The CFO is responsible for all the functions related to the financial operations of a hospital. These responsibilities include the accounting, insurance, financial systems, and auditing of all medical departments. The CFO will 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. The CFO will create detailed reports of their findings and must explain to department heads and boards of directors why these financial decisions are being made.
Additionally, the CFO:
- Is responsible for the operating and capital budgets, including revenue and expense budgets, cash forecasts, profit planning, and programs for capital investments and financing
- Facilitates communication among staff, management, vendors, and other financial resources within the organization
- Manages the cost-reporting process and understands financial impacts
- Provides assistance to the organization’s CEO, and leadership and guidance to designated departments to ensure the financial stability of the organization and that the delivery of patient/resident and healthcare service programs continues to respond to the needs of both patients and the community at-large
- Provides guidance to capital equipment purchases