Chief Financial Officer

Company: Fenway Health
Location: Boston
Posted on: January 29, 2025

Job Description:

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Job Type
Full-time

Description
The Chief Financial Officer is responsible for the general financial planning and management of the organization and, in conjunction with the CEO, is charged with accountability for the organization's assets. The CFO is responsible for maintaining sound financial management and accountability to comply with Generally Accepted Accounting Principles, federal, state, and local legal requirements, and contractual obligations. The CFO manages and coordinates the business and administrative activities for the organization including accounting, accounts payable, financial reporting, billing, budgeting, purchasing, cash management, risk management, payroll, tax filings, cost reporting, grant filings, and business analytics.
Representative Duties:
Financial Strategy & Leadership

• Develop and implement comprehensive financial strategies in alignment with Fenway's mission and goals.
• Participate in the development of Fenway Health's plans and programs as a strategic partner.
• Evaluate and advise on the impact of long-range planning, introduction of new programs/strategies and regulatory action.
• Optimize cash flow, liquidity, and banking relationships to support organizational goals and initiatives.
• Cultivate strategic partnerships with internal and external stakeholders to support fundraising efforts and organizational growth.
• Provide strategic financial input and leadership on decision making issues affecting the organization, i.e., evaluation of potential alliances acquisitions and/or mergers and pension funds and investments.
• Enhance credibility throughout the organization and with the Board as an effective developer of solutions to business challenges.Financial Operations & Reporting
  • Oversee accounting, billing, and revenue cycle management to ensure accuracy and efficiency.
  • Ensure the timely and accurate analysis of budgets, financial reports and financial trends in order to assist the CEO, the Board and other senior executives in performing their responsibilities.
  • Enhance and/or develop, implement and enforce policies and procedures of the organization by way of systems that will improve the overall operation and effectiveness.
  • Lead the annual budgeting process, providing strategic recommendations and forecasting financial performance.
  • Lead continual improvement of the budgeting process through education of department managers on financial issues impacting department budgets.
  • Develop a reliable cash flow projection process and reporting mechanism that includes minimum cash threshold to meet operating needs.
  • Optimize the handling of bank and deposit relationships and initiate appropriate strategies to enhance cash position.
  • Chair Fenway's Investment Committee
  • Prepare accurate and timely financial reports for executive committee, leadership committee, the Board of Directors, and regulatory authorities.Leadership & Team Development
    • Provide strong leadership to the finance team, fostering a culture of excellence, collaboration, and professional development.
    • Evaluate the finance division structure and team plan for continual improvement of the efficiency and effectiveness of the group as well as provide individuals with professional and personal growth with emphasis on opportunities for individuals (when possible).
    • Conduct regular performance evaluations, provide ongoing feedback and coaching, and make employment-related decisions.
    • Partner with clinical and operational leaders to align financial resources with patient care objectives.Regulatory Compliance, Risk Management, and Grant Management
      • Ensure compliance with state and federal regulations, requirements of licensors, funders, accreditors, auditors and ensure best practice for compliance within the Finance department.
      • Ensure compliance with federal, state, and local reporting requirements, including Uniform Data System (UDS), the Health Resources and Services Administration (HRSA), and FQHC-specific guidelines.
      • Oversee management of contracts, grants, and agreements, ensuring compliance and effectiveness. Collaborate with internal teams to optimize utilization of grant funds.
      • Advise from the financial perspective on any contracts into which the organization may enter.
      • Oversee audits and liaise with external auditors and regulatory agencies.Agency participatory expectations:
        • Adheres to all agency and departmental policies and procedures
        • Participates in quality assessment and improvement activities as requested
        • Adheres to the highest principles of patient and client confidentiality
        • Adheres to established safety policies, procedures and precautions; identifies potential or actual unsafe situations in the environment and takes measures to rectify the situation
        • Attends all required meetings, in-services and professional trainings
        • Maintains professional competence necessary to perform job responsibilities; maintains and provides agency with records of continuing education activities
        • Serves on agency committees and in professional organizations when requestedPerform related duties as assignedLeadership Skills and Abilities:
          • Organizational Communication -- Handles broad-based complex information across departments with company-wide impact. Presents to diverse audiences, and can negotiate, motivate and persuade others.
          • Organizational Business Problems -- Problems are broad, complex and abstract, often involving organization-wide issues. Must develop solutions using strategic creativity, resourcefulness, innovation, negotiation and diplomacy.
          • Organizational Impact -- Decisions have significant, broad implications for the management and operations of a division. Job contributes to decisions on the overall strategy and direction.
          • Organizational Judgment -- Sets direction and vision for Finance department and works collaboratively across other departments and programs around their financial components.
          • Organizational Planning/Organization -- Prioritize, organize, and delegate project assignments company-wide: responsible for project outcomes.
            
            
            Requirements
            Education and Certifications:
            • Master's degree in Business Administration (MBA), Healthcare Administration (MHA), or related field, or comparable experience.
            • Certified Public Accountant (CPA) or Certified Management Accountant (CMA) designation highly desirableExperience/Other Requirements:
              • Minimum 5 years of experience as a CFO in healthcare, nonprofit organizations, or FQHC
              • Expertise in nonprofit accounting principles, GAAP, and financial reporting.
              • Proven track record in managing state and federal grants, ideally with experience in HRSA regulations.
              • In-depth knowledge of financial planning, budgeting, and reporting in a highly regulated healthcare environment.
              • Expertise in federal and state healthcare reimbursement systems and value-based care models. Knowledge of 340B program desirable.
              • Strong interpersonal and communication skills, with the ability to effectively communicate complex financial concepts to diverse stakeholders.
              • Ability to work collaboratively with Board of Directors, Finance Committee of the Board, and Senior Leader colleagues.
              • Ability to work harmoniously and effectively with colleagues, patients, clients and vendors across the spectrum of diversity, including but not limited to race, ethnicity, color, gender identity, sexual orientation, age, socio-economic status, national origin and immigrant status, religious or spiritual identity, disability (physical, mental, emotional and developmental), veteran status, and/or limited English proficiency.
              • Willingness to contribute towards Fenway's efforts in becoming an anti-racist organization and promoting a culture dedicated to ongoing development in service of humility, equity, diversity, inclusion, and belonging, where differences are acknowledged and valued.Physical Requirements:Ability to meet the following physical requirements with or without reasonable accommodations:
                • Sit at a computer station for extended periods of time
                • Ability to be on a keyboard for extended periods of timeWe offer competitive salaries, and for those who qualify, an excellent benefits package; including comprehensive medical and dental insurance plans, and a retirement plan with employer match. We also provide 11 paid holidays, paid vacation, and more.
                  LGBTQIA+ identified persons, Black, Indigenous, and other people of color (BIPOC), and individuals from other historically underrepresented communities are strongly encouraged to apply.
                  Salary Description
                  244,000-305,000

Keywords: Fenway Health, Hartford , Chief Financial Officer, Accounting, Auditing , Boston, Connecticut