Chief Financial Officer
A key member of the Health Options Executive Team. The Chief Financial Officer plays a major role in helping to mold a culture focused on continued growth and bottom-line results. This position reports to the President and Chief Executive Officer of Community Health Options.
The Chief Financial Officer is responsible for enhancing corporate, financial operational and fiscal policies and control procedures. The operational policies and procedures must be integrated to assure the viability of the organizations financial position. In collaboration with the Chief Executive Officer and the Board of Directors, the Chief Financial Officer will be the health plans corporate focal point for the development, enforcement and execution of overall corporate financial strategies for the entire company including key financial institutional relationships.
The Chief Financial Officer will have responsibility for directing and managing all corporate financial assets and activities which will lead to the most advantageous allocation of resources and will provide support to the Operations department.
Essential responsibilities for the Chief Financial Officer will include, but not be limited to the following:
Primary Position Functions
Advise Chief Executive Officer on all financial matters and prepare reports to manage relations with Board of Directors, Maine Bureau of Insurance, and lenders.
Participate as a key member of the Executive Leadership Team and provide guidance on company operations, financial and regulatory trends, and strategy.
Plan, coordinate and provide leadership in the development of the annual budget and strategic financial five-year plan including premium growth, underwriting gains (this is gross margin), cash flow projections and debt and member reserve positions.
Accounting and Operational Budget Oversight:
Direct all accounting, financial and treasury functions.
Monitor and continually enhance financial controls, processes, and procedures.
Safeguard corporate assets and resources.
Develop and implement Company financial policies as approved by the Board of Directors.
Ensure compliance with reporting standards and manage for accurate and timely financial reporting and budgeting. Prepare monthly and yearly GAAP financial statements and quarterly and annual Statutory Insurance Blank financial statements in accordance with State and NAIC statutory accounting principles along with GAAP to Stat reconciliations.
Provide analysis and insightful review of monthly and quarterly financial performance.
Develop and review financial forecasts and assess risk and probabilities associated with business pursuits.
Prepare annual operating budgets.
Supervises finance staff.
Forecast and Analysis:
Prepare annual and 3-5 year forecast of premium, claims, and membership levels.
Maintain database of premium, claims, membership and other financial and statistical data for analysis and rating.
Treasury and Cash Management:
Manage the investment portfolio pursuant to policies approved by the Finance Committee of the Board and as recommended by the outside investment company with the goal of reaching targeted investment returns.
Establish daily cash management procedures and invest the day to day cash of the company in short-term investments approved by the Finance Committee of the Board.
Establish and maintain strong banking relations.
Premium/Billing/Membership and Cash Receipts Collection:
Maintain and enhance premium billing and enrollment policies, procedures, and processes.
Direct all premium billing and enrollment functions.
Manage customer accounts to ensure timely and accurate collection of premium receipts.
Actuarial and Underwriting:
Work closely with the Companys outside actuary to develop base premium rates for individual and group coverage for each product offering at rates to ensure targeted loss ratios.
Work closely with product development for new products to ensure targeted loss ratios and minimize financial risk.
Develop monthly and year end loss reserves (IBNR) by product, and work closely with the organizations outside actuary to ensure the accuracy of data submitted to the actuary to form a basis for the year end loss reserves as calculated by the actuary.
Work with the Companys outside actuary; determine any premium deficiency and other reserves needed for statutory accounting.
Develop and maintain individual and group underwriting policies and formulae.
Payroll and Compensation.
Timely and accurate review and approval of the organization's payroll.
With the Vice President of Human Resources and Executive Team, develop and maintain compensation levels for salary and retirement benefit plans.
Regulatory and Compliance
Ensure compliance with all federal and state laws and regulations. Ensure compliance with all regulatory requirements which impact health care reimbursement and health care reform including CO-OP and Exchange rule and Bureau of Insurance regulations.
Manage relationships with outside auditors and oversee annual audit and tax preparations.
Contract Compliance and Maintenance
Negotiate third party contracts as appropriate.
Maintain contract files and oversee annual contract renewals.
Primary Job Requirements
BS in Accounting, Finance, Business Administration or equivalent. A CPA and an MBA preferred.
Ten or more years of broad financial experience, culminating in a senior financial position in a health care finance organization, insurance company or related enterprise with complex interdependencies and corporate structures.
Proven leadership experience managing finance teams.
Significant experience in financial analysis, GAAP and statutory reporting, internal controls, health care finance, insurance regulations, underwriting policies and procedures and methodologies.
Proven success as a strong financial executive, one who combines financial expertise with operational savvy and business knowledge and possesses strong written and oral communications skills
Knowledge of various financial software programs including Oracle preferred.
A take charge orientation and team player; a capable leader with strong analytical, financial, and diagnostic skills, coupled with excellent management skillsand more importantly, the proven ability to implement change and produce profitable growth.
Experience in working with a Board of Directors.
Experience in dealing with state and federal regulators, including CMS authorities.
The flexibility and capacity to respond effectively to change in priorities.
Demonstrated creativity and a supportive innovator and change agent.
Community Health Options