Chief Financial Officer- DMC Sinai-Grace Hospital

COMPANY BACKGROUND:

Tenet Healthcare Corporation (NYSE: THC) is a diversified healthcare services company headquartered in Dallas. Our care delivery network includes United Surgical Partners International, the largest ambulatory platform in the country, which operates ambulatory surgery centers and surgical hospitals. We also operate a national portfolio of acute care and specialty hospitals, other outpatient facilities, a network of leading employed physicians and a global business center in Manila, Philippines. Our Conifer Health Solutions subsidiary provides revenue cycle management and value-based care services to hospitals, health systems, physician practices, employers, and other clients. Across the Tenet enterprise, we are united by our mission to deliver quality, compassionate care in the communities we serve. For more information, please visit www.tenethealth.com.

MARKET SUMMARY:

Detroit Group
DMC Sinai-Grace Hospital, Detroit, Michigan

DMC Sinai-Grace Hospital is a full-service hospital with 404 licensed beds and more than 700 physicians, 650 nurses, and 1,100 support staff servicing more than 284,000 patients annually. Services and capabilities include cardiology, emergency medicine, obstetrics and gynecology, urological services, psychiatry, gerontology, physical medicine, and orthopedic surgery.

DMC Sinai-Grace Hospital draws on the traditions of two community hospitals and combines that history with the strength of a large medical system - The Detroit Medical Center (DMC). The hospital today continues to have deep roots in the community, providing compassionate, personal care backed by advanced medical treatments available locally and throughout the DMC.

A Bright and Promising Future
Between 2012 and 2016, DMC invested $77 million in Sinai-Grace over three phases of construction, making it the largest construction project in Northwest Detroit in over 10 years. Phase I of the project was completed in 2014 and resulted in a new 59,000 square foot Emergency Department and Trauma Center that tripled the size of the former ER and features all-private patient rooms. Phase II was completed in February 2015 and produced two new technologically-advanced, family-centered Intensive Care Units. Phase III resulted in a modern and bright new entrance, expansive 18,000 square foot lobby, new roomy registration suite, and expanded radiology area which all opened in June 2015. Phase III was completed in January 2016 with the opening of the new and expanded laboratory.

Since this major construction project completed in early 2016, Sinai-Grace has continued to invest in the hospital's facility with renovated patient care units, cath lab and advanced surgical technology.

A Look at Our Noble Past
Since 1888, two hospitals with roots in the community boldly consolidated services under one roof in April 1999. The former Sinai and Grace hospitals joined to create the leading community academic hospital in northwest Detroit and relocated to the former Mount Carmel Hospital building.

Grace Hospital, founded in 1888, was named after one of the founder's daughters, Grace McMillan Jarvis. Sinai Hospital's roots go back to a clinic opened by Harry Saltzstein, M.D., in 1922. Sinai Hospital first opened its hospital doors in January 1953 to give Jewish healthcare professionals a place to practice and as a central institution for the Jewish community.

Detroit Medical Center is continuously honored for the quality of care provided to the community. From patient safety and satisfaction to quality scores and centers of excellence, DMC uses an innovative, industry leading approach to advance knowledge through research, forever looking for ways to improve the compassionate care of each and every patient, visitor and employee that walks through our doors. https://www.dmc.org/our-locations/sinai-grace-hospital

POSITION SUMMARY:

The Chief Financial Officer has responsibility for safeguarding the facility assets and ensuring the financial statements, including the books and records, are prepared and maintained in accordance with GAAP. The Chief Financial Officer is also responsible for ensuring compliance with company financial and accounting policies and procedures and ensuring internal controls are effective in both design and operation, including the routine monitoring of controls. Additionally, the Chief Financial Officer is a key member of the Facility A-Team and, as such, participates in establishing and implementing strategic business plans for the facility. He/she is a key member of the facility management team that interacts and communicates on a regular basis with an array of internal and external constituents, including various regulatory bodies.

