About this role
Job summary
The postholder will be a key member of the Moorfields Private (MP) Senior Leadership Team (SLT), enabling the team to function effectively.
Moorfields Private is a division of Moorfields Eye Hospital NHS Foundation Trust and provides private eye care services across two sites: (1) Moorfields Private Outpatient Centre (MPOC) - City Road, and (2) Moorfields Private Eye Centre (MPEC) - West End. MPEC operates as a separate commercial legal entity with its own Board, and the post holder will be employed on terms reflecting responsibility for both the Trust's private patient division and this wholly owned subsidiary.
Moorfields Private is led by a senior leadership team made up of a Director of Private Care, Head of Delivery, Head of Marketing & Business Development, Head of Finance, Head of Nursing, Clinical Director and HR Business Partner.
This is a senior position with full responsibility for commercial and financial leadership and services that support Moorfields Private, enabling the delivery of business growth and improving the quality of financial services offered across both sites. The post holder reports operationally to the Director of Private Care, with a professional accountability line to the Chief Financial Officer to ensure financial governance, technical accounting standards and NHS financial policy are maintained.
Main duties of the job
To be responsible for the full financial leadership, management and control of Moorfields Private, spanning both MPOC and MPEC, and covering a circa £26m private patient business.
The role provides a full and robust business analytics and financial support infrastructure for MP, including service line profitability analysis, financial management and accounting, financial systems and reporting, financial governance, risk and compliance, business support and treasury services (billing and pricing), and performance and information.
The post holder will be responsible for the completeness and integrity of MPEC's statutory financial statements as a wholly owned commercial subsidiary with its own Board, in addition to financial management and control of MPOC within the Trust's NHS governance framework - bringing together, for the first time, single-point financial leadership and accountability across MP's full operating model.
The post holder is responsible for the quality of service to patients, alongside the quality and timeliness of finance and performance information provided to managers, clinicians, the MP management team, the Trust Executive Team, the MPEC Ltd Board and the Trust Board.
About us
What's in it for You?
At Moorfields, we invest in you--your growth, your wellbeing, your future.You'll join a flexible, supportive organisation offering:
o Competitive salary (including high-cost area supplement)o Membership of the NHS Pension Schemeo 24/7 independent counselling supporto Career-long learning and development opportunitieso Excellent transport connectionso Access to NHS and Blue Light discount schemeso Free Pilates classeso Full support and training to develop your skills
And so much more! To see the full range of benefits we offer please view our Moorfields benefits leaflet.
Job description Job responsibilities
COMMERCIAL & STRATEGIC FINANCIAL LEADERSHIP
Own and lead MP's relationships with private medical insurers (PMIs), acting as the primary finance contact for contract negotiations, tariff schedules, and resolution of billing and payment disputes across both MPOC and MPEC.
Set and own MP's pricing strategy across all payer types self-pay, insurer and embassy benchmarking against cost base and competitor positioning, and bringing proposals for adjustment to the Director of Private Care and SLT for sign-off.
Be accountable for commercial decision-making support to the Director of Private Care and SLT colleagues, leading pricing reviews and shaping negotiations with insurers and other sponsors across both MPOC and MPEC.
Identify, develop and manage commercial partnerships that support MP's growth strategy, including with insurers, embassies, corporate clients, referral networks and other commercial sponsors, ensuring agreements are financially sound and properly governed.
Review all self-pay, insurer and embassy tariffs against cost and competitor pricing and propose adjustments for implementation, ensuring a coherent tariff strategy across both sites.
Be responsible for improving financial awareness, performance, cost effectiveness, efficiency and revenue generation across MP, and for maximising the use of MP's assets, through direct advice and education to non-finance leaders.
Lead on relevant strategic projects, including the production of full business cases for capital investment.
Validate revenue business cases, appraise investment options and confirm resource requirements, ensuring all financial aspects are correct before business cases are presented to the Management Executive, Trust Management Board and/or MPEC Ltd Board.
