Financial Operations Manager

Position Overview

This position is ideal for individuals with substantial financial and operational expertise, whether from healthcare or other sectors, who possess transferable skills applicable to intricate organizational structures.

The Financial Operations Manager plays a crucial role in ensuring the practice operates as a viable and prosperous entity. This includes supervising all financial transactions, evaluating relevant claims and funding sources, and exploring additional revenue and funding avenues. Collaborating with Partners and the Practice Manager, the Financial Operations Manager will contribute to the growth of the practice through proficient financial oversight, the enhancement of income channels, the establishment of effective service agreements, and the preparation of business cases and proposals in response to emerging opportunities.

In partnership with the Practice Manager, the Financial Operations Manager will guarantee the practice's efficiency, effectiveness, and sustainability, serving as a model of professional conduct and partnership values.

Key Responsibilities

The Financial Operations Manager is accountable to the partners via the Practice Manager for the daily management of the practice's business planning and transactions. This includes ensuring that services are consistently available to patients across all practice locations through effective estate management, robust business systems, precise reporting, and supplier contract oversight.

The Financial Operations Manager will ensure that all services provided are appropriately billed.

In a time of significant transformation and challenges within Primary Care, the Financial Operations Manager will be particularly responsible for the ongoing development of the practice by thoroughly understanding the funding framework for Primary Care, fully leveraging income streams, and identifying new opportunities for the organization.

About Us

Castlegate and Derwent Surgery is a welcoming, supportive, and innovative training and research practice located in a picturesque area. We serve a diverse patient base and are actively engaged in our Primary Care Network with a nearby large practice.

Our dedicated team comprises various healthcare professionals, including GP Partners, trainees, and support staff, all committed to delivering high-quality care.

Financial Management Responsibilities

• Oversee practice financial accounts and strive to optimize revenue.
• Prepare financial statements for external accountants and ensure timely completion of quarterly and annual returns for pensions, taxes, and all financial systems.
• Implement effective budgeting and reporting practices to maintain up-to-date financial records that support the partnership's financial health.
• Manage and reconcile bank accounts, negotiating with banking partners as necessary.
• Ensure the maintenance of accurate budgeting and accounting systems.
• Prepare and issue invoices promptly and ensure timely collection of payments.
• Process payments accurately and record them appropriately.
• Ensure that all expenses are justified and represent the best value for money.
• Monitor cash flow effectively.
• Manage payment systems for creditors and oversee debtor management.
• Ensure payroll is processed efficiently.
• Maintain pension records for all employed staff, including GP Partners.
• Handle financial aspects of employment for all staff, including locum personnel.
• Engage in negotiations with the commissioning authority and relevant bodies to secure fair resource allocation for the practice.
• Analyze and report on the financial implications of contract and legislative changes.
• Ensure transparency in all financial processes, making them available for review.
• Monitor and reconcile income and expenditure reports and manage purchase/sales ledger transactions.
• Establish systems for the secure handling and recording of cash, cheques, and petty cash.
• Report on financial and operational performance indicators to the partners.
• Collaborate with practice accountants and PCN business leads on financial matters.

Business Performance Oversight

• Lead the management of all estate-related matters, ensuring best value through negotiations with property services.
• Conduct regular reviews and benchmarking of business operations to identify areas for innovation and improvement.
• Ensure compliance with national and local regulations governing primary care services.
• Uphold business governance by adhering to all relevant guidelines and legislation.
• Manage financial risks through assessments and maintain risk registers in collaboration with the Practice Manager.
• Support business continuity planning initiatives.
• Attend local and regional meetings as agreed with the Practice Manager and partners to stay informed about opportunities and challenges.
• Collaborate with IT suppliers to optimize the use of IT and telephony systems.
• Regularly report key performance indicators to the partners.
• Utilize local and national systems for benchmarking business performance.
• Ensure appropriate insurance coverage for all relevant business aspects.
• Manage contracts for essential services to ensure quality and value for money.
• Work with the Practice Manager to engage in locality and area meetings to support the Primary Care Network.

Income Stream Management and IT Oversight

• Maintain patient registration policies and monitor turnover to meet financial objectives.
• Regularly assess practice performance against patient access and demand management targets.
• Oversee the evaluation and planning of IT implementation and modernization.
• Ensure the practice is equipped with the latest IT technology and efficient communication systems.
• Implement effective IT data security, backup, maintenance, and disaster recovery plans.
• Liaise with relevant bodies regarding IT procurement and funding opportunities.

Leadership and Change Management

• Demonstrate leadership and change management capabilities, fostering a supportive environment for team development.
• Collaborate with the Practice Manager and partners to explore new care models and staffing structures.
• Present innovative ideas and support team members in identifying opportunities for business improvement.
• Assist the Practice Manager in setting meeting agendas and documenting outcomes for governance purposes.
• Stay informed about current affairs to identify potential opportunities and threats.
• Contribute to the strategic direction of the practice by formulating objectives and developing future initiatives.
• Maintain effective communication within the practice and with external agencies.

Personal Development

• Stay informed about national, local, and practice quality standards.
• Take responsibility for personal learning and performance improvement.
• Participate in the practice appraisal scheme and attend required educational meetings.
• Engage in mandatory and ongoing training to enhance skills and knowledge.
• Recognize the roles and responsibilities of the entire primary healthcare team.
• Strive to maintain quality within the practice and report any quality or risk issues.
• Assess personal performance and take accountability for actions.
• Effectively manage time, workload, and resources.

This list is not exhaustive, and the post holder is expected to be adaptable to the partnership's evolving needs.