Fairview Vp Finance

The Vice President of Finance at Fairview Health Services is a critical leadership role, responsible for the overall financial health and strategic financial direction of one of Minnesota's largest healthcare systems. Fairview, now part of M Health Fairview after merging with the University of Minnesota Physicians, relies on its VP of Finance to navigate a complex and evolving healthcare landscape.

Key responsibilities of the VP of Finance typically include:

• Financial Planning and Analysis: Developing and overseeing the annual budget process, creating long-range financial forecasts, and analyzing financial performance against established goals. This involves understanding revenue cycles, cost management, and capital allocation strategies. They need to identify trends, anticipate challenges, and recommend proactive solutions to maintain financial stability.
• Accounting and Reporting: Ensuring the accuracy and integrity of financial records and reports, in compliance with Generally Accepted Accounting Principles (GAAP) and regulatory requirements. This includes overseeing the preparation of financial statements, tax filings, and audits. The VP of Finance must be a strong advocate for internal controls and adherence to financial policies.
• Treasury Management: Managing cash flow, investments, and debt financing. This involves optimizing investment returns, minimizing borrowing costs, and maintaining strong relationships with financial institutions. They also evaluate and manage financial risks, such as interest rate fluctuations and credit risk.
• Revenue Cycle Management: Collaborating with operational leaders to optimize revenue capture and reimbursement processes. This includes understanding payer contracts, coding and billing practices, and managing accounts receivable. The VP of Finance plays a key role in maximizing revenue while ensuring compliance with billing regulations.
• Strategic Financial Leadership: Providing financial leadership and guidance to the executive team and the Board of Directors. This includes evaluating potential mergers, acquisitions, and strategic partnerships, and providing financial due diligence. The VP of Finance acts as a strategic partner, advising on the financial implications of key business decisions.
• Team Leadership: Leading and developing a team of financial professionals. This includes setting performance expectations, providing coaching and mentoring, and fostering a culture of accountability and continuous improvement. The VP of Finance is responsible for building a high-performing finance team that can support the organization's growth and strategic objectives.
• Compliance and Regulatory Affairs: Ensuring compliance with all applicable financial regulations, including HIPAA, Stark Law, and Anti-Kickback Statute. The healthcare industry is heavily regulated, and the VP of Finance must stay abreast of changes in regulations and ensure that the organization's financial practices are compliant.

The VP of Finance at Fairview operates in a dynamic and challenging environment. The healthcare industry is constantly evolving, with increasing pressure to control costs, improve quality, and adapt to changing reimbursement models. The VP of Finance must be a strategic thinker, a strong communicator, and a skilled financial manager to successfully navigate these challenges and ensure the long-term financial sustainability of the organization. They must possess a deep understanding of healthcare finance, a proven track record of financial leadership, and a commitment to the organization's mission of providing high-quality, affordable healthcare.