Vice President of Finance

POSITION PURPOSE

The Vice President of Finance is responsible for overseeing Financial Operations for both internal companies and external clients (internal accounting team work), providing consulting services to both existing and potential clients, supporting business development with strategic finance work. Manage and train the internal accounting team, ensuring accuracy and timeliness for projecting cash flow, budgeting, financial planning, and financial reporting for the group of companies, and the Client Companies.

ESSENTIAL DUTIES AND RESPONSIBILITIES

Consulting Services

• In collaboration with the other consultants, performs high-level operational assessments for established medical practices and facilities, identifying financial strategies to drive growth, profitability, and increase physician income.
• Develops financial proformas for de novo medical practices and healthcare facilities, including detailed revenue forecasts, operating expenses, and capital needs for start-up.
• Educates clients about best practices for financial operations, including implementing controls, segregation of duties, budgets, and cash forecasting to improve decision-making.
• Analyzes and reviews with clients their monthly financial results versus the budgets, including labor and/or other variances, administrative expenses, and medical supply utilization.
• Assists clients in identifying KPIs to measure the effectiveness of their operations and collaborates with the Business Intelligence and RCM Client Services Manager to develop dashboards in Power BI.
• Administers shareholder and employed provider compensation formulas.
• Together with the CFO, manages the outsourced accounting service line, ensuring the work performed by staff accountants is of high quality, timely, and accurate. Reviews all financial statements produced for clients and leads client finance meetings to review results and guidance on improvements.
• Drives growth in the outsourced accounting service line by making client presentations about the program and achieving high client satisfaction with the service.

Internal Financial Management

Accounting

Together with the CFO, provides oversight of the staff accountants, ensuring that all accounting activities are performed accurately, including:

• Maintaining the general ledger and chart of accounts, tracking income, and coding expenses in the accounting software systems.
• Month-end closing duties, including journal entries, bank account reconciliations, etc.
• Maintaining a current schedule of the company’s fixed assets.

Budgeting and Expense Control

• Leads the process of preparing the annual operating budgets and periodic forecasts.
• Analyzes monthly financial results versus the budgets, including labor and/or other variances, administrative expenses, and other variances, and then reviews with management.
• Where appropriate, analyzes the profitability of all service lines and makes recommendations to the CFO and other members of management about areas for expansion, opportunities, restructuring, and/or elimination of costs.
• Reviews all proposed vendor contracts and assists management in negotiating improved pricing and payment terms.

Financial Planning and Cash Flow Management

• Oversees and/or prepares the thirteen-week cash flow forecasts for internal Companies weekly for review by the CEO, CFO, and other members of management with sufficient detail to support sound decision-making.
• Analyzes outstanding accounts payable and makes strategic decisions about when to issue vendor payments based on the cash position of the businesses.
• Supports the CFO in managing investments and banking relationships.
• Analyzes proper utilization and timing of credit card payments and invested cash to reduce interest costs.

Accounts Payable

Provides oversight of the staff accountants, ensuring segregation of duties and that all accounts payable activities are performed accurately, including:

• Reviewing invoices for accuracy, obtaining approval where appropriate from the individual responsible for incurring the expense.
• Entering invoices into the payables software system.
• Processing approved invoices for payment, with attention to the cash flow forecast and timing to avoid unnecessary late fees and interest.
• Issuing reimbursements for business expenses after reviewing for compliance with internal policies and external regulatory requirements.
• Payroll Processing
• Provides oversight of the payroll processing activities performed by the HR department and staff accountants, including monitoring employee paid time off (PTO) balances to ensure compliance with company policy and processing biweekly employee payroll.
• Processes biweekly employee deferrals and employer contributions for health benefits and retirement accounts.

Financial Reporting and Tax Returns

• Directs the preparation and distribution of month-end financial statements and other management reporting for review by the leadership team.
• Consults with the company’s external accounting and tax advisors to assist with their preparation of income tax returns and other local, state, and federal government financial filings.
• Support and deliver owners’ requests for financial information.
• Distributes K1’s to shareholders.

Internal Controls and Compliance

• Develops and implements internal controls to protect the company’s assets, including oversight of the daily balancing of receipts, bank reconciliations, and expense reimbursements.
• Performs all duties with a level of proficiency and professional skill that ensures the accuracy and integrity of the company’s financial data. Complies with external regulations and guidance from the company’s external accounting and tax advisors on appropriate accounting procedures.
• Conducts all work in a transparent fashion that enables review by the company’s external accounting and tax advisors and oversight by the shareholders.
• Promptly reports any financial irregularities that suggest potential fraud or abuse to the Compliance Officer, CFO, CEO, and if warranted, the company’s external accounting and tax advisors for further evaluation.

Risk Management

• Assists HR, the CFO and CEO in evaluating companywide health insurance and benefit programs, including annual review of pricing for renewals and any needed RFP and bid evaluations for pricing reasonableness.
• Assists the CFO and CEO in evaluating professional liability insurance coverage, including annual review of pricing for renewals and any needed RFP and bid evaluations for pricing reasonableness.

PROFESSIONAL QUALIFICATIONS AND EXPERIENCE REQUIREMENTS

• A master's degree in accounting, finance, or business administration is required, preferably with an advance degree or CPA license.
• Minimum of five years of experience in accounting/financial management, preferably with experience in healthcare.
• Comprehensive knowledge of all Microsoft Office and multi-dimensional databases.
• Exceptional communication and presentation skills.
• A “Player/Coach” management style whereby you actively participate in the work alongside your team while also guiding and mentoring them. Ability to multi-task, meet deadlines, and work in a collaborative environment.

Job Type: Full-time

Base Pay: From $170,000.00 per year

Benefits:

• 401(k)
• 401(k) matching
• Dental insurance
• Flexible spending account
• Health insurance
• Health savings account
• Life insurance
• Paid time off
• Vision insurance

Application Question(s):

• Do you have a degree in accounting, finance, or business administration? Please specify.
• Are you an expert using Excel?
• Are you willing to work in-office in Westerville, Ohio Monday through Friday approximately 8:30a - 5:00p and willing to work extra hours as necessary?

Education:

• Master's (Preferred)

Experience:

• accounting in healthcare/medical billing: 1 year (Preferred)
• accounting/financial management: 5 years (Required)

License/Certification:

• CPA (Preferred)

Work Location: In person