Chief Financial Officer
1 day ago
Brooklyn
Chief Financial Officer (CFO) BMS Family Health & Wellness Centers Brooklyn, New York About BMS Family Health & Wellness Centers BMS Family Health & Wellness Centers is a mission driven Federally Qualified Health Center (FQHC) serving the Brownsville and East New York communities of Brooklyn. With an annual operating budget of $45 million and 78,000 projected annual service units in 2026, BMS provides comprehensive primary care, behavioral health, dental services, WIC, and specialized grant-funded programs to historically underserved populations. Under new executive leadership, BMS is undergoing strategic transformation to strengthen financial sustainability, enhance operational excellence, and deepen our commitment to integrated, value-based care. Position Overview The Chief Financial Officer is a critical member of the executive leadership team, serving as the CEO's strategic partner in driving financial sustainability and organizational transformation. This pivotal role requires a visionary financial leader who can bring both strategic thinking and hands-on expertise to establish fiscal discipline, ensure regulatory compliance, and support innovation in a rapidly evolving healthcare environment. The ideal candidate is mission-driven, collaborative, and motivated by the challenge of building financial infrastructure that enables exceptional care delivery in underserved communities. Key Responsibilities Strategic Financial Leadership • Provide forward-thinking financial leadership aligned with BMS's mission, values, and long-term strategic goals, • Partner with the CEO and CMO to develop and execute financial strategies that support organizational transformation and growth, • Lead financial forecasting, scenario modeling, and data-driven decision-making to ensure sustainable operations, • Present comprehensive financial updates and recommendations to the Board of Directors and Executive Leadership Team, • Develop departmental profit and loss (P&L) statements to support accountability and performance management Financial Operations & Compliance • Oversee all accounting and financial operations, ensuring compliance with GAAP, federal cost principles, HRSA guidelines, and FQHC requirements, • Direct the preparation and distribution of monthly, quarterly, and annual financial statements and executive-level reports (cash on hand by days, payer mix, average cost per visit, accounts payable by days, P4P revenue, etc.), • Ensure timely completion of annual Medicaid cost reports, UDS reporting, single audits, accounts receivable analysis, annual write-offs, and other regulatory submissions, • Establish and maintain robust internal controls and risk management processes, • Ensure transparency and ethical governance in all financial practices Revenue Cycle & Grants Management • Lead comprehensive revenue cycle management to optimize collections and reimbursement, • Oversee business office operations, including patient registration, billing, collections, and reimbursement from Medicaid, Medicare, managed care, and other payers, • Direct grant and contract development, budget management, and financial compliance reporting, • Prepare accurate and timely financial reports for all grants, contracts, and funding sources, • Support development of new funding opportunities through sound financial planning and budget development, • Collaboration with BMS subsidiary BCD on financial matters as needed Cash Management & Banking • Monitor cash flow and maintain optimal cash reserves to support operations, • Manage banking relationships and perform regular reconciliations of bank accounts and cash receipts, • Analyze revenue and expenditure trends to identify opportunities and risks, • Implement sustainable investment strategies to support organizational growth Leadership & Team Development • Supervise and develop fiscal department staff, including Billing and Credentialing Director, Controller, Senior Accountant, Grants Manager, and Executive Assistant, • Lead hiring, training, performance management, and workflow improvement initiatives, • Invest in developing team members' skills and creating pathways for professional growth, • Make tough decisions when necessary while maintaining team morale and trust, • Foster a collaborative, solution-driven culture within the finance department Technology & Process Improvement • Evaluate and implement technology solutions to improve operational efficiency, data integrity, and financial reporting capabilities, • Streamline financial processes and workflows to support the "One BMS" integrated care model, • Create systems and dashboards that provide real-time financial insights to support decision-making Required Qualifications • CPA certification (fundamental requirement) – essential given supervisory responsibilities over other CPAs and the complexity of FQHC financial management, • Bachelor's degree in Accounting, Finance, or Business Administration, • Minimum 15 years of progressive financial leadership experience, • Strong preference for experience in FQHCs, community health centers, or nonprofit healthcare organizations, • Experience with HRSA guidelines, federal grants (330, SAMHSA, etc.), and community health protocols specific to New York State, • Proven track record managing complex budgets, multiple funding streams, and diverse reimbursement systems, • Deep understanding of value-based care, healthcare compliance, Medicaid/Medicare reimbursement, and federal funding mechanisms, • Demonstrated success in financial turnaround or organizational transformation, • Experience with UDS reporting, PPS/DSRIP programs, and managed care contracting Preferred Qualifications • Master's degree (MBA, MHA, MPA, or similar), • GAP (Generally Accepted Accounting Principles for Healthcare) experience, • Experience working in Brooklyn or other urban, underserved communities, • Familiarity with most electronic health record systems and their financial modules, • Background in implementing performance-based financial management systems Leadership Competencies The successful candidate will embody the following characteristics: • Visionary & Strategic Thinker – ability to see the bigger picture and create comprehensive plans to achieve organizational goals, • Mission-Driven – genuine passion for improving healthcare access and outcomes in underserved communities, • Collaborative Partner – works effectively across departments and with external stakeholders, • Proactive & Solution-Oriented – identifies problems early and develops practical solutions, • Critical Thinker – uses data and analysis to drive sound decision-making, • Ethical Leader – governs by principle, understanding that trust is critical to organizational success, • Transparent Communicator – open and honest with team members, leadership, and the Board, • Strong Business Acumen – brings sophisticated financial expertise while understanding the unique healthcare mission, • Decisive – not afraid to make tough calls when necessary, • Developer of Talent – committed to investing in and growing team members Compensation & Benefits • Salary Range: $300,000 - $350,000 (commensurate with experience), • Comprehensive benefits package, • Opportunity to make meaningful impact in one of Brooklyn's most underserved communities Location This position is based in Brownsville, Brooklyn. Commitment to working in and serving this community is essential. BMS Family Health & Wellness Centers is an equal opportunity employer committed to diversity, equity, and inclusion in our workforce.