Chief Financial Officer

Company Description

La Rabida Children’s Hospital provides specialized, family-centered health care to children with medically complex conditions, disabilities, and chronic illness. Through expertise, compassion, and advocacy we help children and their families reach their fullest potential, regardless of their ability to pay.

Our not-for-profit hospital, licensed for 49 beds, helps transition children from neonatal or pediatric intensive care to home, by providing medical, rehabilitative and developmental care, and by training families to continue treatments and manage the necessary equipment in the home. La Rabida also provides extensive rehabilitation for those recovering from wounds or burns and treatment for exacerbations of chronic conditions.

The hospital’s enhanced pediatric patient-centered medical home provides primary care to children with complex medical conditions and their siblings. Children with medical homes elsewhere come to La Rabida for specialty services. La Rabida offers a wide range of specialty services provided to children with sickle cell disease, diabetes, and many others. Children are supported in their emotional and developmental growth, particularly in cases where such growth has been interrupted by accident or disease.

Finally, La Rabida provides forensic and treatment services for children exposed to abuse and neglect, comprehensive assessments for youth in care, early intervention for children between 0 and 3 years of age. Care coordination services for medically complex children are also provided for those who are covered by a health plan and receive care from providers in Cook County

Job Description

SUMMARY: The Chief Financial Officer (CFO) serves as the senior financial executive for La Rabida Children's Hospital and is responsible for the overall financial stewardship, financial strategy, planning, reimbursement, revenue cycle oversight, budgeting, treasury management, decision support, and long-term financial sustainability of the organization.

The CFO provides executive leadership and collaborates closely with the CEO, executive team, medical leadership, department directors, and the Board of Trustees to ensure the hospital maintains strong financial performance while advancing its pediatric clinical mission.

Unlike the Controller, whose primary focus is accounting operations and financial reporting, the CFO is responsible for organizational financial strategy, business planning, reimbursement optimization, capital planning, payer contracting support, revenue integrity, and enterprise financial performance.

ESSENTIAL FUNCTIONS:

Executive Financial Leadership

• Serve as the senior financial advisor to the CEO and executive leadership team.
• Lead development of the hospital's financial strategy and long-range financial plans.
• Provide financial guidance for organizational growth initiatives and strategic partnerships.
• Present financial performance and forecasts to the Board of Trustees and Finance and Audit Committees.
• Translate complex financial information into actionable recommendations for leadership.
• Participate in enterprise strategic planning and organizational decision-making.

Financial Planning and Analysis

• Direct annual operating and capital budgeting processes.
• Develop rolling forecasts and long-range financial projections.
• Monitor organizational financial performance against budget and strategic targets.
• Lead service line profitability analyses.
• Oversee productivity, labor, and expense management initiatives.
• Direct financial modeling of new clinical programs and business opportunities.
• Ensure department leaders receive meaningful financial information and support.

Revenue Cycle and Reimbursement Oversight

• Provide executive oversight of Revenue Cycle operations.
• Monitor key revenue cycle metrics including:
  • Days in A/R
  • Gross collection rates
  • Denial rates
  • Cash collections
  • Bad debt expense
  • Point-of-service collections
• Oversee net patient revenue estimation methodologies.
• Direct reimbursement strategy related to Medicare, Medicaid, Managed Medicaid, and Commercial payers.
• Support payer contract modeling and negotiations.
• Oversee provider-based billing and reimbursement optimization initiatives.
• Ensure accurate charge capture and revenue integrity processes.

Treasury and Cash Management

• Oversee organizational liquidity and cash flow.
• Develop short- and long-term cash forecasts.
• Manage banking relationships.
• Monitor debt compliance and financial covenant performance.
• Oversee investment activities consistent with Board policies.
• Develop strategies to maximize cash flow and working capital.

