POSITION TITLE: Business Director I
SUPERVISOR'S TITLE: Vice President or Assistant Vice President
TITLES SUPERVISED: Business Manager
TOTAL NUMBER OF FTEs DIRECTLY SUPERVISED: Minimum of 1
PURPOSE OF POSITION: Business Director I (Overall Percentile of 74-25% % within the 11 factor point ranking system) will strategically partner with the Division Director, providers, clinicians and faculty to develop and execute plans focused on the growth and development of the clinical, academic, and research programs. Position is accountable for financial and revenue management, business operations, human resources management, information management, quality management, compliance, development and implementation of the division's strategic plan in partnership with and support of the Division Director, and management of administrative academic/faculty affairs.
Overall accountability for the financial management functions for the Division. Develop, implement, evaluate and manage the Division's annual and capital budget to achieve the Divisional and Departmental objectives; establish internal controls for cash management; implement and maintain a process for financial controls and external financial audits; develop and implement accounts receivable management; analyze and monitor financial performance and report financial results to stakeholders; evaluate variances, determine underlying causes and identify, present, and implement proposed solutions; establish and monitor productivity metrics; ultimate accountability for compliance with organizational financial policies and procedures
Overall accountability for the Division's revenue cycle management, including: optimizing revenue, ensuring complete and accurate physician and/or hospital billing and compliant coding, monitoring associated charge capture; creating competitive pricing, developing/expanding programs; effective denial management; and monthly revenue reporting.
Direct and coordinate the daily clinical operations of the Division; direct, establish and monitor business processes to ensure effective and efficient clinical operations; direct clinical revenue cycle activities within the Division; direct, design and monitor efficient patient flow patterns to maximize clinical and staff efficiency; develop and implement policies and procedures for improved utilization and operations; identify opportunities for improving cost and quality of care through in-depth process and cost of care analysis and develop and offer recommendations to drive significant operational change; resolve issues directly, or in consultation with Division Director concerning staffing, utilization of facilities, equipment and funds; develop and interpret policies and procedures for faculty and staff; and ensure that all policies are in conformance with Medical Center guidelines
Direct activities associated with the management of external funded projects, including but not limited to developing and executing Divisional operating procedures for timely and compliant submissions of grant proposals; work with Sponsored Programs and other institutional regulatory offices to interpret and ensure compliance with NIH and other external sponsor guidelines for the application and management of awards; develop and execute operational procedures to monitor and disseminate revenue and expense information with PIs to ensure appropriate expenditures; based on monthly and quarterly reports of expenditures, identify and correct errors, project future expenditures and prospectively manage all required changes; understand and manage to all sponsor requirements relating to carry forwards; work with Sponsored Programs offices and collaborating institutions to ensure timely execution of subawards, invoicing, and receipt of all deliverables to include progress and financial reports; and oversee and prospectively manage research staff and space utilization related to current and planned research projects.
Direct the development and monitoring of an effective Divisional staffing and retention strategy, including hiring and terminating employees, workforce planning, succession planning; attracting and retaining top performers, partnering with the Division Director and Human Resources to develop effective and appropriate recruitment packages, and effective on-boarding programs for staff; effective performance management of direct reports; in partnership with the Division Director, provide mentoring and development to faculty and other leaders in effective performance management; mentor and provide learning and development opportunities for direct reports and others in business roles; effectively and appropriately leveraging human resources business partners to meet the division's talent management goals; ultimate responsibility for supporting organizational programs/plans that impact employees and ensuring communication, comprehension, and adherence to all Human Resources policies and related legal and/or compliance requirements.
In partnership with the Division Director, lead the integration of the Medical Center's vision, mission and strategic plan into all aspects of the Division's culture; drive the short and long term and strategic planning processes; develop and implement the strategic and operational plans focused on the growth and development of clinical, academic, and research programs; and drive execution of the strategic plan.
Direct the overall management of the Division's administrative academic/faculty affairs, including partnering with CCRF to establish and maintain faculty records; direct the establishment and monitoring of faculty data (e.g. new hires, promotions, reappointments, leaves, sabbaticals and employment status changes); direct the maintenance of human resources (staff) and educational records according to defined national standards to maintain program accreditation; direct the faculty appointment process in collaboration with the University of Cincinnati; work with the University of Cincinnati; define budget allocations and maintain program expenses related to faculty development and start up funds; define budget allocations and maintain program expense related to the fellowship program; partner with the Division Director of implement and/or support organizational leadership management of faculty conduct and performance expectations or programs; partner with the Division Director of foster the growth and development of physician and faculty leaders as knowledgeable, participative stakeholders in the division and medical center's vision, mission, strategic and operational objectives, and compliance requirements including NIH, accounting/finance, human resources, etc. compliance requirements.
Skills & Competencies
·Business Analysis Skills
Analyzing business needs for product development; keeping up-to-date on competitors' business practices and using this knowledge to inform business strategies and decisions; writing and documenting business requirements and specifications
·Financial Management Skills
Determining how money should be spent to achieve work goals; using cost-benefit analyses to make informed choices when preparing budgets and setting priorities; monitoring expenditures to ensure budget goals are met
Ability to teach, lead and manage staff
Using time efficiently and productively; prioritizing multiple tasks properly to meet deadlines; recognizing time constraints and adjusting work schedule to address them.
Establishing relationships with vendors; communicating effectively; ensuring services or products are available upon need; monitoring vendor effectiveness to ensure desired results are achieved; ensuring delivery of payment
Locating and gathering relevant information; recognizing and working to eliminate important gaps in existing information; determining the value of the information; synthesizing and organizing information to get a better understanding of a problem
Recognizing when sufficient information has been obtained to make a decision; evaluating available alternatives and using sound thought processes and relevant experience to make the optimal choice in a timely manner; making difficult decisions even in highly ambiguous situations
·Knowledge of Field - Advanced
Advanced knowledge of regulations, procedures and best practices in field
Strong ability to integrate clinical and research activities
Formulating credible, effective, long-range strategies to attain overarching organizational objectives; anticipating future trends, as well as potential threats or opportunities; accurately predicting how strategies will play out
Excellent verbal, written and/or interpersonal communication skills
Knowledge of third party billing and reimbursement mechanisms, grant and contract administration, financial reporting, operational management, and business planning
·Bachelor of Health Care Admin OR Bachelor of Business Admin OR Bachelor in Accounting OR Bachelor's Degree in a related field AND 4 years of healthcare management experience OR 4 years of healthcare project management experience including indirectly leading people in project teams with an emphasis in accounting OR
·Master of Health Administratn OR Master of Business Admin OR Master in Accounting OR Master's Degree in a related field AND 2 years of experience in healthcare management OR 2 years of healthcare project management experience including indirectly leading people in project teams with an emphasis in accounting Preferred:
·Experience in an academic medical center