Description

Northern Light Health 

Department: Member VPs of Finance

Position is located: Northern Light Home Office, Brewer, ME

This position has a dual reporting relationship as it plays a vital role in ensuring both the financial well-being of Northern Light Medical Group and the alignment of financial strategies, budgetary and capital management with Northern Light Health financial policies and structure, assuring a strong Medical Group and a strong Northern Light Health. Under the shared supervision of the Northern Light Executive Vice President and CFO and the Medical Group Senior Vice President the vice president of finance is responsible for the operating and capital budgeting, business plan development, and management of the revenue cycle performance and implementation of improvement projects. 

Responsibilities: 

Duties and Responsibilities Under Northern Light Health Executive Vice President & CFO:

• Administers and establishes policies and procedures for the most effective control and use of physical and financial resources of the Home Office.
• Assist in creating high-quality, instantaneous client-response capabilities from Home Office.
• Assure organizational buy in and effective communication relative to the Home Office and Northern Light Health financial planning.
• Ensure that business and financial strategies are aligned with Northern Light Health system-wide strategic goals and tailored to unique needs of all member organizations listed at the beginning of the document.
• Assist in finalizing monthly financial statements for all member organizations listed and other periodic financial reports through review and commentary with Northern Light Health central financial services.
• Develop and manage strategies for managing and optimizing cash flow.
• Develop and manage a process for reviewing contracts, including physician and compensation contracts and ensuring compliance.
• Collaborate with Northern Light Health staff on a consistent payer contracting strategy.
• Assist in establishing an integrated financial plan of operations (short and long term) compatible with the healthcare organization’s objectives.
• Play a key role in Finance Strategic Partner Team, ensuring the best financial strategies for the System.
• Works as a team member with other system financial leaders on projects significant to the financial health of Northern Light Health.

Duties and Responsibilities Under the Medical Group Senior Vice President

• Supports the mission, values and vision of all member organizations and Northern Light Health.
• Develops plans and initiatives that will support the success of all member organizations and aligns with the mission and structure of Northern Light Health.
• Partners with others to optimize performance in Business Services and Revenue Cycle.
• In collaboration with management and staff, develops departmental goals and objectives and establishes and implements policies and procedures. Reviews analyses of activities, costs, operations, and forecast data to determine departmental progress toward stated goals and objectives.
• Regularly attends Medical Group Council, Vice President of Practice Operations and Medical Group Operations Advisory Team, and other meetings as requested. Is the dyad representative for revenue cycle integrity for the medical group.
• Confers with the Senior Vice President and other management staff to review achievements and discuss changes in goals and objectives resulting from current status and conditions.
• Develops budget planning guidelines. Coordinates preparation of an annual operating, capital and cash budget and a three-year capital expenditure plan in conjunction with the management team.
• Establishes sound business practices. Manages the approved budget, allocates funds within the budget and operates within the budget through a system of fiscal accountability and controls that assures the solvency of the organization.
• Prepares timely reports outlining the financial position of the organization in all areas of assets, liabilities, income and expense, based on past, present and planned future operations.
• Prepares and effects timely filing of federal, state, third party and other financial reports as required.
• Assists the Senior Vice President in the development and implementation of an overall strategic plan evaluating financial viability of both existing and new programs and business ventures to insure the best use of the organization’s resources, in accordance with objectives for growth and financial stability. Seeks opportunities for diversification and new business development.
• Represents the organization and Northern Light Health in all interactions with staff, patients/residents and families, Medical Staff, other health care professions, community organizations and the general public.
• Maintains professional growth and development through seminars, workshops and professional affiliations to keep abreast of latest trends.
• Participates in community and professional organizations and committees and also in internal committees and task forces.
• Develops and maintains quality and internal control standards acceptable to Northern Light Health and external auditing firms.
• Responsible for leading the financial strategy, analysis, and oversight of the organization’s population health arrangements, including Accountable Care Organization (ACO) contracts and shared risk models. This role supports organizational success in value-based care by developing budgets, modeling financial performance, and providing strategic insight to leaders across the system.
• Performs all other duties as assigned or requested.
   

Shared Duties and Responsibilities:

1. Establishes a plan of control by means of a formal budget program, providing a standard of measurement so that actual performance can be evaluated regularly.
2. Leads the process of developing and monitoring financial improvement plans required to achieve the annual budget, business plans and long-range financial plans.
3. Prepare assumptions and risk measurement for effective business planning and product line reporting.
4. In concert with Northern Light Health, lead the preparation and management of the annual operating and capital budgets for.
5. Represent Northern Light Health at outside forums, e.g. MHA.
6. Assist with developing business plans and financial planning, and other projects as assigned.
7. Keeps abreast of and ensures that Northern Light Health is aware of regulations, Federal congressional actions, and deliberations, and state and local decisions influencing financial management of the healthcare organization.
8. Participates in discussions, meetings and planning with Northern Light Health management and Boards on equipment purchases, acquisitions, dispositions, and construction of additional plant and facilities.

Requirements

Bachelor’s Degree – in financial accounting or business required.  Master’s Degree – preferred.

10 years minimum experience in similar work or in consulting / accounting practice, particularly in healthcare finance.