Strategic Financial Management

• Evaluate financial viability of strategic initiatives.
• Lead business case development for major capital projects.
• Direct financial due diligence activities for affiliations, partnerships, and acquisitions.
• Assess risks and opportunities associated with operational initiatives.
• Develop organizational financial performance dashboards.
• Monitor healthcare market trends and potential impacts on financial performance.

Accounting and Financial Reporting Oversight

• Provide executive oversight of accounting operations through the Controller.
• Review monthly financial statements and executive financial reports.
• Ensure compliance with GAAP and applicable healthcare regulations.
• Review audit findings and corrective action plans.
• Ensure timely completion of annual audits, tax filings, and cost report submissions.
• Maintain effective enterprise-wide financial controls and compliance processes.

Decision Support and Data Analytics

• Provide oversight of financial analytics and decision support functions.
• Direct development of service line profitability reporting.
• Oversee payer mix analysis and reimbursement forecasting.
• Lead development of physician and clinic financial performance reporting.
• Ensure effective use of Strata and financial analytics tools.
• Support operational leaders with financial data and analytic resources.

Grant and Funding Strategy

• Oversee financial management of grants and restricted funds.
• Ensure compliance with federal, state, and foundation funding requirements.
• Support grant application financial modeling.
• Monitor grant performance and reporting requirements.

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Leadership and Team Development

• Lead and develop the finance leadership team.
• Establish performance expectations and accountability standards.
• Build a culture of financial stewardship and operational partnership.
• Identify and develop future financial leaders.
• Promote continuous improvement and process automation.

ADDITIONAL FUNCTIONS:

Performs other duties as assigned.

Qualifications

Education

• Bachelor's degree in Finance, Accounting, Business Administration, Healthcare Administration, or related field.
• Master's Degree preferred (MBA, MHA, or related discipline).

Related Work Experience:

• Minimum 10 years of progressive healthcare finance experience.
• Minimum 5 years in a senior finance leadership role.
• Hospital finance experience required.
• Experience with healthcare reimbursement methodologies.
• Experience presenting to executive leadership and governing boards.

Preferred Work Experience:

• Experience in pediatric, specialty, rehabilitation, or behavioral health hospitals.
• Experience with Medicaid managed care.
• Experience with Medicare cost reporting.
• Experience with provider-based billing programs.
• Experience with healthcare financial turnaround or performance improvement initiatives.
• Experience supporting managed care contract negotiations.

Licensure/Certification:

• CPA designation preferred

Specialist Knowledge & Skills:

Finance and Reimbursement

• Healthcare financial management
• Budgeting and forecasting
• Revenue cycle operations
• Medicare reimbursement
• Medicaid reimbursement
• Cost reporting
• Provider-based billing
• Managed care contracting
• Net revenue valuation
• Service line profitability analysis

Leadership

• Executive communication
• Strategic planning
• Board relations
• Team development
• Change management
• Financial stewardship

Systems

• Strata
• Epic
• ERP/General Ledger Systems
• Microsoft Excel (advanced)
• Business Intelligence and Decision Support

Key Performance Indicators (KPIs)

Metric : Target

Operating Margin : Meet Budget

EBITDA Margin : Meet Budget

Days Cash on Hand : Meet Board Target

Monthly Forecast Accuracy : ±3%

Annual Budget Completion : On Time

Net Revenue Estimate Accuracy : ±1%

Days in Accounts Receivable : Meet Industry Benchmark

Cost Report Settlement Variance : Minimal Variance

Audit Findings : No Material Weaknesses

Labor Cost Variance : Within Budget

Board Reporting : Timely and Accurate

Employee Engagement/Retention : Meet Organizational Target

Additional Information

All your information will be kept confidential according to EEO guidelines.

La Rabida is a place unlike any other. We understand the needs of families with children dealing with the most serious or complicated of conditions. With teams of the best healthcare providers in Chicago, we give continuous, comprehensive care, education, and support, helping families face their unique obstacles head-on.   

La Rabida Children’s Hospital is very proud to be an Equal Employment Opportunity Employer.