Senior Financial Analyst - Physician Services

Location: Winchester, MA
Job ID: 159013-1A
Date Posted: Dec 12, 2019
Category: Professional

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Job Description

Welcome To

Welcome to Winchester Hospital, part of Beth Israel Lahey Health. Winchester Hospital was the first hospital in Massachusetts to earn Magnet recognition, the American Nurses Association’s highest honor for nursing excellence, three times. It has since received the recognition a fourth time. As the northwest suburban Boston area’s leading provider of comprehensive health care services, the 229-bed facility provides care in general, bariatric and vascular surgery, orthopedics, pediatrics, cardiology, pulmonary medicine, oncology, gastroenterology, rehabilitation, radiation oncology, pain management, obstetrics/gynecology and a Level IIB Special Care Nursery.

 

About the Job

GENERAL SUMMARY:  Responsible for providing budgetary development, financial management, analytical support and business plan development to Physician Services Department.  Develops business proformas, including revenue and expense budgets and cash flow analysis.  Responsible for managing the development of business plans for new business, including data gathering, annual projections and summary presentations.  Coordinates production of monthly financial and statistical analysis and reports based on contractual arrangements.  Develops, prepares and recommends operating and capital budgets for physician practice management.  Responsible for annual tracking and oversight of revenue and expense budgets, explanation of variances, recognizing areas of concern and developing action plans to manage annual budget variances.  In conjunction with the Billing Manager, oversees the day today functioning of billing system, including file maintenance, revenue management and defining user access.

 

PRINCIPAL FUNCTIONS:

 

  1. Exemplifies Winchester Hospital’s values and Service Excellence standards.  Commits to making every encounter with our patients, patients’ family, co-workers, physicians and other customers the best that it can be.

 

  1. Complies with all Hospital policies and the Code of Business Conduct.  Takes responsibility for own safety as well as the safety of patients, patients’ family, co-workers, physicians and other customers.

 

  1. Understands and interprets lease and employment agreements, including physician compensation agreements.  Incorporates contractual information to generate business plan projections and proformas to be used in contract negotiations.  Uses knowledge to properly budget expenses and to ensure accurate financial reporting.

 

  1. Maintains knowledge base needed to enhance understanding of managed care contracting and physician related issues.  Provides administrative support as needed for risk contracts.  Interprets impact to WPA physician practices and assists in proposing and implementing changes.  Identifies areas of concern for WPA at the physician level and analyzes and communicates those areas, including development of a recommended action plan for improvement.

 

  1. Acts as liaison between Physician Services and IPA regarding managed care issues, including managed care contract status and fee schedule management.

 

  1. Develops, updates, tracks, and analyzes financial and statistical performance for physician practices to ensure accuracy.  Analyzes financial reports generated by Finance Department and Physician Services analytic staff to ensure revenue and expense accuracy.  Ensures that all financial reporting variances are explained.

 

  1. Acts as a liaison between Physician Services and Physicians responsible to obtaining data to facilitate financial reporting, manage the budget process and develop business plans.  Must be able to communicate well with Physicians and will be responsible for open lines of communication with Physicians during the above processes.  

 

  1. Acts as a liaison between Physician Services and Finance to ensure accurate accounting for all WPA cost centers, including monthly revenue accounts, expense accruals, annual capital budget management, and depreciation schedule maintenance.

 

  1. Monitors progress of other analytic staff to ensure quality production of monthly reporting.  Assists Associate Director in training all new analytic staff, including identifying possible training needs and providing guidance as needed.  Responsible for ensuring accuracy and works with other analytic staff to develop methods to continuously improve accuracy and develop new reporting methods. 

 

  1. Manages the annual WPA budget process, including development, implementation and oversight of annual budgets for all WPA practices, working closely with Associate Director of Physician Services and Finance Department to ensure budgets meet department and organizational goals.  Also works closely with Operation Managers, Physicians and Practice Coordinators to incorporate upcoming changes into the annual budget.  Monitors budgets to ensure accuracy during the year.  Uses information to develop tools to better project annual financial performance.

 

11.       Responsible for development of comprehensive business plans and various financial       analyses, including detailed assumptions used in revenue and expense budgets, cash flow analysis, and ROIs.  Includes attending physician meetings in order to obtain necessary data to complete development and using benchmarking to validate results.

 

12.       Produces written summaries of business plan proformas, including pros and cons and recommendations.  Able to present recommendations to Physicians and Senior Management.   

 

  1. Participates in goal development and achievement for both WPA and new business development performance.

 

14.       Reviews, evaluates, and benchmarks financial, statistical, and expense information to make recommendations for improvements and opportunities for physician practices.

 

15.       Assists with maintenance of the Athenanet system, including acting as a secondary “System Administrator” in conjunction with the Physicians’ Billing Service Manager.  Responsible for maintaining a working knowledge of Athenanet system changes and issues and assists PBS Manager with resolving those issues.

 

16.       Participates in the following:

            a.  Mandatory training requirements as per hospital/unit policies

            b.  Continuing education/inservices to enhance knowledge

            c.  Staff meetings

      d.  Performance improvement initiatives

      e.  Orientation of new staff, students and/or volunteers.

 

KNOWLEDGE, SKILLS, AND ABILITIES:  

 

  1. Bachelors of Science Degree in Business Administration or equivalent experience required.
  2. At least five years experience with financial analysis, reporting, budget preparation and management preferred.
  3. Experience developing business plans and budgetary reports.
  4. Work requires expertise in Excel and ability to prepare complex spreadsheets and produce graphs.
  5. Must be able to work closely with Physicians and other Management staff.
  6. Work requires strong verbal and written communication skills.
  7. Work requires strong organizational skills, ability to prioritize reporting needs and meet deadlines.

 

LICENSE, CERTIFICATION REQUIRED:  None Required

 

LIFE SUPPORT CERTIFICATION REQUIRED:  None Required

 

AGE SPECIFIC REQUIREMENTS:  Not Applicable

 

PHYSICAL, MENTAL AND VISUAL REQUIREMENTS:  

 

  1. Ability to communicate orally and in writing.
  2. Ability to analyze and interpret complex data, prepare comprehensive reports and present reports.
  3. Requires extensive use of computer and telephone.
  4. Ability to proofread documents and check for accuracy.
  5. Must be proficient in Excel and after employment, in using the Athenanet System.

 

OSHA EXPOSURE:   Job does not involve possible exposure to blood, body fluids or tissues.

 

REPORTING RELATIONSHIP AND SUPERVISORY RESPONSIBILITY:

 

  1. Reports to Associate Director of Physician Services.
  2. Not responsible for supervising the work of others.

Shift

Full time, 40 hours

About Us

Beth Israel Lahey Health is an integrated system providing patients with better care wherever they are. Care informed by world-class research and education. We are doctors and nurses, technicians and social workers, innovators and educators, and so many others. All with a shared vision for what healthcare can and should be. We are committed to attracting, developing and retaining top talent. We strive to create a diverse and inclusive workplace that reflects the communities in which we work and serve. With a team approach to care, we encourage learning and growth at all levels and offer competitive salaries and benefits.

Equal Opportunity Employer/Minorities/Females/Disabled/Veterans.