Chief Financial Officer (CFO) at Washington Regional Medical System

Organization Overview, Mission, Vision, and Values

Our mission is to improve the health of people in the communities we serve through compassionate, high-quality care, prevention, and wellness education. Washington Regional Medical System is a community-owned, locally governed, non-profit health care system located in Northwest Arkansas in the heart of Fayetteville, which is consistently ranked among the Best Places to live in the country. Our 425-bed medical center has been named the #1 hospital in Arkansas for five consecutive years by U.S. News & World Report. We employ 3,400+ team members and serve the region with over 40 clinic locations, the region’s only Level II trauma center, and five Centers of Excellence - the Washington Regional J.B. Hunt Transport Services Neuroscience Institute; Washington Regional Walker Heart Institute; Washington Regional Women and Infants Center; Washington Regional Total Joint Center; and Washington Regional Pat Walker Center for Seniors.

Position Summary

The Chief Financial Officer (CFO) is responsible for providing strategic and operational leadership for the organization’s financial health. Reporting to the President & CEO and serving as a key member of the executive leadership team, the CFO oversees financial planning and analysis, budgeting, treasury and cash management, accounting and financial reporting, reimbursement and cost reporting, revenue cycle performance, supply chain/materials management, and related shared services as assigned.

The CFO ensures timely, accurate financial information and maintains sound internal controls and governance practices. This role partners closely with clinical, operational, and physician leaders to optimize performance, strengthen margins, support growth initiatives, and advance the organization’s mission. This role also serves as a primary financial advisor to the Board of Directors (or Finance/Audit Committee), presenting financial results, forecasts, capital plans, and key risk indicators.

This role is primarily office-based with routine presence in clinical and operational areas as needed. Occasional travel may be required for meetings, conferences, or system activities.

Essential Duties and Responsibilities

• Financial strategy & performance
  • Develop and execute financial strategy aligned to organizational goals; translate strategy into multi-year financial plans, capital plans, and operating targets.
  • Lead annual budgeting and forecasting processes; monitor performance, identify variances, and drive corrective actions in partnership with operational leaders.
  • Provide timely, decision-ready financial analysis (service line, provider, site-of-care, contract, and capital ROI analyses) to support growth and performance improvement.
• Accounting, reporting & controls
  • Oversee general accounting, month-end close, financial statements, and management reporting in accordance with applicable standards and requirements.
  • Maintain a strong internal control environment; ensure appropriate segregation of duties, audit readiness, and accurate financial records.
  • Lead external audit activities and act as executive sponsor for finance policies, procedures, and systems governance.
• Treasury, cash & capital
  • Direct treasury functions including cash forecasting, banking relationships, liquidity management, debt administration, and investment strategy consistent with policy and risk tolerance.
  • Oversee capital planning, prioritization, and long-range facilities/equipment funding strategies; support financing activities as needed.
• Reimbursement, cost reporting & payer finance
  • Oversee reimbursement strategy, cost reporting (e.g., Medicare/Medicaid and other payers as applicable), and related analytics to support accurate and optimized reimbursement.
  • Partner with contracting/managed care leaders to evaluate payer contracts and their financial impact; support negotiations through modeling and scenario analysis.
• Revenue cycle & patient financial experience
  • Provide executive oversight for revenue cycle performance (patient access, coding/charging, billing, denials, collections, and revenue integrity) to optimize cash flow and patient experience.
  • Establish metrics and accountability for denials management, underpayment recovery, and compliance with billing rules and documentation requirements.
• Supply chain & cost management
  • Oversee supply chain/materials management (purchasing, contracting, inventory, and logistics as assigned) to ensure value, resilience, and transparency in total cost of care.
  • Drive enterprise cost-reduction and productivity initiatives while maintaining quality and service standards.
• Compliance, risk & governance
  • Ensure financial practices comply with federal/state regulations and accreditation expectations, partner with compliance, legal, and internal audit on investigations and corrective actions.
  • Support insurance and risk financing activities as assigned (e.g., renewals, claims trends, captive programs).
  • Serve as primary finance liaison to the Board/Finance Committee; prepare and present financial results, forecasts, and strategic recommendations.
• Leadership & talent
  • Lead, coach, and develop high-performing teams; establish clear goals, expectations, and succession plans.
  • Foster cross-functional collaboration and continuous improvement; communicate effectively with physicians, clinical leaders, and external stakeholders.
• Other duties
  • Perform other responsibilities as assigned, consistent with the role’s purpose and scope.

Qualifications

• Education: Bachelor’s degree in accounting, finance, business administration, or related field required. Master’s degree (MBA, MHA, or similar) preferred.
• Experience: 10+ years of progressive finance leadership experience required, including significant experience in healthcare (hospital, health system, large physician group, or payer environment). Demonstrated executive-level accountability for budgeting/forecasting, financial reporting, reimbursement, and performance improvement.

Required Knowledge, Skills, and Abilities

• Strong knowledge of healthcare finance, reimbursement concepts, and revenue cycle drivers; ability to translate complex data into actionable insights.
• Expertise in financial planning and analysis, budgeting, forecasting, and capital planning.
• Demonstrated ability to lead audits, strengthen internal controls, and manage enterprise financial risk.
• High-impact communication and presentation skills; ability to influence and build alignment with boards, physicians, leaders, and external partners.
• Proven people leadership capabilities, including talent development, change leadership, and cross-functional collaboration.
• High integrity and sound judgment with the ability to handle sensitive and confidential information.

Preferred Qualifications: CPA and/or FHFMA preferred. Experience with health system growth, mergers/acquisitions or affiliations, and major capital projects preferred.