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SalaryPOSITION SUMMARY:
The Director of Financial Operations is responsible for managing all activities related to maximizing revenue and financial reporting. They must have an in-depth knowledge and understanding of the business operations and decision support systems in a multi-specialty physician practice. Responsible for financial planning, reporting, analytics, revenue cycle, and budgets. Oversight of budgeting and clinical operations financials as well as for grants, research, philanthropy and service contracts.
Position: Director of Financial Operations
Department: Orthopedic Surgery
Schedule: Full Time
ESSENTIAL RESPONSIBILITIES / DUTIES:
- Coordinate and develop monthly performance results compared to budget for each area; identify and direct activities that will result in revenue optimization and expense reductions; Analyze trends and summarize for leadership review and decision making.
- Translate data into meaningful, actionable information and provide insight into strategic implications; present findings to key stakeholders, including executives, physicians, and department managers.
- Work with Senior Director on strategic initiatives around faculty recruiting, department growth and business development
- Conduct comprehensive financial analysis, forecasting, and budgeting to support strategic decision-making processes.
- Collaborate with department heads to develop, manage annual budgets, report on variances and implement proactive approaches to mitigate deficits.
- Manage a team of finance professionals, providing guidance, mentorship, and fostering a collaborative and high-performance work environment.
- Oversee the management of the credentialing activities to optimize turnaround time from initiation to carrier acceptance at the provider level; Lead and enhance revenue cycle processes, including billing, collections, and claims management.
- Implement strategies to minimize billing errors and improve overall revenue capture.
- Identify needs and problems in relation to attaining goals and objective based on an analysis of information.
- Oversee department philanthropy funds and research/grant finances, create reports and present to Department Chief and faculty on performance
- Ensure adherence to regulatory and compliance standards related to healthcare finance.
- Stay informed about changes in healthcare finance regulations and implement necessary adjustments to maintain compliance.
Must adhere to all of BMC’s RESPECT behavioral standards.
(The above statements in this job description are intended to depict the general nature and level of work assigned to the employee(s) in this job. The above is not intended to represent an exhaustive list of accountable duties and responsibilities required).
JOB REQUIREMENTS
EDUCATION:
- Bachelor’s Degree required, preferably in Finance or Accounting, Masters preferred
CERTIFICATES, LICENSES, REGISTRATIONS REQUIRED:
- None
EXPERIENCE:
- Requires at least 6 years of related experience; prior experience in a healthcare setting preferred.
- A minimum of three years in a management or supervisory position.
KNOWLEDGE AND SKILLS:
- Proven track record of managing a team to achieve results.
- Excellent analytical skills, including ability to review quantitative and qualitative data and reach sound, strategic conclusions.
- Working knowledge of practice reimbursement accounts receivable and practice management systems.
- Excellent computer skills; knowledgeable of the systems used in the practices.
- Proven supervisory, project management, and time management skills.
- Excellent oral, written and interpersonal skills to communicate with all levels of management.
- Self-motivated, analytical individual, who is a proven problem solver.
- Evidence of strong leadership skills with the ability to guide, direct, train and interact with direct reports and hospital staff.
- Demonstrated ability to work in a team environment and embrace new challenges.
Equal Opportunity Employer/Disabled/Veterans