FUNCTIONAL EXPECTATIONS & REQUIREMENTS:

The Chief Financial Officer has responsibility for the identification and independent assessment of financial risk, establishing and monitoring of mitigation plans, and for the communication of financial risk and opportunity to the Group Chief Financial Officer and Facility Chief Executive Officer. The Chief Financial Officer is also responsible for the monitoring of financial performance and the maintenance of reasonable and appropriate financial plans and forecasts. The Chief Financial Officer must have strong business acumen in order to work collaboratively and effectively with home office departments, such as Compliance, Home Office Accounting/Financial Reporting, Information Systems, Internal Audit, Legal, Treasury and other departments that provide support services to the facility.

The Chief Financial Officer is responsible for the monitoring of the revenue cycle process and, along with other revenue cycle stakeholders, the improvement of the revenue cycle process through rate setting, charge capture, managed care negotiations, and cash collections.

The Chief Financial Officer is also responsible for the evaluation and management of investments in capital projects by applying unbiased scrutiny in determining the financial impact and ROI of such projects and managing the capital spend in accordance with the capital cash flow projections.

As such, the CFO’s responsibilities are to:

• Analyze daily operating results to ensure that revenues, expenses, and labor are within budgeted objectives; advise department heads and administration of needed changes and improvements in a timely manner.
• Establish and maintain sound financial controls and record keeping; approve financial expenditures up to the level established by the CEO.
• Keep abreast of government regulatory requirements and the rapidly changing reimbursement environment to develop and implement changes to policies and procedures as needed.
• Ensure that the financial operations of the facility are carried out in an ethical, responsible manner.
• Establish and monitor the annual operating budget according to sound budgeting principles and home office guidelines. Interface with Human Resources and other appropriate departments in the preparation of work force plans and salary and benefit proposals.
• Evaluate the facility’s overall financial position and prepare periodic financial and operating reports. Provide consistent and accurate financial, accounting and reporting processes throughout the facility.
• Prepare financial forecasts and monitor performance versus budget; consolidate results, prepare rolling 90-day forecasts, and develop and implement cash management controls.
• Coordinate with other senior members of the leadership team in the development of major strategic and financial plans, including capital expenditure programs.
• Review, evaluate and ensure the effectiveness of all financial and accounting systems in the facility. Direct the development and implementation of new systems, policies and procedures as required.
• Assist in the development of new businesses by analyzing the feasibility of new programs, including managed care contracts, and advise management of financial prospects.
• Attend promptly to the administrative details of the position including the signing of documents, preparation of reports, completion of performance appraisals and other employee-related actions.

ORGANIZATIONAL LEADERSHIP - EXPECTATIONS & REQUIREMENTS:

As a leader in healthcare, Tenet is committed to providing the best possible care to every patient, with a clear focus on quality and service. Strong leadership is essential to delivering on this commitment, and we believe that the quality of our leaders can give us a significant long-term competitive advantage. We want to ensure every current and future leader in Tenet is successful, and we support that through our selection and hiring process and by providing coaching and training to our leaders.

In this regard, we have identified core competencies that will enable a leader to succeed at Tenet, and have defined them within the following five areas critical to performance:

Use Astute Judgment

• Delivers year over year improved financial performance in a complex, matrix organization.
• Demonstrates high degree of financial operational excellence (e.g., planning, contracts, budgeting, capital financing, and cash management).
• Holds finance team accountable to high ethical standards (e.g., compliance, internal controls, audits, and SOX reporting).
• Effectively gauges external factors and trends to provide a forward-looking perspective when creating business strategy and forecasting (e.g., FTE/AADC targets, supply Cost/APD targets, EBITDA margin, A/R days, Operations cash flow goals).
• Demonstrates business and analytical skills to identify gaps in the current business plan and actively refreshes the financial outlook and strategy as needed (e.g., case management, staff/volume adjustment, net revenue management).

Shape Strategy

• Acts as full partner at facility, market, and home office level in pursuit of new revenue generation opportunities (e.g., improve payer mix, maximize reimbursement, prudent acquisition, and merger strategies, reduce bad debt, grow EBITDA margin).
• A highly visible leader who works with team to identify challenges and capitalize on opportunities (e.g., department improvement plans, capital project prioritization and vetting, manpower planning accuracy, supply management efficiency).
• Acts as a thought partner for CEO and thought leader in promoting own perspective and ideas in a bold and respectful manner (e.g., cost containment, acquisition/divestiture, ACOs, physician strategies, capital forecasting, productivity improvement).

