Chief Financial Officer
| Req Number: | P1FOJT |
| Location: | Virginia Beach |
| Posted: | 9/17/2024 |
| Category: | Life Sciences/Healthcare : Hospital/Health Systems |
| Job Type: | Permanent |
Reporting Relationship:
Dennis Matheis
President and Chief Executive Officer
Purpose of the Position
Sentara Health is focused on innovation and is aiming to create an extraordinary healthcare experience for patients and members. The CFO will be a key leader at the forefront of innovation and will play a crucial role in strategic decision making and organizational growth. Sentara Health has a robust financial foundation, consistently demonstrating strong financial performance and providing a solid platform for growth and long-term viability. This is an opportunity to lead and shape the financial future of a well-established, integrated delivery health system.
The CFO will be a strategic leader with extensive experience in a highly complex delivery system or other health-related organization with a demonstrated track record of leading through influence to accomplish the stated mission and vision. They will have a proven history of making significant contributions to businesses known for their high standards, mission-driven approach, and results-driven culture. The CFO will play a pivotal role in leading and partnering to enhance the overall performance and growth of Sentara Health.
Key Responsibilities
The CFO is the most senior financial leader of the system and will be responsible for the overall financial integrity of this highly complex healthcare delivery system. They will oversee the organization’s strategic and operational finance functions and protect and manage all of Sentara’s assets and liabilities. The CFO serves as a business partner and advisor to the CEO, senior leadership team, and Board of Directors on financial matters and in leading the organization’s ongoing evolution and growth. They are responsible for developing, recommending, and managing Sentara’s long-range financial plans in accordance with the One Sentara strategic plan. Furthermore, the CFO is responsible for operating and capital budgets and capitalization and financing of all operating groups, affiliates, and subsidiaries. The CFO manages the financial affairs of Sentara on an ongoing basis.
Specific responsibilities of the role include:
- Oversees the management of all financial affairs of Sentara, including cash flow, treasury, financial planning, forecasting and budgeting activities, banking and auditor relationships, regulatory and tax filing and compliance, finance operations including accounts payables/receivables and compliance, and timely close of financial reporting each month.
- Establishes annual operating and capital budgets with a balanced approach to ensure Sentara’s overall financial success and maintain positive bond ratings, with a careful focus on long-term cash flow and debt capacity.
- Exhibits a deep understanding of the complex healthcare industry, guiding the organization toward success to achieve growth targets and maintain profitability. Develops insights into the operating margin required to support the network’s strategic priorities over the long term.
- Oversee and manage the financial affairs of the organization’s captive insurance entity, ensuring compliance with regulatory requirements, optimizing financial performance and mitigating risk.
- Acts as Sentara’s primary financial liaison with external entities, fostering constructive, open, and professional relationships with key providers, as well as State and Federal finance and rate-setting leaders and staff. Cultivates and maintains relationships with key members of the audit, financial, and investment communities, showcasing the organization’s value and future opportunities.
- Builds strong, trusting, and respectful relationships with the board of directors and committee chairs, ensuring a high level of accuracy, accountability, and transparency.
- Brings experience in advising the Board on financial strategies to support successful market positioning, including mergers and acquisitions, affiliations, joint ventures, and the launch of new revenue streams and opportunities.
- Leads, manages, and mentors the finance team. Develops an effective, responsive, best-practice financial team with an open style of communication and an analytical approach to business. Demonstrates an unwavering commitment to creating the best team by seeking high-caliber talent.
- Leads financial evaluations to support business opportunities and the development of new revenue streams, driving growth, enhancing market positioning, improving access, and reducing the cost of care.
- Directs and manages external third-party vendors, providing finance-related services and support, including but not limited to actuarial, recoveries, and risk accuracy. Collaborates with the executive leadership team in the procurement, negotiation, execution, and implementation of new third-party arrangements.
- Articulates a clear vision that aligns with Sentara’s mission, purpose, and values. Maintains a comprehensive perspective, anticipating challenges and fostering innovative ideas. Drives the organization toward achieving its goals by taking calculated risks.
- Oversees the management of Sentara’s investment portfolio, including the development of short- and long-term investment plans and review of investment portfolio/asset allocation. Develops and manages Sentara’s investment policies and asset allocation; evaluates and tracks return on investment.
- Ensures proper internal controls for revenue, expense, and cash management.
Year one critical success factors
The CFO will strive to achieve the following in the first 12 to 18 months:
- Establish strong, trusting relationships with multiple constituents (CEO, executive leadership team, finance team, and finance committee of the Board).
- Continue to find ways to strategically grow revenue in all lines of business and identify efficiencies throughout the enterprise.
- Lead the financial evaluation of new ventures and acquisitions.
- Play an active role in Sentara Health’s preparation for changes in the healthcare industry.
- Gain a reputation as a trusted advisor.
- Ensure financial operations provide excellent and innovative service across the organization.
- Quickly understand market dynamics and the competitive environment in all service areas.
The Candidate
Experience and Professional Qualifications
- Ten plus years of increasing responsibility in financial management with significant experience as an enterprise CFO of a complex, multi-entity health-related organization.
- Must have a 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.
- Strong knowledge and skills across all aspects of the finance function (financial operations, budgeting, strategic financial and capital planning, revenue cycle, treasury/investments, decision support, IT systems, etc.).
- Experience in assessing and analyzing merger and acquisition opportunities and partnerships/affiliations.
- Well-versed in the healthcare industry, more broadly, with the ability to utilize market trends to influence strategic planning and remain forward-thinking with innovation, all while keeping a measured, business focus on ultimate success for the organization and community.
- Must have a strong understanding of and demonstrated skills in leadership, strategic management, change management, communications, team building, continuous quality improvement, problem solving, decision making, innovation, financial management, and stewardship of resources.
- Experience in innovative risk bearing contracting (accountable care organizations, clinically integrated networks, HMO, PPO, Medicare Advantage, capitation, etc.).
- Skilled negotiator who maintains strong relationships with payors, physicians, business partners, colleagues, and others.
- Able to influence and generate consensus, reaching across organizational boundaries to collaborate and achieve objectives.
- Excellent verbal and written communication skills to communicate with a variety of individuals, including the executive team, board members, physicians, the public, and external agencies and organizations.
Education
- Bachelor's degree is required.
- Graduate-level credentials are preferred (or other advanced degree) in finance, business administration, and/or healthcare is preferred. CPA preferred.
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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.
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