CFO - Full-time / Part-time

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The CFO will report to Tori Bayless, Chief Executive Officer, Luminis Health

Luminis Health, a newly integrated health system formed in 2019, serves residents of Anne Arundel County, Prince George’s County and Maryland’s Eastern Shore. Comprised of Anne Arundel Medical Center (AAMC), Doctors Community Hospital (DCH), J. Kent McNew Family Medical Center, and Luminis Health Clinical Enterprise, the health system includes 635 licensed beds, more than 6,400 employees, 1,800 medical staff and 1,300 volunteers. The new health system includes more entry points for coordinated care across the region, improved access to care close to home, enhanced quality and improved health outcomes.

The Luminis Health Clinical Enterprise is comprised of multi-specialty practice groups, ambulatory sites and clinics, physician practices and clinical service lines. Those services currently under Anne Arundel Medical Group, and like services offered through DCMC, will make up the Luminis Health Medical Group (LHMG).

For years, these formerly separate entities have shared a dedication to compassionate care, delivered when and where people need it most. Now, the newly created organization is carrying that same commitment into the future as Luminis Health – a health system that’s here to embrace progress and awaken a new era in care for the community. Luminis is symbolic of light, signifying a commitment to being a beacon of hope and healing for the region, while igniting new possibilities for how and where health care is delivered. Luminis Health is here to make getting and staying healthy easier, more personal, and built for the community that we call home.

Luminis Health listens to every person to learn what matters most to them. The organization understands the community and its needs and works to give everyone access to the care they expect and deserve. Together, Luminis Health collectively lights the way to better care.

Summary Financial Information for Luminis Health

Luminis Health is currently a $1.2B organization with a Fiscal Year end of June 30. See below for summary financial data mid-year. This does not include information from J. Kent McNew Medical Center, which opened in 2020. Audited financial statements for AAMC and DCH are available upon request.

AAMC

DCH

 Total Operating Revenue

$399,871,000

$128,729,000

$528,600,000

 Operating Expenses

$395,303,000

$124,028,000

$519,331,000

 Operating Margin

$4,568,000

$4,701,000

$9,269,000

 Operating Margin %

1.14%

3.65%

1.75%

 Net Days in Accounts Receivable

41

48.8

N/A

 Days in Unrestricted Cash

198

96

175

 Unrestricted Cash to Debt

111.30%

49.20%

N/A

 Debt Service Coverage

3.6

2.45

N/A

Headquartered in Annapolis, MD, Anne Arundel Medical Center (AAMC) serves an area of more than one million people. Founded in 1902, AAMC includes a not-for-profit hospital on the 57-acre Annapolis campus as well as additional centers and resources, including:

• A multi-specialty medical group in 75+ locations throughout the region
• An Accountable Care Organization (ACO) participating in the Medicare shared savings program
• Mental health and substance use treatment services
• Imaging and lab services
• Outpatient pavilions in Bowie, Easton, Kent Island, Pasadena, Odenton, and Waugh Chapel
• A research institute
• Accredited simulation and innovation center
• Accredited Graduate Medical Education programs in general surgery, obstetrics/gynecology and internal medicine

ANNE ARUNDEL MEDICAL CENTER KEY STATISTICS

Licensed Beds 389

Emergency Visits 100,000

Ambulatory Visits 1,048,000

Inpatient Admissions 25,000

Operating Revenue $773,000,000

Employees 4,900+

Medical Staff 1,070+

AAMC is the state’s third busiest hospital as measured by inpatient discharges. The medical center is recognized for emergency heart attack response and cancer care. A leader in joint replacement, AAMC consistently ranks as the highest volume joint replacement center in Maryland. The women’s and children’s services rank second in Maryland for number of births annually and include a Level III neonatal intensive care unit. AAMC has plans to open a cardiac surgery program in early 2021.

In Fiscal Year 2019, AAMC contributed more than $52 million in community benefit, including subsidized programs and charity care, community outreach, health education, and research activities. In addition, 1,080+ volunteers donated more than 169,404 hours of time to help patients, raise funds for the institution, and serve as program ambassadors.

Doctors Community Medical Center

Doctors Community Medical Center is a network of medical and surgical services provided throughout Prince George’s County and in Anne Arundel County. At the heart of this network is the system’s flagship – Doctors Community Hospital  in Lanham, Maryland, which was founded in 1975. To complement the system’s high-quality and compassionate services, more than a dozen centers of care are offered in Bowie, Camp Springs, Crofton, District Heights, Greenbelt, Hyattsville, Lanham, Largo, Laurel, Riverdale, and Temple Hills.

