President & Chief Financial Services Officer
| Req Number: | VSM2O2 |
| Location: | Edison, NJ |
| Posted: | 5/23/2024 |
| Category: | Life Sciences/Healthcare : Hospital/Health Systems |
| Job Type: | Permanent |
THE OPPORTUNITY
Hackensack Meridian Health (HMH), a nationally recognized, highly respected integrated delivery health system, is seeking an experienced leader to serve as President & Chief Financial Services Officer. This is an opportunity to join an innovative, independent, not-for profit organization with a dynamic leadership team dedicated to improving the lives of those served across all communities. The organization has been at the forefront of reimagining healthcare to remain relevant and ready during this period of transformation. With 37,000+ team members in diverse roles across the state aligned with an inclusive culture that wholeheartedly supports the mission, this is an organization that is leveraging innovation to improve patient outcomes, increase access to care, reduce costs, and advance medical knowledge. The organization recognizes their potential to transform healthcare delivery and address some of the most pressing challenges in the field. Reporting to the CEO, this leader will have the opportunity to help shape the future strategy and growth agenda.
THE ORGANIZATION
Hackensack Meridian Health (HMH) is the largest, most comprehensive, and truly integrated healthcare network in New Jersey, offering a complete range of medical services, innovative research, and life-enhancing care. Through the pandemic, HMH has maintained a healthy financial position including an increasing annual revenue of $8B and solid operating EBITDA margins averaging 8.96% over the last three years (FY ’21: 9.3%, FY ’22: 7.8%, FY ’23: 9.8%). HMH is rated as AA- by Fitch and S&P, with a stable outlook.
HMH is comprised of 18 hospitals including the following: three Academic Medical Centers; one University Teaching Hospital; eight Community Hospitals; two Rehabilitation Hospitals; two Children’s Hospitals; one Behavioral Health Hospital; and one Long Term Acute Care Hospital. Additionally, the network has more than 500 patient care locations throughout the state which include ambulatory care centers, surgery centers, home health services, long-term care and assisted living communities, ambulance services, lifesaving air medical transportation, fitness and wellness centers, rehabilitation centers, urgent care centers and physician practice locations. HMH has more than 37,000 team members, and over 7,000 physicians and is a distinguished leader in healthcare philanthropy, committed to the health and well-being of the communities it serves.
THE ROLE
Reporting to the CEO, the President & Chief Financial Services Officer (CFO) is the most senior financial leader of the system, overseeing the organization’s strategic and operational finance functions and holding ultimate responsibility for the overall financial integrity of the system. The CFO serves as a business partner and advisor to the CEO, Hackensack Meridian Health (HMH) leadership team, and Board of Trustees on financial matters and in leading the organization’s ongoing evolution and growth. The next CFO will play a critical role in HMH’s success and growth by developing, recommending, and managing HMH’s short and long-term financial plans in accordance with the system’s strategic plans and priorities. The CFO manages the financial affairs of HMH on an ongoing basis and is an active participant in the Board and related Finance and Investment Committee meetings.
The CFO will have overall strategic, operational, and leadership accountability for the following key functional business areas within HMH, totaling nearly 2,100 employees:
- Financial Services, which includes all areas such as treasury, accounting, actuary, payroll, accounts payable, budgeting, revenue integrity, financial planning, tax, financial reporting, and analytics.
- Revenue Operations, which includes patient access and registration, HIM, coding, billing, collections, denials, and customer service functions.
- Purchasing and Materials Management.
- Investment Management Team, which includes the full investment portfolio for the system with a high-performing internal team.
The CFO will be a strategic, innovative, and experienced finance leader and business partner with a proven track record of making a significant mark within a healthcare system (or similar services business) characterized by the highest quality standards, an aspirational mission to serve, and a strong driver of a collaborative culture. The CFO plays a key leadership and partnership role in the overall performance and growth of HMH.
PROFESSIONAL EXPERIENCE & QUALIFICATIONS
The President & Chief Financial Services Officer will possess the following experience and qualifications:
- Minimum of 15 years’ progressive experience and responsibility in financial management within a large, complex healthcare delivery system.
- Proven track record of success in leading profitable financial operations for a multi-site, multi-service line, and sophisticated healthcare enterprise in a competitive market.
- Well-versed in the healthcare industry, more broadly, with the ability to utilize market trends to influence strategic planning, to remain forward-thinking with innovation, all while keeping a measured, business focus on ultimate success for the organization and community.
- Possesses strong knowledge and skills across all aspects of the finance function (financial operations, budgeting, strategic financial and capital planning, revenue operations/cycle, treasury/investments, decision support, purchasing/materials, IT systems, etc.). Has experience in, or a strong working relationship with the operations functions, understanding what is necessary to deliver exceptional patient care.
- Experience in assessing and analyzing merger and acquisition opportunities and partnerships/affiliations.
- Provides partnership to the managed care function and holds a strong understanding of contracting including innovative risk bearing contracting (accountable care organizations, clinically integrated networks, Medicare Advantage, capitation, value-based care models, etc.).
- Possesses a strong working knowledge of the revenue operations / cycle function, as well as corporate governance and compliance.
- Proven in the ability to design and implement new strategies and processes to facilitate profitable growth.
- Skilled negotiator who maintains strong relationships with payors, physicians, business partners, colleagues, and others.
EDUCATION
- Bachelor’s degree is required.
- Master’s (or other advanced degree) in finance, business administration, and/or healthcare is preferred.
- CPA or FSA preferred, but not required.
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Korn Ferry shall provide equal employment opportunity to all qualified candidates, and will refer candidates without regard to race, color, religion, national origin, sex, age, disability, veteran status or any other legally protected basis.
