VP of Finance

Overview

POSITION TITLE:

VP of Finance

REPORTING TO: CFO

LOCATION:

Chicago, IL

COMPANY OVERVIEW:
The Alden Network is one of the largest Chicagoland providers of skilled nursing, assisted living, health care, and senior living services. Alden started in 1971 and offers over 35 locations throughout the Chicago area, Rockford, and southern Wisconsin. Services span the continuum of care - from short-term orthopedic recovery and post-acute services, to assisted living and skilled nursing, to independent retirement communities.

We also provide rehabilitation for both seniors and young adults with more intensive health care and therapy requirements, along with specialized care for the memory impaired, comprehensive therapy services, pharmacy, home medical equipment, and more.

POSITION OVERVIEW:

This is a newly created position and will report to the CFO. This role was created to ensure comprehensive financial management, including oversight of the revenue cycle department, accounts payable department, payroll reporting and analysis, cash-flow management reporting, tax compliance, 401(k) accounting, and support with financial audits. The Vice President of Finance will provide strategic financial guidance and leadership while supporting budgeting, payroll analysis, and ensuring regulatory compliance across multiple entities within the organization.

ESSENTIAL DUTIES AND RESPONSIBILITIES:

• Financial Strategy and Leadership: Develop, implement, and monitor financial strategies to support the long-term goals of the organization and its ancillary businesses.
• Provide financial insights, forecasts, and reports to guide operational and strategic decision-making.
• Collaborate with the executive leadership team to evaluate financial performance, identify risks, and recommend areas for improvement.

• Revenue Cycle Management: Oversee the revenue cycle department to ensure effective and efficient billing, collections, and reimbursement processes.
• Collaborate with clinical and administrative teams to improve payer reimbursement and manage denials, ensuring revenue optimization.
• Ensure compliance with healthcare regulations and best practices within the revenue cycle.

• Accounts Payable and Cash Flow Management Reporting: Manage cash flow forecasting to ensure sufficient liquidity for operational needs and strategic initiatives.
• Optimize payment processes, maintain cost controls, and strengthen relationships with vendors.

• Budgeting and Financial Planning: Lead the annual budgeting process for the Long-Term Care Network and its ancillary businesses, ensuring alignment with organizational goals.
• Provide detailed analysis of budget variances and work with department heads to ensure budget adherence.
• Conduct regular budget reviews and financial planning sessions, offering actionable insights into improved financial performance.

• Payroll Reporting and Analysis: Analyze payroll data to provide insights on labor costs, overtime, and other key metrics impacting financial performance.
• Ensure compliance with wage and hour laws, tax reporting, and other payroll-related regulations.

• Income Tax Planning and Compliance: Lead the preparation and filing of all income tax returns, ensuring compliance with federal, state, and local regulations.
• Develop tax strategies to minimize liabilities and maximize tax efficiency for the organization and its ancillary entities.
• Stay current on tax law changes and advise the executive team on their potential impact.
• Coordinate tax audits and respond to any inquiries from tax authorities.

• 401(k) Accounting, Audit and Compliance: Oversee all aspects of 401(k) plan accounting and administration, ensuring accurate tracking of contributions, distributions, and investment performance.
• Ensure the organization’s retirement plans comply with applicable ERISA regulations and IRS guidelines.
• Lead the preparation for annual 401(k) plan audits, coordinating with external auditors and addressing any audit findings.
• Work with HR and third-party administrators to manage employee communication and compliance with the 401(k) plan.

• Strategic Partnerships and External Relations: Build and maintain relationships with external auditors, tax advisors, banks, and financial institutions.
• Work closely with external consultants and legal counsel on complex financial matters.

• Bachelor’s degree in Finance, Accounting, Business Administration, or related field (MBA/CPA preferred)
• Minimum of 8 years of experience in financial leadership roles, with significant experience in healthcare or long-term care industries
• Expertise in financial management, budgeting, tax compliance, revenue cycle management, and 401(k) plan administration
• Strong understanding of payroll processes, tax regulations, and audit preparation
• Proven experience in supporting multiple business units or ancillary companies in financial planning and analysis