Finance Other - Baystate Health
Category(s): Finance, Finance Other
Full Time / Part Time: Full-Time
The Senior Financial Analyst is responsible for the preparation of financial analyses which assists leaders in determining the expected financial performance with an emphasis on the entire continuum of care.
The Senior Financial Analyst is responsible for monitoring and analyzing their assigned clinical service lines and working proactively to identify and resolve issues arising in both unfavorable net revenue and cost positions. The Senior Analyst will participate in Medical Management/Performance Improvement Committees for their service lines as requested by service line and Division of Healthcare Quality (DHQ) leadership.
In preparing financial performance for new programs the Senior Financial Analyst works with hospital and physician leaders and others to determine underlying assumptions and obtain the specific information which will be needed to complete each analysis. They will evaluate the information for reasonableness and are expect to challenge any assumption that is not appropriate
The incumbent will exhibit expertise in the use of the reporting capabilities of the decision support system (currently McKesson Horizon Performance Manager – HPM) and will collaborate with the decision support team to analyze service line financial performance and resolve any issues identified.
The position will require support to and involvement in the timely quarterly updates and maintenance of the cost accounting and reimbursement modeling functions in the Baystate Health Decision Support System (DSS). The incumbent may be responsible for any of the BH entities currently implemented – BMC, FMC, MLH, BWH, BMP, and planned BNH.
In order to analyze financial implications and make appropriate recommendations the Senior Financial Analyst must remain abreast of current financial issues in healthcare including payment systems/reimbursement, managed care, and financial management techniques. They will also be expected to have knowledge of the process of care and basic knowledge of clinical technology for their service lines.
1) The Senior Financial Analyst will work with management and their teams by assisting in the evaluation of the financial viability of new and existing services, programs, and service lines. The senior analyst typically works on less complex clinical service lines as determined by the Director. Develop reports and other tools that will enable service line leaders to better manage their areas of responsibility. Assist in presentations as deemed appropriate.
2) Actively participate in the development of the financial portions of new program business plans including providing assistance in the preparation of capital budgets. The Senior Analyst works with clinical management and others to determine underlying assumptions and the specific information which will be needed to complete each analysis.
3) Use the HPM decision support system (or its replacement) to prepare service line, program, and payor profitability analyses. Work collaboratively with the decision support team to resolve cost accounting related issues including reviews of overhead allocations and RVU costing assumptions and net revenue modeling.
4) Work collaboratively with personnel from other areas of Finance and other support areas such as Strategic and Program Planning to provide financial support to assigned projects.
5) Participate in educational efforts for service line leaders and other users of DSS reports to include education about reimbursement and cost accounting information modeled in the system. Provide education to clinical leaders on the reporting capabilities of HPM and HBI.
6) Attend other meetings to communicate with key contacts. Serve on committees and participate in multi-disciplinary teams as necessary.
7) In order to analyze financial implications and make appropriate recommendations the Senior Financial Analyst must remain abreast of current financial issues in healthcare including payment systems/reimbursement, managed care, and financial analysis techniques. This will be accomplished through participation in professional development seminars and conferences both internal and external to the Health System.
8) Interface and maintain professional relationships with all levels of management and staff of other departments and divisions within the Health System.
9) Maintain knowledge of and utilize business technology as required to perform all functions of the position.
10) Incumbent is expected to perform other similar and related duties as assigned.
Management has the right to change or add to the job responsibilities at any time.
11) Follow Departmental standards and guidelines; develop and communicate schedules for the completion of projects.
Required Work Experience:
1) 5 plus years in progressive work experience in healthcare finance, which an emphasis on teamwork and detailed analysis
Preferred Work Experience:
1) Previous experience in hospital payment systems, cost accounting, decision support, clinical financial analysis or related field preferred
Skills and Competencies:
1) Must be able to work independently as well as be a contributing team member to a variety of interdisciplinary teams
2) Strong interpersonal skills and a desire to provide a high level of customer service are required as the position involves significant interaction with a variety of clinical and financial representatives
3) Excellent oral and written communication skills are essential
4) Experience in Microsoft Office, including EXCEL, POWERPOINT and WORD and other business software applications
You Belong At Baystate
At Baystate Health we know that treating one another with dignity and equity is what elevates respect for our patients and staff. It makes us not just an organization, but also a community where you belong. It is how we advance the care and enhance the lives of all people.
DIVERSE TEAMS. DIVERSE PATIENTS. DIVERSE LOCATIONS.
Bachelor of Science: Accounting (Required), Master of Science
Certified Public Accountant – Other
Equal Employment Opportunity Employer
Baystate Health is an Equal Opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, marital status, national origin, ancestry, age, genetic information, disability, or protected veteran status.