans and forecasts.  The Group Chief Financial Officer must have strong business acumen in order to work collaboratively and effectively with home office departments, such as Compliance, Home Office Accounting/Financial Reporting, Information Systems, Internal Audit, Legal, Treasury and other departments that provide support services to the facility(s).

 

The Group Chief Financial Officer is responsible for the monitoring of the revenue cycle process and, along with other revenue cycle stakeholders, the improvement of the revenue cycle process through rate setting, charge capture, managed care negotiations, and cash collections.

 

The Group Chief Financial Officer is also responsible for the evaluation and management of investments in capital projects by applying unbiased scrutiny in determining the financial impact and ROI of such projects and managing the capital spend in accordance with the capital cash flow projections.

 

As such, the Group CFO’s responsibilities are to:

• Analyze daily operating results to ensure that revenues, expenses, and labor are within budgeted objectives; advise department heads and administration of needed changes and improvements in a timely manner.
• Establish and maintain sound financial controls and record keeping; approve financial expenditures up to the level established by the CEO.
• Keep abreast of government regulatory requirements and the rapidly changing reimbursement environment to develop and implement changes to policies