Chief Financial Officer
|Location:||Grand Forks, North Dakota|
|Category:||Life Sciences/Healthcare : Consumer Health|
Position -- Chief Financial Officer (CFO)
Company -- Altru Health System
Location -- Grand Forks, ND
Reporting Relationship -- The Chief Financial Officer will report to the Chief Executive Officer and matrix to Physician President (MD)
Website -- https://www.altru.org/
Altru Health System is a community of over 3,700 health professionals and support staff committed to caring for the region for more than 100 years. Serving over 250,000 residents in northeast North Dakota and northwest Minnesota, we provide an array of services to meet the needs of patients of all ages and levels of health.
Patients come first at Altru Health System. As choices for health care continue to expand, Altru is making sure they continue to give our patients the best care every day.
As a member of the Mayo Clinic Care Network, Altru partners with Mayo Clinic to bring knowledge and expertise to the Red River Valley. Together, Altru shares a common philosophy, commitment and mission to improve the delivery of health care through high quality, data driven, evidence-based medical care and treatment.
Through the Network, patients have access to the highest level of clinical expertise available and benefit from enhanced communication with Mayo physicians as needed.
While caring for their patients, Altru physicians can seek advice from Mayo Clinic’s disease management protocols, clinical care guidelines, treatment recommendations and reference materials for complex medical conditions. By working together, we all get better.
Improving Health, Enriching Life
Deliver world-class health care to the residents of our region.
Meeting the needs and expectations of our patients is our highest priority.
We provide quality care that is demonstrated to achieve the best results for
We work as a team and treat each other with honesty, loyalty and respect.
We are committed to improving the health of our communities.
By the Numbers – (2019 number unless otherwise noted)
- 601.2 M in Net Revenue (2019) and $30.7M in Community Benefit
- 257 Licensed hospital beds, 45 bed specialty center
- 3,527 employees, including 215 physicians and 128 mid-levels (nurse practitioners, physician assistants, CRNA’s, RN Clinicians (August 2020)
- 276 volunteers completed over 15,156 service hours
- 13,043 inpatient discharges in 2019, Births 1,586
- 491,199 total clinic visits at Grand Forks and regional clinics
- 67 physician specialties
- 13 Grand Forks practice locations
- 11 regional practice locations
The Chief Financial Officer (CFO) leads the Finance Division and supports the mission, vision, values of Altru Health System. In close collaboration with the Physician President and Chief Executive Officer and other executive leaders, the CFO helps lead the strategic direction of the health system, ensuring the organization is fiscally sound and responsible. Further, as a member of the executive leadership team, the CFO helps ensure the health system is well-prepared to meet the dynamic changes and challenges in healthcare today and into the future, in particular as the industry moves from “volume to value”. The CFO has overall responsibility and accountability for all Finance functions. He/she is responsible for identification and achievement of defined financial, productivity and operational performance improvement goals.
The CFO will serve as a collaborative business partner with the Altru Health System leadership team, all market leadership teams, as well as with all colleagues (physicians and staff). He/she will proactively create an environment for successful organizational performance and accepts responsibility for the financial viability of Altru. The CFO will build strong positive working relationships both inside and outside of Altru in order for the health system to meet its strategic goals.
To effectively compete and sustain Altru Health System in an increasingly complex and dynamic healthcare system, the executive team will need to be clearly focused on emerging needs of all stakeholders, sustainable regional growth, quality and value management, financial viability and development, and community partnerships while maintaining a strong viable culture of accountability and data driven decision making. The CFO will need to contribute and collaborate as member of the executive team toward a stronger competitive posture while viewing competitors as possible collaborators. The executive team will lead the development of capacity to deliver world class care while managing the transition from fee for service to value-based payment model while simultaneously implementing a population health strategy to holistically manage community and regional health needs. The CFO will play an integral role in all these initiatives.