Apply Financial Insights

• Demonstrates excellence in formal and interpersonal communications that results in financial understanding and “ownership” at all organizational levels.
• Evidence collaborative leadership to engage managers and physicians in improving short- and long-term results (e.g., department improvement plans, supply inventory management, clinical informatics implementation, labor management, and reporting systems).
• Acts as an intuitive thinker willing to take prudent and necessary risks to achieve balanced results (e.g., cost, growth, people, service, quality).
• Performs as a financial consultant to the facility.

Drive Organizational Success

• Establishes realistic and aggressive financial goals, targets, and metrics consistent with home office and facility strategic and operational objectives (e.g., meet upfront collection and cash goals, reduce A/R days year over year, meet 3.0 days in DNFC Gross A/R, meet HIM coding compliance accuracy for all patient types, manage a 24/7 HIM Department, attain HIM coding quality goals).
• Sets and maintains fiscal year pace and rigor for facility management (e.g., business planning and reporting cycle, CFO and Controller sign off on monthly balance sheet reconciliation with unresolved items less than 30 days old).
• Builds consensus and commitment across disparate people with often competing priorities.
• Continually analyzes and interprets financial performance and recommends and/or executes corrective action as needed (e.g., managed care and physician contracts, and strategic direction).
• Maintains high quality standards (e.g., oversee preparation of financial statements, reports, business plans, and manpower plans; ensures 5 bar internal audits with no Sarbanes-Oxley items; maintains and addresses monthly internal control checklist).

Developing Organizational Talent

• Shapes roles and assignments in a way that maximizes individual capability and performance contribution.
• Regularly provides performance and professional development feedback, coaching and guidance to improve performance and build career potential (e.g., all direct reports receive regular feedback and well managed development plans).
• Engages in team bench strength assessments and recruitment or promotion action plans that meet current/future talent requirements (e.g., Controllers, ACFO developed for CFO promotion readiness).
  

CANDIDATE EXPERIENCE, ATTRIBUTES AND EDUCATION REQUIREMENTS:

At least ten years of progressive financial healthcare (acute hospital) or equivalent experience in the areas of general accounting; operations; financial systems; financial statement preparation; review and analysis; multi-discipline management experience; and ethics.

• Good organizational skills with the ability to prioritize workload and successfully manage all financial activities. Resilience to working successfully under pressure.
• Ability to convert complex finance, operational, and compliance issues into terms and concepts that are easily disseminated throughout all levels of the organization.
• A referenceable track record in facility finance, defining the issues and making the decisions to generate improved financial performance.
• Participation, as well as supervisory experience, in negotiating managed care contracts.
• Substantial financial management experience includes financial operations, strategic and financial planning, contracts, reimbursement, budgeting, and capital financing in a complex environment.
• A thorough understanding of healthcare trends with the ability to anticipate opportunities.
• Successful experience as a Chief Financial Officer in a highly competitive market.

Professional Attributes

• A cooperative approach to problem-solving with the capability of building consensus and support, working across functional lines to engage disparate resources to work together to achieve desired results.
• A broad financial thinker and team player who works well with ambiguity and is able to transfer the vision/mission of the organization into a focused financial strategy and detailed practical plan for the future.
• An intuitive thinker who generates ideas and recommends new and/or modified approaches.

Personal Attributes

• An individual of highest personal and professional integrity, principle, and knowledge, earning respect and support when making difficult decisions and choices. Able to establish immediate credibility with peers, senior leadership, and medical staff.
• Must listen actively and accurately, encourage input from others. Provide clear directions. Maintain an ongoing dialogue with employees to ensure continual progress.
• Someone with the ability to work collaboratively with individuals critical to the successful execution of financial tasks.
• Excellent oral and written presentation skills. Articulate, good conversationalist and possessing a gracious demeanor.

Education/Certifications

• A bachelor’s degree in finance or accounting is required. An MBA, MHA and/or CPA designation strongly preferred.

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