Cape Town: Executive Director, Finance posted by Deka Minas (Pty) Ltd

About the Role

The Executive Director, Finance position is based in Cape Town, South Africa, with relocation assistance available. The role involves managing all financial and business operations of a hospital, ensuring compliance with laws and regulations, and leading a team to achieve departmental goals.

Key Responsibilities

• Manages the department day-to-day operations, including those responsibilities described in this position description.
• Recommends policies, plans, and budgets to the leadership entity.
• Ensures department compliance with approved policies and procedure.
• Ensures department compliance with applicable laws and regulations.
• Lead a team of managers and administrative staff in the successful execution of the jobs and responsibilities of the department.
• Develops and implements a process for staff recruitment.
• Develops and implements a process for staff retention.
• Develops and implements a process for staff personal development and continuing education.
• Provides timely response to any reports from inspecting and regulatory agencies.
• Ensures that processes are in place for communicating department related information throughout the hospital in a timely manner.
• Determines and plans the department/service type of care and services to be provided consistent with the hospital’s mission and needs of the patients served by the hospital.

Finance

• Works with the hospital board, management, department/service head to develop financial goals and objectives for the hospital.
• Responsible for the operating and capital budgets, including revenue and expense budgets, cash forecasts, profit planning, and programs for capital investments and financing.
• Provides guidance in the management of assets and investments, and financial trends within the hospital.
• Works with department/service managers and executives to implement financial plans and productivity benchmarks, and to monitor progress toward financial goals.
• Establishes a five-year strategic financial plan for the hospital as part of the hospital’s strategic planning process.
• Employs a system of responsible accounting, including budget and internal controls.
• Ensures that monthly financial statements and productivity reports are completed and reported on a timely basis.
• Ensures that all balance sheet accounts are reconciled on a monthly basis and a system of internal controls are in place.
• Maintains effective revenue cycle processes to keep patient accounts receivable at an acceptable level.
• Maintains a thorough working knowledge of governmental and private insurance reimbursement payment methodologies, including: contractual accounting, payment calculations, billing requirements and compliance issues.

Monitors the following:

• Capital asset expenditures
• Depreciation
• Prepares Annual Operating Budgets with input and involvement at the departmental level
• Prepares capital budgets and cash flow projections
• Arranges lines of credit and maintains proper banking relations.
• Responsible for the attainment of short-and long-term financial and operational goals.
• Oversees the coordination and activities of external auditors ensuring all audit issues are resolved, and all compliance issues are met in accordance with acceptable accounting practice.
• Ensures adequate cash flow to meet the organization’s needs.
• Oversees the maintenance of the inventory of all fixed assets.

Business Center

• Oversees the overall management and operations of Business Center.
• Provides operational and strategic leadership to maintain and improve revenue cycle.
• Ensures the maximum performance of revenue management across multiple entities, including accurate and timely charging, processing of billing and open patient accounts, payment posting, denials management and appeals, and customer service
• Proactively manages the billing process, maintaining positive and strong internal client relationships with third-party payers.
• Develops a thorough systems, processes and payer specific reimbursement mechanisms and billing requirements, contributing in the proactive identification of opportunities for revenue cycle improvement and enhancement.
• Initiates and participates in the development of revenue cycle strategy that aligns with the organization’s core mission and supports the organizational strategic plan, goals, and objectives.
• Directs and establishes policies and procedures for the business center and ensures all activities complies with hospital standards and government regulations
• Monitors the efficiency of the department and suggests and implements changes to improve overall performance.

Specialized Knowledge/Skills:

• Accounting Principles
• Knowledgeable in healthcare organization fiscal management.
• Laws, regulations, and rules governing work requirements.
• Understanding in healthcare fiscal management.
• Knowledge in contracts, understanding the benefits and risks of various contractual arrangements.
• Basic computer knowledge.
• Management and supervisory skills
• Team building skills
• Analytical and problem-solving skills
• Decision making skills
• Effective verbal, presentation and listening communications skills
• Effective written communications skill.

Education/Licenses:

• Bachelor’s Degree in Accounting or Finance is required, Certified Public Accountant (CPA)/Chartered Accountant.
• Master in Business/Hospital Administration (MBA) required.
• Post-graduate training Master’s Degree in Business Administration or Accounting.

Professional Experience:

• Ten (10) years experience in financial management with progressively increasing responsibility and a minimum of five years experience as CFO, controller or finance director in a hospital setting is required.