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Clinical Ceo Analysis

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Submitted By yackleyl
Words 1521
Pages 7
Liam Yackley
3/7/2015
H250
Job Analysis

I chose the job of Chief Financial Officer because the position has maintained a level of intrigue in my mind. I was interested in the duties of a CFO and what they encompassed but have not attained the amount of information I would like to have on the position. Unfortunately I do not know any people who are CFOs or even involved in that specific work environment so I was not able to obtain information that way. I could see myself climbing rank in the public health network and working my way up to a CFO in the future. I feel that my attention to detail and drive for success will help me strive within this niche. Not only that but with the knowledge I receive from my education I will be well rounded and more suited for the roll. I have not planned my trajectory on how I will obtain such a position but I feel that I would push to get a job as Managed Care Analyst once I get out of college and work my way up from there. Chief Financial Officers have not always had a role in the business world for it emerged in the 1970s and its job description has changed dramatically since then. Before the 2006-2007 recession the job of a CFO was easier and quite obtainable but since then there has been increased responsibility, greater scrutiny, more regulations and fewer resources. As a result of this recession the CFO is now the glue of the organization. The new more modern CFO is required to be good with numbers, be able to crunch them and then translate them so that they can be understood by individuals within the establishment. A crucial element of the position is being able to interact with business unit heads across the company. Previously CFOs main role was to make sure the institutions finances were in check, now they are required to discuss and advocate need for change, reinforce success within the company, encourage results, all while making the company’s story translatable to a wide external audience including investors and social media. CFOs emerged into the health scene because just like any company or corporation there needed to be someone who is able to deal with the financial side of the business and also some who can contribute in running the company. A hospital is no different from any other business in that sense. The job of a Chief Financial advisor fits into any job setting no matter how big or small. This is demonstrated throughout our society and even in our government. In 1990 the CFO act was established and is viewed as one of the most significant pieces of Federal financial management legislation because of its role in the major reforms of Federal financial management. The CFO is directly involved with making the mission statement of an organization a reality, for example OHSU mission statement is “ OHSU strives for excellence in education, research and scholarship, clinical practice and community service. Through its dynamic interdisciplinary environment, OHSU stimulates the spirit of inquiry, initiative, and cooperation among students, faculty and staff.” Without someone controlling and taking care of finance, networking with other companies and businesses, and promoting growth this could never become a reality. Obtaining the position of a Chief Financial Officer is not an easy thing; there are many prerequisites that come with it. This is not a position that you could obtain straight out of college. To make sure that you have a good chance of obtaining the role of a CFO you must have a minimum of eight to ten years experience in a senior role; a CPA designation would be preferred; master’s degree in Accounting Finance or Business; up to date knowledge of current financial accounting and accounting computer applications; Excellent verbal, analytical, organizational and written skills. This job is available within many facilities throughout Oregon so I wouldn’t have to move or relocate to another state if I wanted to obtain the role. The salary level of the average hospital CFO can range anywhere between ninety five thousand to the mid three hundred thousands. The range is so wide with a CFO’s salary because the size is largely dependent on the size of the hospital. Smaller hospitals like critical access ones with a maximum of twenty five acute-care inpatient beds could have a salary that is anywhere between eighty thousand to one hundred thousand where hospitals that have seventy five to two hundred beds could have a CFO salary in the mid one hundred thousand range. Basically larger, integrated health system CFOs will see a larger salary. There is only one CFO per company for there cannot be two people who hold the position title of chief in the same section of work. I’m not sure where I would work if I did become a Chief Financial Advisor because I don’t know what state I would want to live in yet. If I could chose a location it would either be OHSU up in Portland or St. Charles Medical Center in Bend. I’ve chosen these two places specifically for their location but once I get into the working world I’m sure I would choose a company for its infrastructure and cohesiveness. This experience for me has been sobering. I knew that Chief Financial Officer would have a lot requirements and duties involved with his position but being a good CFO seems like an extremely hard thing for someone to obtain and maintain. There are opportunities that would increase my chances of becoming a CFO but now after learning about what they do and their responsibilities I’m not sure I want the role right now. While reading on how to achieve the job there was a lot of info and advice that pointed towards making your job your life. They were saying to put all your energy into focusing on bettering your career, become well rounded and get certification while putting in extra hours and proving yourself to be top dog. I am an ambitious person but I don’t want to have to live to work, instead I want to work to live. I want time to spend with my family and to improve on things outside of my job and not be the father who always comes home late at night and can’t venture out on weekends because I have to manage from home. I believe I’d be better off with a position that doesn’t have as much a responsibility so that I wouldn’t have to be depended on around the clock. Even though I’m not sure if this job is right for me I would still recommend being a CFO to other students on the Healthcare Management and Policy track. I would do so because I know there are others out there with a lot more ambition and dedication to such a position. The title of CFO is very prestigious and a symbol of higher status so I know it a very sought after goal. For those whose objective it is to rise to the top of the ladder and take a very prominent position within their company this is the perfect job.

Work Cited
"CFO in the New Economy: The Evolving Role of the CFO." The Role of the CFO Has Become More Complex and Demanding than Ever. (2011): n. pag. Parkerlynch.com. Parker+Lynch. Web. 27 Feb. 2015. <http://www.parkerlynch.com/documents/downloads/pl-wp-cfo.pdf>.

"Finance Specialist-CFO." Finance Specialist-CFO. MHA Health Careers Center, n.d. Web. 07 Mar. 2015. <http://www.mshealthcareers.com/careers/financespecialist_cfo.htm>.

Herman, Bob. "4 Trends in Hospital CFO Compensation." 4 Trends in Hospital CFO Compensation. Beckers Health Care, n.d. Web. 01 Mar. 2015. <http://www.beckershospitalreview.com/compensation-issues/4-trends-in-hospital-cfo-compensation.html>.

Koster, Tracy. "Hospital Chief Financial Officer." Job Description (n.d.): n. pag.Cahcare.com. HealthTech Management Services. Web. 27 Feb. 2015. <http://www.cahcare.com/downloads/HospitalCFOPosition.pdf>.

"Office of the Chief Financial Officer." Mission, Vision and Values. Regents of the University of California, 2014. Web. 07 Mar. 2015. <http://www.ucop.edu/finance-office/mission-goals/mission-vision-values.html>.

The Chief Financial Officers Council and The Council of the Inspectors General on Integrity and Efficiency. "The Chief Financial Officers Act of 1990—20 Years Later." CFO Act Report (2011): n. pag. Whitehouse.gov. July 2011. Web. 27 Feb. 2015. <http://www.whitehouse.gov/sites/default/files/omb/financial/cfo-act-report.pdf>.

Zorn, Dirk M., This Article Examines The Rise Of The Chief Financial Officer (Cfo) Position Among, American Firms During The Period 1963–2000. Building On Event-History Models Of Cfo, and Adoptions Among A Sample Of Some 400 Large Corporations, This Analysis Documents Two. "Here a Chief, There a Chief: The Rise of the CFO in the American Firm." (n.d.): n. pag. Chicagobooth.edu. Web. 27 Feb. 2015. <http://www.chicagobooth.edu/research/workshops/orgs-markets/archive/Zorn.pdf

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