We are proud to be partnering with Spectrum Healthcare Partners in their search for a Chief Financial Officer. This CFO role will be open due to retirement.
The Chief Financial Officer (CFO) role is an executive-level position providing financial leadership and oversight to the Spectrum Healthcare Partners clinical divisions and related entities, ensuring high-quality, compliant financial management. The CFO is a member of the Executive Management Team and provides a financial voice and perspective to operational decision-making. Reporting to and working in partnership with the CEO and other members of the Executive Management Team, the CFO provides financial expertise and leadership in strategic planning, growth initiatives, organizational development, continuous improvement, and our approach to efficient, effective business management across the system.
Given the evolving environment in which Spectrum operates, the CFO plays an integral role in ensuring the organization continues to advance as a successful and progressive provider in northern New England. The CFO must be committed to upholding and practicing Spectrum’s vision and mission; while appreciating the interest of its shareholders -- fostering positive, engaged relationships across the organization. The CFO will also be involved with Spectrum’s client organizations, assuring the appropriateness of service agreements, and expediting effective performance.
Essential Functions
Provide executive-level financial analysis and advice to other members of the executive leadership team, the board of directors, the management team, and physician practice managing directors
Provide financial management oversight, reporting, budgeting, and coordination of tax returns for the Corporation and its subsidiary and related organizations including Spectrum Medical Insurance Company (SMIC), SMG Beacon, Synergy Radiology, Premier Health, Spectrum Realty, Spectrum Management Services Company (SMSC), and CMOASC
Deliver proactive strategic planning and financial analysis in support of the company, divisional strategic initiatives, and related entities
Monitor, direct, and create the supporting financial aspects analysis for corporate-wide strategic business plans
Develop and monitor financial policies, related compliance plans, and tax strategies
Participate in the financial analysis, modeling, and estimation of all new business development initiatives, divisional operational implementation plans, and strategic activities
Work closely with the corporation’s chief executive officer, vice president – physician practices, and other key administrative and physician leaders on developing a strategic vision that supports the cultivation of various stakeholder relationships at the local, state, and national healthcare levels; this includes financial recommendations and negotiation of contracts
Support new business development by assisting the chief executive officer and other members of the executive team in identifying new revenue opportunities, operating efficiencies, prospective budgets, and determining cost-effectiveness of service delivery
Assess and interpret the financial benefits or liabilities of all prospective contracts or clients in order to advise key administrative executives and physician leadership about important design requirements and implementation matters
Monitor and advise the corporation with anti-trust or STARK regulations and compliance
Work closely with the executive management team to ensure financial solvency through cost analysis support and compliance with all contractual or client requirements. This includes:
Interpreting legislative rules and regulations to ensure compliance with all federal, state, local, and contractual guidelines
Ensuring that all government regulations and requirements are disseminated to appropriate personnel, and
Routine monitoring compliance
Oversee the management and coordination of all fiscal reporting activities for the organization including
Overseeing all purchasing and payroll activity for staff and participants
Managing the capital request and annual budgeting processes
Supervising acquisition due diligence activities
Oversee and manage the company’s revenue cycle processes including relationship management with outside billing and collection services
Construct and monitor reliable internal control systems
Working with the company’s risk manager, understand and mitigate the company’s risk profile and maintain appropriate insurance coverages
Monitor and manage cash position; arrange for debt financing and management of various investments
Manage the employment affairs related to the department of finance, which includes staff recommendations, budgeting, recruitment, supervision, training, and evaluation of the staff
Responsible for the company’s relationship with federal and state tax authorities and government regulators
Develop, supervise, and coordinate all efforts to attain maximum third-party reimbursement activities, including capitated arrangements
Supervise the preparation of all regulatory reports
Oversee and train finance and other related staff on raising awareness and knowledge of financial management matters in order to support cross-training opportunities
Ensure adequate controls are installed and that substantiating documentation is approved and available such that all purchases may pass independent and governmental audits
Maintain and monitor banking activities of the organization
Provide welfare, fringe, or retirement plan benefits cost analysis by working closely with the chief human resources officer for proper plan investigation and corporate-wide offerings