DOCTORS COMMUNITY MEDICAL CENTER KEY STATISTICS

Licensed Beds 206

Emergency Visits 56,054

Inpatient Admissions 10,406

Surgical Services Procedures 8,865

Employees 1,600+

Medical Staff 700+ 

In Fiscal Year 2019, Doctors Community Hospital contributed more than $14 million in community benefits. Its dedicated team of 350 volunteers donated 25,525 hours to support the hospital’s passion for caring mission. They were also awarded a $3.5 million grant by the Maryland Department of Health and Mental Hygiene for cancer prevention and treatment programs. Additionally, they partnered with six hospitals and other providers in three counties to form Totally Linking Care in Maryland (TLCMD). This collaboration helps coordinate the care of people who have complex health needs. It was funded by a $960,000 grant in Fiscal Year 2019 from the Health Services Cost Review Commission, and Centers for Disease Control and Prevention. Additionally, Luminis Health is making significant investments in Doctors Community Medical Center in the areas of primary care, OB/GYN, and surgery.

J. Kent McNew Medical Center

Few health care needs are more misunderstood and poorly addressed in the U.S. than those involving mental health. Anne Arundel County is no exception. According to the county’s Community Health Needs Assessment, mental health is one of the highest health care priorities.

In 2018, the Maryland Health Care Commission approved Anne Arundel Medical Center to establish a 16-bed mental health hospital for adults. Building on the legacy of care established with the Pathways treatment center, the opening of the J. Kent McNew Family Medical Center allows AAMC to provide comprehensive and integrated mental health care at a single location. 

The number of Anne Arundel County residents seeking mental health services continues to climb. In 2017, AAMC’s Emergency Department provided more than 4,000 mental health consults and transferred about half of those patients to mental health units outside Anne Arundel County.

The new mental health hospital is one part of AAMC’s efforts to increase mental health services. AAMC’s goal is to offer the right treatment at the right time and require inpatient admissions only when necessary for the patient. The campus will provide:

• Inpatient mental health care
• A psychiatric partial hospitalization program
• Residential and outpatient substance use services
• Referral and care coordination to community-based treatment and support services

Offering a full spectrum of services at one location allows for coordinated care and better outcomes.

The 56,000-square-foot, four-story building was designed with both safety and aesthetics in mind for the care of patients and families. The goal was to provide a space that delivers a sense of light, calm, and peace.

The new facility includes a courtyard, patient and family lounge space, a secure ambulance bay to allow for the safe transfer of new patients into the building, a meditation room, and a community conference room.

Maryland All-Payer Model

For the past 36 years Maryland has been the only state with an all payer system for hospital-based inpatient and outpatient care with the State setting one set of prices for all insurers. In the period 2014-18 the State began setting global budgets for hospitals and capping the annual amounts that hospitals could spend for inpatient and outpatient care. The cost saving success of this program led to an expansion of the model in 2019, putting hospitals fully at risk for all Medicare-based care, including mental health, long-term care, primary care and community resources for population health. Annual price increases are limited and decreasing costs will result in diminished funding. This change, Global Budget Reimbursement (GBR), puts Luminis Health in the position of leading the way to a new and potentially better way of financing health care, but clearly challenges the organization to provide greater value, begin assuming more responsibility for its communities’ health, and continue in its mission of technological innovation. The leadership of the CFO will be a critical element of how Luminis Health meets this particular challenge.

As the State’s hospital rate-setting authority, the Health Services Cost Review Commission (HSCRC) plays a vital role in the implementation of this innovative approach to health reform. Under the new “Total Cost of Care Model,” which began in January 2019 and builds upon the successes of the All-Payer Model, Maryland will progressively transform care delivery across the health care system with the objective of improving health and quality of care. At the same time, the State's growth in Medicare spending must be maintained lower than the national growth rate. The Total Cost of Care Model will give the State flexibility to tailor initiatives to the Maryland health care context and encourage providers to drive health care innovation. The Total Cost of Care Model encourages continued Care Redesign and provides new tools and resources for primary care providers to better meet the needs of patients with complex and chronic conditions and help Marylanders achieve better health status overall.

THE OPPORTUNITY

Reporting to the Chief Executive Officer, the Chief Financial Officer (CFO) provides financial oversight and planning for the healthcare enterprise and acts as a strategic business partner to Luminis Health executive leadership, providing insight and recommendations to both short-term and long-term initiatives and growth plans. The CFO provides both operational and programmatic support to the system and assists on all strategic and tactical matters as they relate to revenue maximization, budget/cost management, cost benefit analysis, forecasting needs, property management, transaction analysis and negotiations, payer negotiations, investor relationships, partnership compliance, and the securing of new funding to enable Luminis Health to fulfill its mission and strategic objectives. The CFO will play a crucial role in growth, diversification, and business development.

