Location: Burlington, MA
Job ID: 171671-1A
Date Posted: Nov 22, 2021
Welcome to Lahey Hospital & Medical Center, part of Beth Israel Lahey Health. Lahey Hospital & Medical Center is a world-renowned tertiary medical center known for its innovative technology, pioneering medical treatment and leading-edge research. A teaching hospital of Tufts University School of Medicine, the hospital provides quality health care in virtually every specialty and subspecialty, from primary care to cancer diagnosis and treatment to kidney and liver transplantation. It is a national leader in a number of health care areas, including stroke, weight management and lung screenings, among many others. Lahey also helps to advance medicine through research and the education of tomorrow's health care leaders.
About the Job
The Pharmacy Finance and Budget Manager, reporting to the Director- Pharmacy Services will oversee all areas relating to revenue cycle compliance and management for Lahey Hospital and Medical Center Burlington. This position will work collaboratively as a member of the Pharmacy Leadership team to facilitate the integration, management and data needs for Pharmacy services. Works collaboratively with others to assist in strategic planning and project management for departmental initiatives. Conducts programmatic analysis for all existing and new services in the department. Oversees development and ongoing monitoring of departmental budgets, charge masters, billing, audits, purchases and preparation of variance reports. Provides recommendations to reduce expenses and grow revenue.
Essential Duties & Responsibilities including but not limited to:
1. Prepares business plans for all new pharmacy business and program ventures. 2. Provides oversight for billing and reimbursement activities within the department and across the Lahey legacy sites to ensure effective financial control, limit expenses and maximize revenue. 3. Work with pharmacy leadership in the preparation of capital budget requests. 4. Produces and maintains capital budget reports to be utilized as a reference throughout the fiscal years. 5. Provides direction for the development and implementation of new programs, services and pharmaceuticals. 6. Works with all Pharmacy Leadership Team members to prepare annual personnel, supply, and pharmaceutical expense budgets for the pharmacy department, including effective forecasting through analysis of external and internal information. 7. Work with pharmacy leadership in the preparation of statistical volume, operating revenue, drug inflation projections, and expense calculations. Assures accurate and complete cost center submissions. 8. Identifies and monitors for cost reduction and revenue enhancement opportunities. 9. Performs various financial analysis and modeling for department. This includes but is not limited to budget savings initiatives and evaluations of new and existing programs. 10. Provides oversight for the monitoring of monthly budget and explanation of variances. 11. Collaborates with Manager of Purchasing and Contracting with contracting, including negotiations. 12. Provide indirect oversight of pharmacy inventory processes to ensure accurate valuation and optimal inventory turn rates. 13. Provide rigorous tracking of high cost medications and provide analysis so that stakeholders can understand the flow of dollars in the department. 14. Provide global analysis and oversight of departmental financial performance (i.e. creation of budget summary information, review of financial statements), processing of invoices, monitoring of purchasing contract compliance, pharmacy billing compliance and charge master maintenance. 15. Work with Director/Chief Pharmacy Officer/Finance liaison to represent the pharmacy department on all internal and external audits related to pharmacy business. 16. Additional responsibilities as assigned by the Director of Pharmacy Services/Chief Pharmacy Officer.
Maintain strict adherence to the Lahey Hospital and Medical Center Confidentiality policy. Incorporate Lahey Hospital and Medical Center Standards of Behavior and Guiding Principles into daily activities Comply with all Lahey Hospital and Medical Center Policies
Maintain strict adherence to the Lahey Hospital and Medical Center Confidentiality policy. Incorporate Lahey Hospital and Medical Center Standards of Behavior and Guiding Principles into daily activities Comply with all Lahey Hospital and Medi Comply with behavioral expectations of the department and Lahey Hospital and Medical Center. Maintain courteous and effective interactions with colleagues and patients. Demonstrate an understanding of the job description, performance expectations, and competency assessment. Demonstrate a commitment toward meeting and exceeding the needs of our customers and consistently adheres to Customer Service standards. Participate in departmental and/or interdepartmental quality improvement activities. Participate in and successfully completes Mandatory Education. Perform all other duties as needed or directed to meet the needs of the department.
Education: BS in Finance or related field
Licensure, Certification & Registration: none
Experience: Minimum of three years of health system experience finance/pharmacy experience
Skills, Knowledge & Abilities: · A general proficiency in and understanding of health system pharmacy operations · Ability to perform sophisticated business analyses of data with the capability of designing and preparing extensive financial reports. · Knowledge of related accreditation and certification requirements. · Ability to design and implement systems necessary to collect, maintain and analyze data. · Experience in contract development and negotiation. · Knowledge of clinical operations and procedures. · Ability to analyze complex problems, formulates sound solutions, secures approvals from key stakeholders and implements such solutions. · Skill in the use of personal computers and related software applications. · Understands the principles of Driving the Business. · Possesses skills in empowering the employees to practice teamwork and Lahey Guiding Principles.
1 Director of Pharmacy and other managers Department strategic planning
2 Supervisors Department strategic planning, Day to Day management
4 Inpatient Pharmacists/Technicians Oversight of daily activities
5 Healthcare team members Partner to assist with system and institutional initiatives
Work Schedule: Indicate either Yes or No as appropriate. Hours of work may be subject to change based upon the needs of the business/department.
On Call: Yes Shift Rotation: No Weekends:
Beth Israel Lahey Health is dedicated to improving health and wellness and making a difference in the lives of our patients, their families and all members of the communities we serve. Formed in March 2019, Beth Israel Lahey Health is a patient-centered, integrated care delivery system providing a continuum of services spanning academic, tertiary and community hospitals, dedicated orthopedic and psychiatric hospitals, primary and specialty care, community acute care, ambulatory care, behavioral services and home health. Beth Israel Lahey Health Performance Network is a unified joint contracting and population health management organization, jointly governed by participating physicians and hospitals.
Equal Opportunity Employer/Minorities/Females/Disabled/Veterans.