Business Manager

Overview

The Business Manager oversees daily financial and operational activities within the department, ensuring efficient management of budgeting, forecasting, accounting, long-term planning, pricing, contract negotiations, productivity analysis, and revenue control.

Key Responsibilities

• Develop and execute annual operating and capital budgets for the service line, monitoring expenditures to maintain compliance and control costs; provide variance analysis and recommend corrective measures.
• Formulate strategies to maximize department revenue while adhering to regulatory standards; identify opportunities for cost reduction and optimize resource utilization.
• Analyze historical financial data for budget preparation and funding justifications.
• Collaborate with Finance on long-range financial planning and benchmarking; convert financial forecasts into actionable plans.
• Implement mechanisms to monitor revenue and labor expenses, track financial trends, and generate ad hoc reports on volume, costs, performance, and profitability.
• Evaluate the financial impact of existing and proposed programs; suggest improvements to enhance efficiency and cost savings.
• Develop and recommend business plans for new services and initiatives aimed at expanding departmental activities and improving profitability.
• Supervise creation of comprehensive business plans supporting departmental goals, including financial feasibility and operational implementation.
• Assess equipment purchase requests and review contracts to ensure financial benefits align with budget expectations; negotiate with vendors on maintenance and repair agreements.
• Partner with Finance to manage revenue tracking, collection, and recovery; establish controls to prevent revenue loss.
• Design audit tools to monitor charge master and revenue management processes within the department.
• Ensure accurate accounting of service line expenditures.
• Prepare monthly financial, clinical, and benchmarking reports for internal and external audiences.
• Oversee expenditure management to guarantee proper use of hospital funds and negotiate favourable contracts for products and services.
• Perform additional duties as assigned.

Education and Experience

• Bachelor’s degree in a relevant discipline from an accredited institution.
• A minimum of five years of progressively responsible experience directly related to the role.

Skills and Knowledge

• Expertise in financial systems including budgeting, operational analysis, statistics, forecasting, and modeling.
• Understanding of organizational, administrative, fiscal, and personnel management principles.
• Proficiency with financial and operational management information systems.
• Familiarity with applicable local, state, and federal regulatory requirements.
• Competency in developing and administering departmental budgets.
• Adept at identifying and implementing interdepartmental process improvements for optimal financial outcomes.
• Ability to write and analyze business plans, proposals, contracts, and financial reports.
• Strong quantitative and analytical skills to resolve complex financial challenges.
• Leadership capabilities to influence and guide others effectively.
• Strong interpersonal and consensus-building skills.
• Ability to mediate and resolve complex issues.
• Experience developing long-term strategic business plans.
• Excellent decision-making, problem-solving, project management, negotiation, and collaboration skills.

Organizational Values and Commitment

Stanford Health Care upholds a commitment to excellence in patient and family experiences, guided by the C-I-CARE principles: anticipating needs, providing guidance for better outcomes, and coordinating care complexity. All employees are expected to embody these standards in every interaction.

Equal Opportunity Statement

The employer strongly values diversity and is committed to equal opportunity in all employment practices without discrimination based on race, color, gender, sexual orientation, religion, age, ethnicity, political affiliation, marital status, medical or genetic information, veteran status, disability, or perceived attributes. Applications from all groups including veterans and persons with disabilities are encouraged. Criminal history will be assessed on an individualized basis.

Compensation

Starting pay generally ranges from $62.75 to $83.16 per hour; actual salary is determined based on factors such as equitability, experience, education, and specialty trainin,g but this scale is not guaranteed.