Hospital chief financial officers (CFO) oversee the financial operations of a hospital and all of its departments. These officers make sure that patients are receiving quality care, and doctors and nurses are working within budget. The CFO is responsible for planning, implementing and evaluating the fiscal performance and ensuring the long-term financial future of a hospital. Prospective CFOs must have a background in business and a master's degree in business administration, health administration, finance or accounting. While having medical-related experience can be beneficial, it is not required of applicants. According to Indeed.com, as of 2010, the average salary for a hospital CFO is $90,000 per year.
The chief financial officer 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. CFOs 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. These officers create detailed reports of their findings and must explain to department heads and boards of directors why these financial decisions are being made.
Communication is an essential component within any hospital, and CFOs need to ensure that all administrators, doctors, nurses and other medical professionals are compliant with any budgetary practices. It is the duty of a CFO to listen to the concerns of the medical professionals within a hospital and to take them into consideration when making financial decisions. CFOs also must develop a strong supporting staff to ensure that departments are filled with qualified personnel. During the hiring process, CFOs need to carefully explain the position to applicants and what is expected of them.
CFOs must coordinate meetings among staff members on a regular basis, which ensures that all medical professionals are kept up-to-date on all hospital-related matters. Professionals in this position must establish the schedules, assignments and allocation of all medical equipment and staff members. CFOs must ensure the compliance of all financial policies, objectives and deadlines.
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