Reporting to the President and CEO of HMFP, the VP/Chief Business Officer (VP/CBO) serves as a key member of the senior leadership team and leads the Finance and Business Operations for Harvard Medical Faculty Physicians (HMFP) at Beth Israel Deaconess Medical Center. HMFP is a 501C3 affiliate of Beth Israel Lahey Health and Harvard Medical School that generates 670M in annual revenue and employs nearly 2000 physicians and providers in Eastern Massachusetts. The VP/CBO will interface with the Board of Directors, as well as the Presidents and CFOs of BIDMC and BILH and affiliated organizations. The VP/CBO is also responsible for the oversight, vision and support of new business development and continued business performance including strategic negotiations, financial modeling, business planning, revenue cycle performance and the development of service and payment models at BIDMC, BILH and other affiliates.
Reporting to the VP/CBO is the Chief Financial Officer or Associate Chief Financial Officer and Department Chief Administrative Officers in their role supporting HMFP’s business development, financial and reporting accountabilities.
- The VP/CBO proactively directs the financial management and business operations functions. The scope of responsibility encompasses long and short term financial, operational, managed care and strategic planning, capital and operational and business planning, revenue cycle and revenue generation, financial evaluation of new programs and services and expense management.
- The VP/CBO serves as a key advisor to the BIDMC departments as well as the finance, investment, and audit committees of the Board.
- As a member of the senior leadership team, the VP/CBO is expected to collaborate and work closely with the senior leadership team and CAO’s in the broader areas of planning and business development. Partners closely with Chief Legal Officer, Chief HR Officer, Chief Compliance Officer, Chief Information Officer, Chief Medical Officer, and VP of Network Operations and Provider Experience for their expertise on business development and operations matters.
- Provides leadership by making decisions about the issues that affect the organization, such as evaluation of potential alliances, acquisitions, and/or mergers, and investments. Oversee the finance group’s activities including providing timely and accurate analysis of budgets, financial reports, and financial trends, as well as internal/external audits/annual tax filings in order to assist Senior Leadership, the Board, and others in performing their responsibilities.
- Evaluates the finance division structure and team for continual improvement of efficiency and effectiveness. Provides mentorship and promotes a culture of ongoing learning and opportunities for professional growth and development.
- Ensures successful budget implementation of strategic initiatives, cost saving objectives, and policy deployment measures for approval by the HMFP Finance Committee and Board of Directors, including but not limited to:
- Negotiating annual payment of Funds Flow between BIDMC, BILH and other affiliates with HMFP.
- Preparing annual operating and capital budgets working with Department CAO’s and Chiefs.
- Reviewing monthly variances and discuss with Departments.
- Developing and implementing recovery plans with Departments that experience negative financial results.
Required Qualifications
- Has organizational, communication, and analytical skills normally acquired through a Master’s degree in business administration, accounting, finance, or the equivalent 10-15 years of work experience in financial management. Previous experience as CFO strongly preferred.
- Requires in-depth knowledge of principles, practices, theories, technology, and regulatory environment as relates to the financial discipline.
- Broad and deep experience in financial and administrative functions of complex multi-specialty physician groups and academic teaching organizations.
- Creates a vision and identity for the team, leads them through collaboration with other teams, has the ability to establish project plans and mobilize resources to complete projects, and manages resources well, focusing on critical success factors and alternative methodologies when necessary.
- Revenue cycle management experience within a multi-specialty physician group
- Demonstrated strength in long-term strategic thinking, planning and implementation
- Demonstrated business development and financial modeling experience, including business planning and development of new revenue models.
- Approximately 10 years of experience in effectively leading and managing people.
- Strong organizational, verbal and written communication and analytical skills.
- Ability to, and experience with, influencing senior leadership and activities outside personal scope of responsibilities in alignment with a HMFP’s philosophies and practices.
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