Finance Manager

About the job

The Finance Manager will oversee the hospital’s financial operations, ensuring efficiency, compliance, and optimal financial performance. This role involves close collaboration with leadership to develop budgets, manage costs, and optimize revenue, all while upholding the mission to deliver exceptional healthcare services.

Key Responsibilities

1. Financial Planning and Budgeting

• Develop and manage the hospital’s annual operating and capital budgets in collaboration with department heads.
• Conduct financial forecasting to project revenues, expenses, and cash flow requirements.
• Monitor and report budget variances, providing leadership with insights for corrective actions.
• Evaluate and allocate financial resources to prioritize hospital needs, including equipment procurement, staffing, and facility improvements.

2. Revenue Cycle Management (RCM)

• Oversee the hospital’s billing and collection processes to ensure timely and accurate claims submission.
• Analyze and optimize revenue streams by collaborating with billing and coding teams to minimize errors and denial rates.
• Monitor accounts receivable metrics, such as Days in AR and collection ratios, to enhance cash flow.
• Liaise with insurance providers, government payers (e.g., Medicare/Medicaid), and patients to secure proper reimbursements.

3. Financial Reporting and Compliance

• Prepare detailed financial reports, including monthly and annual income statements, balance sheets, and cash flow statements.
• Ensure compliance with accounting standards (e.g., GAAP, IFRS) and relevant healthcare regulations.
• Coordinate internal and external audits, address findings, and implement recommendations.
• File tax returns and ensure the timely submission of reports to regulatory bodies.

4. Cost Management and Efficiency

• Conduct cost-benefit analyses of operational and clinical services to improve efficiency.
• Develop cost-reduction strategies while maintaining the quality of patient care.
• Monitor and control expenses related to staffing, utilities, supplies, and equipment maintenance.
• Assess supplier contracts and negotiate favorable terms to minimize procurement costs.

5. Capital Investment and Asset Management

• Conduct feasibility studies for major investments, including medical equipment, new service lines, and facility expansions.
• Oversee the financial management of construction, renovation, and technology upgrade projects.
• Maintain accurate records of hospital assets and ensure proper accounting for depreciation.

6. Risk Management and Internal Controls

• Establish robust internal controls to safeguard hospital assets and prevent fraud.
• Identify, evaluate, and mitigate financial risks, including liability exposure and uncollected revenue.
• Ensure the hospital’s financial operations comply with healthcare-specific legal and regulatory standards.

7. Leadership and Team Development

• Lead, train, and mentor the finance team to ensure high performance and accountability.
• Offer guidance on complex financial matters to department heads and hospital leadership.
• Promote a culture of collaboration between the finance team and clinical or operational departments to achieve organizational goals.

8. Strategic Financial Analysis

• Analyze patient volume trends, payer mix (insurance, self-pay, government), and service profitability.
• Offer financial insights and recommendations to enhance hospital efficiency and profitability.
• Collaborate with senior leadership on strategic initiatives, including service expansion, opening new locations, and forming partnerships.

9. Grant and Fundraising Management

• Assist in securing funding through grants, donations, and partnerships.
• Manage and report on the allocation of funds received from external sources, ensuring compliance with donor or grant conditions.

10. Emergency Preparedness and Crisis Management

• Support financial planning for emergency situations, including pandemics, natural disasters, and economic downturns.
• Track and report expenditures and reimbursements related to emergencies.

11. Stakeholder Engagement

• Present financial performance and strategic recommendations to the hospital’s board of directors.
• Serve as the primary liaison with financial institutions, donors, and external auditors.
• Establish and maintain relationships with insurers and regulatory agencies to ensure seamless financial operations.

Education and Certifications

Required:

• Bachelor’s degree in finance, Accounting, or a related field.

Preferred:

• Master’s degree (e.g., MBA, MHA) or equivalent in Finance, Accounting, or Healthcare Administration.
• Professional certifications such as CPA (Certified Public Accountant), CMA (Certified Management Accountant), or CHFP (Certified Healthcare Financial Professional).

Experience

• 5–7 years of experience in financial management, preferably within a hospital or healthcare setting.
• Demonstrated success in managing budgets, optimizing costs, and driving revenue growth.
• Proven expertise in budgeting, financial reporting, and regulatory compliance.
• Comprehensive understanding of healthcare operations, including patient billing, insurance reimbursements, and service cost analysis.
• Practical experience in managing both internal and external audits.
• Strong knowledge of healthcare finance compliance requirements, with the ability to ensure adherence to all regulatory standards.
• Experience in evaluating and financing large-scale capital projects, such as facility expansions, equipment acquisitions, or infrastructure upgrades.
• Proficient in negotiating with financial institutions for loans or credit facilities.

Skills

• Extensive knowledge of healthcare billing systems and payer reimbursement processes.
• Advanced proficiency in financial software systems (e.g., SAP, Oracle, QuickBooks, or Epic) and the Microsoft Office Suite (Excel, Word, PowerPoint).
• Familiarity with healthcare-specific software for billing, electronic medical records (EMR), and cost accounting systems.
• Exceptional leadership, problem-solving, and communication skills.

How to apply:

• Interested applicants should send their CVs to [email protected], specifying ‘Finance Manager’ in the subject line.
• Female candidates are strongly encouraged to apply.