Job description
The CFO will be responsible for driving the company’s financial activities as well as directing its financial vision to support company operations, drive growth and profitability. This individual will report directly to the CEO and work collaboratively with the leadership team. The CFO will have day-to-day responsibility for planning, implementing, and managing all financial-related activities. This will include direct responsibility for financial operations, accounting, business integration, FP&A and debt and equity financing (alongside the PE sponsor).
Beacon is seeking a CFO capable of the following:
- Operations: Assume the role of a hands-on leader to plan, develop, organize, implement, direct and evaluate the organization’s fiscal function and performance.
- Growth: Provide strategic financial input and leadership on decision making issues affecting the organization i.e., evaluation of potential alliances or de novo projects.
- Culture: Engage with staff to build relationships and encourage communication during high growth.
Responsibilities
- Assure delivery of accurate and timely financial and reporting to allow for actionable business decisions. This will include identifying and understanding location economics, developing performance metrics to manage multiple locations and integrating M&A opportunities post-closing.
Maintain cash flow forecasts and drive cash flow optimization activities and ensure that they reflect expense containment while enabling strategic investments to be made to fuel profitable growth.
Oversee provider compensation, productivity measures and contracting to ensure that budgetary and contractual compliance and incentive plans are aligned with overall goals.
Develop and oversee database of key performance indicators, including referrals, admissions, conversion rates, average daily census, average length of stay, reimbursement rates, quality metrics and teammate engagement and retention. Work to centralize and automate operational data reporting as much as possible in a format that is easy to understand by various stakeholders
Represent the Company in presentations, ongoing discussions and negotiations with the board of directors, banks, investment advisors and the general financial community.
Manage the external audit relationship, deliver accurate and timely financial analytics and reporting.
Develop, oversee and buildout central billing office (CBO/RCM) to support significant private practice outpatient growth
Teach and explain complex financial issues to non-financial team members in a respectful and effective manner to bring efficiencies, improvements and consistency to operations.
Enhance and/or develop, implement and enforce policies and procedures of the organization by way of systems that will improve the overall operation and effectiveness of the corporation.
Establish credibility throughout the organization and with the Board as an effective developer of solutions to business challenges.
Be an advisor from the financial perspective on any contracts into which the corporation may enter.
Qualifications
Bachelor’s degree with CPA certification and a Master’s degree in Accounting or Finance preferred.
10+ years of finance/accounting experience with 5-7 years of day-to-day management experience in a PE-backed, multi-site healthcare services setting.
Hands-on involvement with the business integration of financial systems and ongoing operational analysis.
Ability to establish and maintain an effective working relationship with physicians, staff and Board members.
Knowledge of health information systems, concepts, procedures and basic medical terminology is highly preferred. Along with knowledge of practice operations policies and procedures.
Strong analytical and financial skills. Proven experience in running reports and analyzing trends.
Personal Attributes
The successful candidate will possess strong leadership and strategic management abilities as part of the management team. Extremely detail oriented and organized. Proven ability to maintain confidentiality of sensitive information. This individual should be self-motivated while also able to motivate, coach and inspire others. This position requires the ability to roll up your sleeves with a strong basis for action. Possess excellent interpersonal skills with the ability to communicate professionally across all levels of the organization.
THE COMPANY
Beacon Behavioral, established in 1998, is a leading provider of psychiatric treatment services in Louisiana and Texas, operating 19 locations. Beacon operates five inpatient hospitals staffed with a multidisciplinary treatment team for stabilizing acute crisis conditions, comprehensive and multidisciplinary evaluations and medical management for behavioral health and physical needs. Beacon has seven Intensive Outpatient programs providing assessments, medical management, individual and family counseling and psychotherapy group sessions. In addition to their inpatient and IOP programs, Beacon is expanding their continuum of care into multi-site residential and outpatient services, having acquired five private practices and opened two residential facilities. Their highly trained therapy staff provides treatment to adults and seniors suffering from depression, anxiety, bipolar and psychosis. Beacon’s mission, “to provide unsurpassed patient care in a compassionate, cost effective, and ethical manner,” has been, and will always be, the cornerstone of Beacon’s success. For additional information, visit www.beaconbh.com .
INVESTOR
Headquartered in Dallas, Latticework Capital Management is a growth oriented private equity firm focused exclusively on the healthcare industry. The firm partners with entrepreneurially minded management teams to build leading healthcare companies. The team consists of seasoned investment professionals with over 50 years of combined experience in healthcare private equity. The Latticework team has broad experience across the healthcare ecosystem having completed 18 platform investments and over 50 add-on acquisitions across a diverse array of healthcare subsectors representing over $1.5 billion of equity investments. For additional information, visit the firm’s website https://latticeworkcapital.com/.
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