The CFO will:
- Think and act strategically. As a partner to the leadership team and the practice, the CFO will lead and guide the finance team to anticipate changes in the environment of health and healthcare and suggest actions to anticipate and meet the challenges to strengthen both the practice and the financial health of Altru Health System.
- With all the changes taking place in the healthcare industry and market the CFO will need to be much more of a strategist than “number cruncher”.
- With the increased emphasis on population health, development of narrow networks, leading with quality, etc. the CFO will need to lead as well as participate with the entire executive team in understanding what is on the horizon, what the changing opportunities are, and shape strategic initiatives for the future.
- The CFO will need to engage the organization in the financial implication of adapting to the emerging healthcare environment as well as the trade-offs of potential mergers, acquisitions and partnerships.
- The CFO will need to lead outside their functional area to ensure finance is a catalyst for change across Altru, driving outcomes that impact long-term business performance, not just short-term financial outcomes or one-off cost reductions.
- In addition to serving as trusted advisor to the DYAD of President and the CEO, the CFO will be advisor to the Executive Team and the Board of Directors to support programmatic decisions. This means the CFO will need to understand all aspects of the organization including having a deep appreciation of the clinical and operational side of healthcare. This includes understanding at the patient level, the community level, the physician level, and the disease level costs and economics that drive quality.
- With declining payer rates and increased emphasis to develop simplified payment models, the CFO will need to be highly involved in negotiations with payers. The CFO will need to model new payment methodologies to ensure risk sensitive levels of revenue are received that will cover all aspects of care and the many complexities and costs. This will need to be done despite imperfect data due to the lack of precedence and experience with the new models.
- The CFO will need to be a strong collaborator and deeply engage in many cross-functional efforts such as clinical quality, revenue cycle, process improvement and population risk management. The CFO must collaborate with physicians and partner with clinical leaders to develop strategic and operating plans that enhance value and attract patients while gaining an understanding of what drives net revenues.
- The CFO will need to be a key partner in communicating to the organization the financial picture of Altru not only short-term, but long-term viability. This includes making information available and educating the staff about financials with key performance metrics and how they relate to vision and strategy in a way that non-financial professionals can easily understand. The successful candidate will embrace change and have the wisdom and courage to re-conceptualize the role as needed to support future success.
- Requires a minimum of ten years of demonstrated experience in providing highly strategic and innovative financial leadership position within a large complex integrated health system. Experience in a multi-specialty group practice and hospital environment and one with many employed and aligned providers is strongly preferred.
- A proven track record of leading consistent, successful financial and operational performance.
- Knowledge of current health care policy and trends to ensure Altru remains “out in front” and as an example of strong financial stewardship. Experience as a leadership team member in building an accountable care organization (ACO), clinically integrated network (CIN), and driving population health initiatives is highly preferred.
- Strong experience in/knowledge of managed care contracting and payer relations. The CFO will play an integral role in helping lead and navigate the health system through the transformation of healthcare from “volume to value” in the years ahead. Must be able to appropriately advance and balance this move to value, while at the same time keep the health system financially strong and competitive.
- Able to recognize that Altru Health System’s future success will be directly related to the ability to drive system-ness, standardization (whenever appropriate), and collaboration. Provides the necessary leadership and business acumen to achieve this shared vision.
- Leadership capabilities that accommodate a complex organization with multiple matrix relationships, and which values strong decisive leadership while also encouraging timely consensus building as a preferred style.
- Must have the ability to exercise initiative, sound judgment and responsibility in determining needs of the various departments, and in arriving at proper decisions regarding administrative problems.
- Must be analytical and have critical-thinking skills. Must be knowledgeable of financial concepts and statistical/analytical methods and be able to use data effectively to develop and implement operational plans and actions.
EDUCATION / CERTIFICATION REQUIREMENTS
- MBA or Master’s Degree equivalent in finance, accounting, business administration, health care administration or related discipline.
- CPA preferred, but not required.
- Lean/Six Sigma experience preferred.
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.