Nagle and Associates, a Coker Group company, has been retained to conduct a search for a EVP/CFO for BayCare Health System located in Clearwater, Florida
BayCare is a leading not-for-profit health care system that connects individuals and families to a wide range of services at 14 hospitals and hundreds of other convenient locations throughout the Tampa Bay and central Florida regions. Inpatient and outpatient services include acute care, primary care, imaging, laboratory, behavioral health, home care, and wellness. BayCare’s mission is, “to improve the health of all we serve through community-owned, health care services that set the standard for high-quality, compassionate care.”
The Executive Vice President (“EVP”) and Chief Financial Officer (“CFO”) is the senior financial executive in the BayCare organization and will report to and work closely with the Chief Executive Officer.
The EVP/CFO promotes a system-wide culture of efficiency and financial rigor and furthers the maintenance of and building upon relationships with physician leadership, the Board, and leadership teams at the system and hospital level.
The successful candidate will be joining an energetic, collegial leadership team that believes success is a planned action, and a financially sound organization that has a long-standing culture of and ongoing commitment to the surrounding community and just simply “doing things right.” The EVP/CFO will provide system-wide leadership, management, education, and direction for all financial activities including treasury, financial reporting, regulatory reporting, payable, decision support, forecasting, etc., as well as patient financial services, managed care contracting and risk management. Provides financial analysis of significant activities and transactions. Leads/supports BayCare Finance Division integration initiatives. Responsible for managing activities and communication with BayCare Finance Committee and Investment Sub-Committee.
Major responsibilities of the EVP/CFO are to function as the key financial resource to the executive management team and to be proactive in providing both strategic input and financial information to the executive team and the Board to facilitate decision making.
The EVP/CFO will develop, improve, and maintain all appropriate finance functions and technical areas.
Working in collaboration as part of the system’s executive management team, the EVP/CFO:
- actively supports and expedites the flow of financial information across the BayCare system to create a work environment in which communication is timely, direct, open, and honest;
- must be continuously inquisitive about the underlying forces driving financial performance and be able to communicate findings to the physician leadership and to the executive and management team in a clear, understandable, instructive manner, providing enough detail to encourage supportive action;
- correspondingly, must possess a sense of “shared ownership” of financial performance initiatives, having an understanding of what it takes to be the driving influence;
- seeks out, responds to, and presents ideas that create opportunities to further the mission, vision, and values of BayCare;
- prepares operating and capital forecasting;
- analyzes and explains net revenue forecasting variances;
- makes recommendation to the Finance Committee regarding capital structure, debt levels and credit ratings;
- manages all activities and communications with finance committee;
- oversees risk management;
- provides support to Investment Sub-committee;
- provides meaningful financial analysis of significant transitions and activities;
- manages timely and accurate financial reporting; oversees regulatory reporting;
- responsible for third-party payor relationships and contracting; and
- demonstrates the positive behaviors that reflect understanding and support of the values set forth in the mission of BayCare.
KEY STRATEGIC AND OPERATIONAL OPPORTUNITIES/CHALLENGES
Some of the key strategic and operational challenges/opportunities facing the successful candidate will include:
- functioning in an environment that is fully committed to a system mentality and a “what’s best for the whole organization” decision making style;
- enhancing the effectiveness of BayCare Medical Group;
- develop a health plan and associated population health strategies in concert with the COO;
- emphasizing financial rigor and discipline in the decision-making process focusing on both current operations and future initiatives;
- develop and implement a strategy focused on price transparency;
- work in concert with the Chief Operating Officer to ensure BayCare is on a sustainable cost path;
- develop and implement creative ways to simplify overly complex billing structures for our consumers;
- continuing to develop an effective, seamless working relationship between operations and finance.