The CFO will establish relationships throughout Luminis Health to promote strong collaboration, alignment, and leadership across the organization. He/she ensures the Board of Trustees has all the financial information required to provide fiduciary oversight. The CFO is the chief financial spokesperson for the organization and has full accountability for: accounts payable, payroll, general accounting, financial reporting, tax compliance and reporting, budgeting and forecasting, financial analysis, decision support, charge master, third-party reimbursement, revenue cycle management, managed care contracting, cash management, treasury and investments, debt management, and the retirement plans. He/she will drive business initiatives and lead the finance function to achieve outstanding customer service and provide proactive support to the operations team at Luminis Health in the attainment of their business objectives. The CFO will ensure that an outstanding finance team is in place, providing exceptional customer service and value to the various stakeholders of Luminis Health.

KEY RESPONSIBILITIES

Luminis Health seeks a CFO that will deliver the following:

Financial Operations

• Coordinates all activities of the Finance Department and the departments included within the division and acts as the administrative representative for these areas.
• Strives for best-in-class performance (top quartile or decile) across all financial, operational, and quality metrics.
• Leads the development of a system-wide financial plan, oversees the process for affiliate financial plan reviews, and recommends changes to their financial plans prior to submission to the board of directors.
• Leads operational and capital budget processes including the development of common assumptions and goals as appropriate, and reviews and recommends approval of the budgets of all the entities within Luminis Health.
• Develops, establishes, and maintains Luminis Health’s financial, managerial reporting and control systems including policies, procedures and systems for financial operations, investments, accounting and similar functions.
• Oversees development and implementation of financial policies to control receipt of revenue, expenditure of funds, and conservation of assets.
• Reviews and coordinates the financial and statistical reporting and controls established over financial activities.
• Coordinates the preparation of the System’s monthly combined statistics/financial statements.
• Ensures Luminis Health management has the required information regarding utilization, costs and profitability by payer, product line, etc., and also provides Luminis Health departmental management with regular reports on cost and utilization to enable them to better manage their areas of responsibility.
• Serves as primary support to the Luminis Health Finance Committee and prepares routine and special financial reports and analyses for their review.
• Establish and maintain a strong relationship with outside organizations, including but not limited to, other healthcare organizations, insurance community, rating agencies, joint venture partners, and professional organizations.
• Represents Luminis Health in health care financing and reimbursement issues at local-, state- and national-level forums.
• Guides, interprets, analyzes, and communicates financial and statistical data to management and the board of directors to aid in the decision-making process.
• Evaluates, for management and the board of directors, the system objectives and its planned and existing programs as they relate to third-party reimbursement.
• Coordinates system-wide external audit program with independent auditors.
• Establishes programs and processes and monitors policies to ensure compliance with all federal and state financial regulations.
• Keeps abreast of and confirms staff are aware of all regulations and standards to ensure compliance with orders or directives issued by duly constituted governmental/regulatory agencies or third-party payers. This includes financial and billing reporting procedures, federal wage-price guidelines, and the development of data to meet the proposed requirements of federal and state agencies.
• Provides adequate cash liquidity and forecasting so that operating and capital planning and expenditure needs can be met.
• Manages corporate relationships with banks, bankers, and other financial institutions including rating agencies and investment bankers.
• Works closely with attorneys, investment bankers, and finance specialists to assist the organization’s efforts on issuing and maintaining compliance with tax-exempt and taxable debt including swap instruments.
• Reviews and analyzes the investment performance and investment policy statements and confers with investment professionals to assist the organization in evaluating the investment returns of the investment and pension portfolios.
• Performs other duties and projects as assigned by the CEO.

Business Development/Strategy

• Directs and conducts the financial analysis for and makes recommendations on new business development opportunities, major revenue production and/or expenditure proposals, affiliations, joint ventures, and other major third-party contracts for Luminis Health.
• Leads the financial efforts related to growth, diversification, and business development.
• Plays an integral role in the organization’s growth strategy, both short- and long-term, in collaboration with the CEO and the senior leadership team.

Integration

• Participates with Luminis Health leadership in the continuous evaluation of short- and long-term strategic financial objectives of the consolidated health system.
• Administers an integrated plan of operation (short- and long-term) compatible with system objectives.

Team, Change, Business Leadership (TCB)

The CFO serves as an exemplar of Luminis Health leadership, as outlined in the TCB framework.

Team

• Demonstrates and encourages collaboration and teamwork to achieve goals.
• Communicates clearly and effectively with people inside and outside the system.
• Role models self-wellbeing; supports organization efforts to encourage employee wellbeing.
• Seeks opportunities to be present and visible in the organization.

Change

• Champions change through the system; anticipates the need for change and develops and supports strategies to obtain the desired outcomes.
• Has knowledge of the local, regional, and national healthcare environment and advises on the appropriate strategies for Luminis Health’s market.
• Demonstrates innovative and creative approaches to work.
• Establishes high expectations for continuous learning, performance improvement, and sustainable growth

Business

• Demonstrates good business judgment and strategic insight.
• Operates with a high level of urgency.
• Effectively uses data and analytics to drive decision making.
• Advances Luminis Health’s business interests while ensuring compliance with all laws and regulations.