Identify innovative ways of funding services and developments across MP.
Take a strategic view on budget proposals, advising on the contribution, validity and affordability of plans, and ensuring value for money is secured in the long term.
Develop and maintain Service Level Agreements and commercial contracts with client organisations, insurers, partners and consultant service providers.
As a member of the MP Senior Leadership Team, represent the finance function at senior forums and, where required, at Trust Board and MPEC Ltd Board level, deputising for the Chief Financial Officer or Director of Private Care as needed.
FINANCIAL STRATEGY & PLANNING
In conjunction with the Director of Private Care, define MP's financial strategy, including a five-year (indicative) and annual (detailed) budget for both MPOC and MPEC.
Co-ordinate and manage the annual setting of MP revenue and capital budgets, liaising with the Trust Executive Team, the MPEC Ltd Board and clinicians to ensure organisational objectives are achieved within the agreed financial plan.
Produce reports and returns on financial performance for Trust Board-level discussions and decision-making, for the MPEC Ltd Board, and for external and statutory purposes.
Manage and maintain accurate control records of income, its nature and distribution, across both entities throughout the financial year.
Be responsible for ensuring appropriate planning is undertaken for capital charge requirements, in consultation with the Trust Financial Controller.
Take collective responsibility with the SLT for developing and maintaining a robust and viable five-year financial plan for MP.
FINANCIAL MANAGEMENT, CONTROL & STATUTORY REPORTING
Lead the production of comprehensive, timely and accurate financial management information across MPOC and MPEC, including written analysis of variances and key performance indicators, in accordance with the department's monthly timetable.
Be responsible for the completeness and integrity of MPEC's statutory financial statements, ensuring compliance with Companies Act, tax and other regulatory requirements applicable to a wholly owned commercial subsidiary with its own Board.
Oversee and review the production of monthly management accounts and year-end forecasts for both entities, ensuring a robust audit trail exists throughout.
Lead input into the year-end accounting cycle for both MPOC and MPEC, including analytical review to support the annual accounts, and act as the key point of contact for internal audit (Trust) and external audit (MPEC Ltd).
Assure the completeness and integrity of income, relevant costs and financial risks by reconciliation to source systems for admissions, billing, theatres, drugs and diagnostics, among others.
Be responsible for ensuring internal recharge mechanisms are accurate, up to date and reflect fair usage of any NHS or MP assets.
Be responsible for ensuring appropriate financial policies and procedures are in place to support effective financial management and adherence to Trust Standing Financial Instructions (SFIs) and MPEC's own governance framework.
Be responsible for ensuring strong working relationships are in place with budget holders across both sites.
PERFORMANCE & DECISION SUPPORT
Be responsible for monitoring and improving the processes for financial reporting and recording of activity, ensuring internal and external requirements are achieved.
Be responsible for ensuring appropriate professional advice is provided where required, and that all budget holders are prioritised and met with regularly.
Accurately report and analyse the income position of MP through the amalgamation of activity and cost analysis, enabling a holistic appraisal of MP's performance.
Produce narrative reports identifying the current business position of MP, including activity, finance, staffing, financial forecasting and corrective action plans.
Identify and review the financial information needs of MP; design, facilitate and chair training for non-finance staff to build financial understanding, including on business case processes.
Be recognised as an expert on the links between performance targets and MP's financial performance, advising on the cost and income implications of service changes and changes to contracts and tariff across all payer types.
FINANCIAL OPERATIONS
Lead and manage a comprehensive financial operations function across MPOC and MPEC, including sales invoicing, purchase invoicing and debt management.
Be responsible for the operational financial function of MPEC, including oversight of payroll processing in liaison with HR, the accounts payable function to suppliers, and payment processing onto the ledger system.
Be responsible for handling and processing third-party payments collected on behalf of providers, including monthly consultant payment runs and provision of remittances, and ongoing development of the consultant service charge framework.
