Reporting to and partnering with the CEO, the VP of Finance will play a critical role in developing and implementing the financial strategy for Cedar Community. As a member of the senior leadership team, the VP of Finance will be an advisor to the divisional leaders, evaluating and assisting them with their financial plans and economic modeling. He/she will be responsible for developing the organization’s overall financial policies while overseeing all fiscal and fiduciary responsibilities for the organization in conjunction with the Board of Directors and the finance, audit, and investment committees of the Board.
As a true business partner to the CEO and divisional leaders, the selected VP of Finance will have acquired the business acumen and leadership experience to become a top executive. He/she assesses the organizational performance against both the annual budget and the long-term strategy to develop tools and systems to provide critical financial and operational information to the CEO and make actionable recommendations on both strategy and operations.
• Plans, develops, organizes, implements, evaluates and directs all financial affairs of Cedar Community under direction of the CEO. Participates in establishing financial objectives for all divisions and departments, reviews policies in light of the organization’s mission, business plans, and financial goals. Responsible for development, interpretation, coordination, and administration of the organization’s policies and procedures regarding finance, accounting, tax, reimbursement, insurance, materials management, purchasing, auditing, and internal controls.
• Reviews, interprets, analyzes, & communicates financial reports to management, the CEO, the Boards of Directors, and external parties as needed. This includes monthly presentations to the Benevolent Corporation Board and presentation of annual financial statements.
• Prepares and presents recommendations based on current financial data and an understanding of the industry to assist the CEO and the Board of Directors in making financially prudent business decisions.
• Oversees all accounts, ledgers, and reporting systems, ensuring compliance with appropriate Generally Accepted Accounting Principles, regulatory requirements, and Office of Management and Budget audit requirements.
• Monitors Accounts Receivable balances to assure appropriate controls are being maintained to maximize collections, reviews delinquent accounts, and assists in specialized collections action, and monitors bad debt write-offs.
• Coordinates development of cost accounting systems needed to monitor profitability by service, program or patient. Assumes leadership in developing methods to monitor resource utilization to assure high quality care at the lowest possible cost.
• Manages cash flow and forecasting. Develops a reliable cash flow projection process and reporting mechanism that includes minimum cash threshold to meet operating needs. Optimizes the handling of banking relationships and initiates appropriate strategies to enhance cash positions.
• Oversees budgeting and the implementation of budgets so as to monitor progress and present financial metrics both internally and externally.
• Manages and tracks the performance of the Cedar Community Foundation in keeping with the policies and investment guidelines established by the investment committee.
• Monitors bond covenants to assure that requirements are met including quarterly and annual reporting. Arranges for surety bonds or other financial instruments as required by law, lender agreements, or facility policy.
• Monitors debt structures to assure effectiveness in reaching organizational goals. Takes leadership under the direction of the CEO and Board of Directors in negotiating changes in debt structure.
Budget / Supervisory
• Oversees the work of the Controller and Key Management in assuring the establishment of a formal annual budget proposal consistent with strategic, financial, and operational objectives. Recommends rate structures.
• Analyzes budget variances and meets with managers as necessary to adjust operations in accordance with financial goals and communicates needed adjustments to the financial plan.
• Directly supervises the Controller, Financial Services Manager, and other functions as determined by the CEO.
• Oversees and partners with the information technology department to ensure specialized finance IT systems that meet the needs of the organization.
Compliance / Regulatory
• Ensures all filings, reports, and other official documentation complies with organization regulations and
• Keeps abreast of governmental regulations and actions affecting reimbursement to Cedar Community
divisions, and communicates information appropriate to staff to assure effective collections and compliance with regulations. Advises management of changes and adjusts policies and procedures to maintain compliance.
• Maintains a compliance program to assure compliance with orders, directives, or regulations by duly constituted governmental or regulatory agencies or third-party payers as they relate to billing, accounting, or cost reporting. Reviews all billing functions to assure organizational goals and policies are being met and recommend changes to the CEO and Divisional Administrator.
• Evaluates the organization's objectives and programs as they relate to changes in third party reimbursement or in the business environment and recommends adjustments necessary to achieve financial goals.
Communication / Key Relationships
• Engages the board finance, audit, and investment committees around issues, trends, and changes in the operating model and operational delivery.
• Monthly presentations to the Benevolent Corporation Board and presentation of annual financial statements.
• Communicates and maintains positive working relationships with external parties providing financial services, including banks, lenders, investment advisors, insurance companies, investment bankers, and associated governmental agencies. Provides and interprets financial reports as required.
• Assists managers in providing professional education as needed to maintain professional standards and effective working relationships and training on financial matters.
• Assures confidentiality of all financial matters throughout the organization.
• Attends and/or represents Benevolent Corporation at seminars, conferences, services, workshops or activities as requested by the CEO.