PROFESSIONAL EXPERIENCE/QUALIFICATIONS

• 10 years of increasingly responsible hospital financial management experience required, with in depth knowledge of government regulations of health care financing and physician practice management required.
• Must possess leadership traits with the ability to plan, direct, control and supervise all areas of direct responsibility. Must possess a strong desire to motivate staff to achieve results.
• Must be able to interpret and explain financial statements and other financial/reimbursement issues to management and to the board of directors.
• Must have analytical and problem-solving skills, as well as the ability to work and communicate effectively with all levels of management, both within and outside the areas of his/her responsibility.
• Minimum 5 years of senior level experience in same or comparable position in similar-sized organization.
• Experience in the design and implementation of a sound financial management plan; proficiency with computerized Accounting/Finance applications and spreadsheets.
• Proven ability to influence and generate consensus reaching across organizational boundaries to collaborate and achieve objectives.
• A charismatic executive presence and one who is known for being present, bold, and innovative.
• Senior level administrative expertise that has included strategic and operational planning, preparation of budgets, effective management of resources within a budget, and personnel organization and management.
• Exhibits an appreciation for the need for preparation, collaboration, planning, communication, and benchmarking of results in her/his approach to problem solving.
• Exceptional presentation, oral, and written communication skills.

Education

• Master’s Degree in Business, Finance, Medical/Health Administration or equivalent required.
• CPA preferred, not required.

COMPENSATION

A competitive package including base salary, annual bonus, and long-term compensation.

ABOUT THE AREA

One of the original 13 colonies, Maryland lies at the center of the Eastern Seaboard, amid the great commercial and population complex that stretches from Maine to Virginia. Its small size belies the great diversity of its landscapes and ways of life that they foster, from the low-lying and water-oriented Eastern Shore and Chesapeake Bay area, through the metropolitan Baltimore, its largest city, to the forested Appalachian foothills and mountains of its western reaches. Annapolis, the state capital, is also home to the United States Naval Academy. Maryland is the leading producer of blue crabs and is renowned for its crab cakes. 

Though it is a state capital, Annapolis retains much of its Colonial heritage and is rich in history, having served as the nation's first peacetime capital. Maryland's four signers of the Declaration of Independence had homes there, all of which can still be visited today. The State House is where George Washington resigned as commander in chief and Congress ratified the treaty to end the Revolutionary War. More than 1,500 Colonial buildings are scattered along the narrow brick streets and alleys -- more than in any other town in the country. Sites such as the Maryland State House, Historic London Town, and the Annapolis Maritime Museum and Park are just a few that contribute to the rich history of the area.

Baltimore is Maryland’s largest city. It is the second-largest seaport in the Mid-Atlantic and home to about 2.8 million people. Rich in history and culture, the city of Baltimore is perhaps best known for its role as one of America’s most important seaports. Today its Inner Harbor continues to serve as a bustling gateway for the arrival of goods from overseas, but it is the city’s cultural landscape that has expanded far beyond its comparatively humble origins. This historic port city is now liberally scattered with antiques shops and independent boutiques, pretty cafés, and chef-driven restaurants, all tucked into the historic buildings of its waterfront. It is not hard to find fresh local produce and seafood here. The waters teem with oysters and succulent Maryland crab, and family farms and vineyards are dotted about the city outskirts. 

Washington, D.C. is just 40 miles from Baltimore. It is an easy commute by car (90 minutes) or by Maryland’s public transit system. The Maryland Transit Administration (MTA) operates the Metro, a subway system that connects the northwestern suburbs to downtown, the Light Rail, which is a 27-mile system of aboveground rail lines, and the city’s bus system. It also offers the MARC Train, a commuter rail system that services Harford County, Brunswick, Washington, D.C., and other nearby areas.

Monuments and memorials, eclectic neighborhoods, true local flavor – Washington, DC is a place unlike any other. Given?Washington's?status as the nation's capital city and the presence of the Smithsonian Institution, there are over seventy museums scattered around the city.?Washington?is packed full of?history?and culture, making it one of the world's top?tourist?destinations. Walk the halls of free Smithsonian museums, paddle on the Potomac and Anacostia rivers, or sit back on a double-decker tour bus and soak up some history. Local shops, funky marketplaces and people-watching hot spots beckon by midday, as nighttime gives way to multi-course dinners and drinks from local breweries. 

Washington, DC is a theater town. With theaters big (Kennedy Center, Warner Theatre and National Theatre) and intimate (Woolly Mammoth Theatre Company and Shakespeare Theatre Company), a range of performances and cultural experiences are offered up for every taste in the nation's capital. 

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