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1. DIRECTOR OF FINANCE
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EDUCATION AND EXPERIENCE
- Education: A Bachelor’s degree in Finance, Accounting, Business Administration, or a related field is essential. Advanced degrees such as MBA or a Master’s in Finance provide added advantages.
- Professional Certification: Certified Public Accountant (CPA) or Association of Chartered Certified Accountants (ACCA) certification is a must-have.
- Experience: Minimum of Eight (8) years of progressive financial management experience, with at least 5 years in a leadership or managerial role.
Skills and abilities:
- Leadership Skills: Strong leadership abilities, including team management, mentoring, and fostering a culture of financial excellence within the finance department.
- Healthcare Finance Expertise: Extensive knowledge and understanding of healthcare finance, including reimbursement methodologies, healthcare economics, and regulatory compliance within the healthcare industry.
- Strategic Planning: Proven experience in developing and executing financial strategies aligned with organizational goals, driving financial sustainability and growth.
- Regulatory Compliance: Thorough understanding of healthcare financial regulations, compliance standards, and reporting requirements.
- Financial Management: Proficiency in financial planning, budgeting, forecasting, and analysis, ensuring efficient utilization of resources and maximizing financial performance.
- Financial Reporting: Ability to generate accurate, timely, and comprehensive financial reports, providing insights for informed decision-making and regulatory compliance.
- Risk Management: Skillfulness in identifying and mitigating financial risks and implementing strategies to safeguard the hospital’s financial stability.
- Stakeholder Communication: Excellent communication and interpersonal skills to liaise with diverse stakeholders, presenting financial information and strategies effectively.
- Analytical Acumen: Strong analytical skills to interpret complex financial data, evaluate trends, and provide recommendations for improvements or optimizations.
- Ethical Standards: Commitment to upholding ethical standards in financial practices, ensuring transparency and integrity in all financial dealings.
- Change Management: Ability to adapt to evolving financial landscapes, embracing innovation and leading financial transformation initiatives within the hospital.
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Key Responsibilities:
1. Team Leadership and Development:
- Manage finance department staff, providing guidance and mentoring to foster professional growth.
- Conduct performance evaluations; provide feedback, and support staff development and training initiatives.
- Provide ongoing coaching, mentorship, and performance evaluations to ensure staff effectiveness and productivity.
- Foster a collaborative and productive work environment.
2. Inventory Management:
- o Leads the hospital’s inventory management unit, overseeing the tracking, control, and optimization of inventory levels.
- o Collaborate with supply chain and procurement teams to manage inventory costs and minimize wastage.
- o Implement and enforce best practices for inventory management to support clinical operations.
3. Financial Accounting:
- Direct the financial accounting team responsible for maintaining accurate and compliant financial records.
- Ensure adherence to international financial reporting standard (IFRS) and healthcare-specific accounting standards.
- Review and approve payments, refund and petty cash replenishment.
- Oversee the preparation of financial statements, management accounts, and other relevant reports in the finance division.
4. Financial Planning and Analysis (FP&A):
- Develop and execute financial strategies and plans to achieve the hospital’s financial objectives.
- Conduct comprehensive financial analysis, including variance analysis, trend analysis, and forecasting, to provide actionable insights to senior management.
- Collaborate with division heads to develop and monitor divisions’ budgets.
5. Reporting:
- Prepare comprehensive financial reports for internal and external stakeholders, including the hospital’s board of directors.
- Ensure compliance with regulatory reporting requirements and adhere to reporting deadlines.
- Present financial data and insights to senior leadership.
6. Compliance and Regulatory Oversight:
- Ensure the hospital’s financial operations comply with all applicable laws, policies and regulations, and healthcare industry standards.
- Manage and coordinate with internal and external audits, responding to auditor inquiries and implementing audit and Board recommendations
7. Collaboration with the Revenue Assurance Director:
- Work closely with the Revenue Assurance Director to align financial and revenue assurance strategies and initiatives.
- Collaborate on revenue cycle optimization, identifying opportunities to improve recovery and minimize revenue leakage.
8. Cash Flow Management:
- Oversee the management of the hospital’s cash flow, including cash flow projections, investment strategies, and debt management.
- Implement policies and procedures to safeguard cash and optimize cash utilization.
9. Cost Control and Expense Management:
- Identify opportunities for cost control and efficiency improvements across the hospital.
- Collaborate with department heads to analyze and optimize resource allocation
10. Financial Strategy and Planning:
- Provide financial expertise and insights to support the hospital’s strategic planning process.
- Assess the financial feasibility of strategic initiatives, capital projects, and expansion plans.
11. Other responsibilities
- Review and approve the monthly payroll.
- Review and approve computation and accuracy of all taxes.
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