Oversee the production of monthly company and divisional financial monitoring and benchmarking reports
Working closely with the chief human resources officer, assist in the design, implementation, and timely calculations of wage incentives, commissions, and salaries for all physicians, clinical, and corporate administrative staff
Oversee accounts payable and accounts receivable activities and ensure a disaster recovery plan is in place
Provide administrative oversight regarding the maintenance of inventory of all fixed assets
Works closely with the vice president - operations in the continued development of the SMSC infrastructure and client activity
Administers special projects or other duties as assigned by the chief executive officer or the company’s board of directors
Primary Responsibilities
Support and develop core customer service-related activities that would be unique and inherent within the finance department
Attend and participate in various physician and administrative meetings as needed
Provide administrative support to various corporate committees, or as requested
Proactively support organizational objectives
Seek educational opportunities to enhance knowledge and skills
Ensure financial compliance-related measures are addressed at a corporate level
Attend various physician-related meetings
Support the company’s vision and values
IDEAL CANDIDATE The ideal candidate for the CFO of Spectrum Healthcare Partners will be an outstanding and savvy financial leader with demonstrated business credibility and a strong customer service orientation. They will be a systems thinker with the ability to understand the nuances of the various physician specialties that make up Spectrum and ensure the financial perspective is effectively considered in business decisions. The ideal candidate will be a contemporary, forward-looking, and strategic-thinking leader with strong relationship management and political skills, and the demonstrated ability to drive positive financial results across a large practice. They must be confident and self-assured, with the personal courage to lead and manage change.
The ideal candidate will possess the following experience and characteristics:
Knowledge and Experience
Baccalaureate or master’s degree in a relevant field, financial management, or other appropriate discipline; Certified Public Accountant license preferred
5-8 years financial executive management experience, preferably in a healthcare or other related setting
Demonstrated track record of financial management and leadership skills experience
Effective interpersonal and communication skills; ability to interact positively and effectively with clinical and non-clinical (administrative and management) personnel
Confident leader with the highest integrity; team-oriented; leads by example
Ability to operate/plan strategically and execute tactically
Performance-driven leadership style with demonstrable experience personally driving or influencing successful results
Leadership in directing, mentoring, and growing individuals in a team-focused environment
Exceptional presentation skills with the ability to effectively present information and speak before groups of physicians, employees, and outside groups
Ability to thrive in a fast-paced, ever-evolving, team setting and enjoy problem solving with others
Strong communicator with all levels of the organization, customers, and vendors
Ability to communicate written and verbal ideas in both technical and a user-friendly way
Thrives under pressure in a complex leadership role with ability to proactively manage competing deadlines
Excellent interpersonal and customer service skills
Proven analytical and problem-solving abilities
Ability to act independently and make decisions as the position requires
Financial budgeting and planning experience
Proficient computer skills
Skills, Characteristics, and Personal Traits
An energetic, positive, and confident business leader who is well respected by their peers and customers and can serve as a bridge between administration and providers
A personable and approachable individual with the ability to gain trust, credibility, and respect through open, honest, and clear communication
Honest, forthright, and trustworthy.
Able to command attention when they speak
Fair, open-minded, and even-keeled
Able to influence people over whom they may have no authority
A team player
An emotionally mature individual, with strong interpersonal, diplomatic, and facilitation skills
Able to artfully move personalities toward standardization/integration in incremental steps; demonstrates patience and a steady demeanor
An individual who does not avoid conflict, is able to have crucial conversations, and able to make difficult decisions in a manner that considers the good of the organization while being respectful of all individuals involved
A servant leader who instinctively seeks collaboration
An excellent listener and communicator who demonstrates compassion
Salary will depend on experience and compensation includes full, generous benefits and bonus.
ProSearch is Maine’s premier staffing and recruiting firm. Our job is to connect great people with great opportunities, and vice versa. Established in 1994 by founder and president Edward McKersie, CPC, ProSearch helps Maine’s top employers build their teams by recruiting just the right people – from temp/temp-to-hire, to IT consulting, to direct hire – for just the right positions. We uncover the people who not only bring the right skills, but also fit in seamlessly with company culture. Because it matters. A lot.