Be responsible for credit control, including oversight of the credit position of insurance contracts and embassies, and for maintaining bank reconciliations to ensure parity between accounts and the financial ledger.
Be responsible for the development and review of information systems to support financial reporting across MP and externally, including Compucare 8, SAGE and Excelicare.
Manage relationships with third parties regarding debt management, including insurance companies, embassies and external debt collection agencies.
Be responsible for ensuring compliance with all statutory financial and tax requirements, and for developing policies and guidelines for accounting practice within MP to support such compliance.
Co-ordinate MP's performance and pricing data submissions in line with PHIN (Private Healthcare Information Network) requirements, working with the wider team to ensure a consistent approach.
GOVERNANCE, RISK & COMPLIANCE
Be MP's designated responsible officer for PHIN (Private Healthcare Information Network) compliance, ensuring MP's data submissions, pricing transparency and reporting fully meet PHIN's mandatory requirements across both MPOC and MPEC, and acting as the main point of contact for PHIN on all compliance matters.
As part of the SLT, be accountable for effective financial governance processes across the delivery portfolio, including risk identification, mitigation and escalation.
Be responsible for ensuring compliance with governance, audit and quality assurance requirements across both MPOC and MPEC, recognising the distinct statutory obligations of MPEC as a separate legal entity.
Be responsible for ensuring all financial risks are identified, analysed and managed using available tools, including the Trust's risk management framework, with MP's local risk register maintained and risks escalated to the corporate register as appropriate.
Be responsible for ensuring ongoing compliance with relevant competition and regulatory obligations applicable to private ophthalmology providers (e.g. CMA requirements).
Work with internal and external audit teams to clarify account queries and enable value-for-money audits to be completed within agreed timescales, ensuring all audit report recommendations are responded to and actioned within deadlines.
Person Specification
Education and Qualifications Essential
Educated to degree level, or equivalent professional experience. Qualified member of a CCAB body or CIMA, with significant post-qualification experience operating at a senior finance leadership level. Evidence of recent and relevant Continuing Professional Development (CPD).
Desirable
Professional leadership/management qualification.
Knowledge Essential
Detailed understanding of commercial environments including pricing strategy, private medical insurance and self-pay markets. Knowledge of statutory and regulatory reporting requirements for a subsidiary/commercial legal entity, including Companies Act and tax compliance.
Desirable
Knowledge of PHIN (Private Healthcare Information Network) reporting requirements. Familiarity with integrated financial IT systems (e.g. Compucare 8, SAGE, Excelicare) and advanced skills in MS Excel.
Experience Essential
Substantial experience of working at Head of Finance level or equivalent, including full ownership of a finance function. Experience of providing financial leadership across more than one site and/or more than one legal entity, including consolidated or group-level reporting. Experience of producing and presenting financial results and business cases to Board level, including to a commercial/subsidiary company Board. Experience of private patient care and/or independent healthcare finance.
Desirable
Experience of leading or contributing to due diligence, transactions, or business development activity.
Skills & Abilities Essential
Able to explain highly complex financial issues clearly and concisely to non-finance managers and clinicians. In-depth understanding of financial systems and how best to develop them, to provide a high-quality reporting and analysis function. Highly numerate and analytical advanced report-writing skills. Ability to influence and negotiate with senior managers, clinicians and external partners.
Personal Qualities Essential
Able to work under pressure, managing multiple and sometimes competing priorities, and to plan and prioritise workload effectively.
Disclosure and Barring Service Check This post is subject to the Rehabilitation of Offenders Act (Exceptions Order) 1975 and as such it will be necessary for a submission for Disclosure to be made to the Disclosure and Barring Service (formerly known as CRB) to check for any previous criminal convictions.
Employer details Employer name Moorfields Eye Hospital NHS Foundation Trust
Address City Road
London
EC1V 2PD
United Kingdom
Employer's website https://www.moorfields.nhs.uk/work-for-us (Opens in a new tab)