1. To achieve cost leadership by designing the financial strategies for the organisation for gaining competitive advantage, viz., Activity Based Costings, or other financial resources optimising.
2. To design implementation programs of the set strategies.
3. Setting up financial goals and objectives which directly or indirectly aligns and complies with the Vision of the hospital.
4. Design effective financial control system by way of Budgeting and other effective costing practices.
5. To guide in establishing certain policies in the following aspects:
Costing of Services
Equipment (medical and other)-acquisition, depreciation and sale of obsolete equipment
Pay form to other consultants on contract
Other expenditure on materials (medical and other)
Insurance of all the assets
6. Maintains effective revenue cycle processes to keep patient accounts receivable at an acceptable level and also increasing the hospitals cash flow.
7. To provide to Medical Director and the Board of Directors, objective based analysis and inputs on various investment opportunities and risks, and solutions for effective outcome of the planned investments.
1. MBA (Finance)
2. M. Com with appropriate rich experience
A. At least 8 yrs of total experience in Finance and Accounts & Cost management with at least 5 yrs in Hospital Industry.
1. 2-3 yrs of experience in Senior Level management (Manager/Head) of a 50-100 bedded multispecialty hospital.
2. 3-4 yrs of experience in mid level management (Asst. Manager/ Deputy Manager) of a 50 plus bedded multispecialty hospital.
1. Coordinate with all departmental key personnel to bind them into a coordinated unit to implement the financial strategies of the hospital especially the cost based policies.
2. Analyse the market response, financial risks and opportunities to strategize better and plan investments.
3. Ability to motivate all cadres of employees.
4. To design financial and costing policies and plans without compromising quality or employees motivation levels.
A. Key Roles
a. Design the financial strategies for the organisation viz., pricing of packages and schemes etc along with the CEO/Medical Director.
b. Contributing financial and accounting information, analysis, and recommendations to strategic thinking and direction.
c. As a financial head, to design a effective financial control system by way of Budgeting and other effective costing practices; and to optimize the financial resources.
d. To provide concrete policies and opinions on term investments, fixed assets purchases.
e. To ensure the hospital reaches the Break Even Point at the earliest.
f. To provide to the Board of Directors, objective based analysis and inputs on various investment opportunities and risks, and solutions for effective outcome of the planned investments.
g. To assist Medical Director/CEO in establishing certain policies in the following aspects:
Costing of Services
Equipment (medical and other)-acquisition, depreciation and sale of obsolete equipment.
Pay form to other consultants on contract.
Capital Investments - land and building and equipment.
Other expenditure on materials (medical and other).
Insurance of all the assets.
B. Scope of Work
a. To act as a financial leader and moderator in the senior managerial group.
b. To participate with the Board of Directors & the CEO in setting visions and objectives especially the financial goals for the hospital and the departments, and designing newer financial strategies to achieve them.
c. To draft policies and regulations in collaboration with the Board of Directors & Medical Director/CEO to establish financial security, cost leaderships, and measurability of departmental productivity and investments.
d. To coordinate with other departmental heads viz., HR, Marketing & Operations (through the Medical Director/ CEO) and garner pan departmental alignment for effective implementation of strategies.
e. To provide guidance and direction to the other members of the Senior Management and also the CEO towards effective financial governance and maximizing financial resources utilization.
f. To construct effective working models and tools to ensure the successful implementation of the designed strategies across the cadres, vertically and horizontally.
g. To gather and analyze all the financial data and information to make sure the hospital is operating within budget and to determine how to allocate funds to various areas.
h. To define objective tools to measure and monitor the performance and progress of each of the departments in terms of cost, output, and patients satisfaction.
i. To collaborate with other Managers and Senior Officers and help resolve key accounts and finance roadblocks.
j. To take account of the financial performances of the departments in terms of Returns on Investments and costs at periodic intervals and present them in the Board of Directors meeting for analyses, decisions, and forward planning.
k. To build an effective data warehouse that enables effective data mining for financial performances of every departments (Digital Hospital Information system).
l. To update the Medical Director/CEO and Board of Directors regularly with the progress and happenings in the hospitals regards the economy, salient achievements, and departmental performances.
m. To constantly benchmark with other better players in the market to bring in best working policies, strategies, technologies and practices.
n. To conduct interviews for selection of employees under Finance & Accounts Department.
o. Ensures that all balance sheet accounts are reconciled on a monthly basis and systems of internal controls are in place to facilitate a clean audit opinion with no audit adjustments or internal control deficiencies noted.
p. Maintains effective revenue cycle processes to keep patient accounts receivable at an acceptable level and also increasing the hospitals cash flow.
q. Devising discounts/ packages for Corporate tie-ups, evaluations of terms for contracts for credit parties
r. Liaison with the TPAs & employer companies for reimbursement of credits availed by their patrons/ employees; maintain documentation for the same
s. Liaise with external agencies like Banks, Income Tax, Insurance agencies, etc.
t. To taken into consideration the view points of the marketing and operations departments to have an effective middle path to balance financial risks and exploit market opportunities.
A. Worker Traits:
Verbal ability to effectively communicate all the financial aspects to the Board of Directors, personnel of the accounts and billing divisions and other personnel of interrelated departments.
Must be able to analyze the information presented in financial reports.
Numerical ability required evaluating and analyzing statistical and financial information to enable easy decision-making.
Ability to communicate to win the confidence and establish the support of personnel from Finance department.
c. Physical Demands and Working Conditions:
Sedentary work, only inspecting the work to sanction the required expenditure.
Hours of work may be irregular.
d. Job Relations
To supervise: Directly would be supervising the activities of all the personnel of the finance, accounts and billing divisions.
Reporting Authority: Medical Director/ CEO