Description:
The purpose of the position is to provide administrative review and direction to the following financial functions: Strategic financial planning including the annual budget process, financial reporting, physician compensation and productivity reporting, and all other financial initiatives for the assigned medical group. Ensures compliance with policies and with governmental and other regulations related to Finance.
Essential Job Functions
- Demonstrates leadership competencies as appropriate to the position.
- Establishes and maintains the system of internal accounting controls for areas within the Directors control.
- Manages, supervises and orchestrates budgeting activities for assigned medical group – ensures timely and accurate assembly of budgets to meet deadlines. This includes assisting VP Finance in reviewing budgets.
- Manage and supervises the medical group physician compensation plans including ensuring accuracy and timeliness. This activity includes the review and submission of the monthly, quarterly and annual bonuses to Compliance and payroll as dictated by policy.
- Manage and assist in the creation and submission of monthly, quarterly and annual physician productivity/bonus report to providers. Assist staff and VP Finance in the distribution and dissemination of the reports to ensure each provider receives adequate guidance on their progress.
- Manages and leads activities to assist in strategic planning process for assigned medical group including participating and assistance in capital planning and overall growth planning.
- Manages and supervises the proforma and forecasting process for assigned medical group to insure accuracy, consistency and reasonableness. Also, ensures timely completion of the proformas and facilitates review of proformas with appropriate senior management including VP Finance or CFO.
- Leads the evaluation and improvement of processes used to generate financial analysis in response to the needs of the organization. This includes the identification of customers, customers’ key quality characteristics and the processes utilized to satisfy customer needs.
- Leads financial analysis activities related to month end and year end close for assigned medical group.
- Assists VP Finance and helps lead activities to promote physician financial acumen to foster solid understanding to achieve annual individual productivity targets as well as clinic annual budget targets.
- Leads the evaluation and improvement of operational processes used to improve operating margin for assigned medical group.
- Directs the analysis of facility specific revenue, payor mix, payor utilization and other key indicators through the use of external sources, including Decision Support and Business Office systems.
- Directs and manages activities to create management reporting to required boards related to assigned medical group results and activities
- Provides administrative oversight of financial systems including budget, strategic planning and financial reporting systems.
- Serves as a member of the senior operating team to oversee and provide guidance on all financial areas within assigned medical group;
- Provides support to all other leadership on specific finance and related issues.
- Provides financial analysis of existing and proposed services.
REQUIRED:
- Work requires a Masters Degree in Accounting or Business Administration or Certificate of Public Accounting.
- Requires previous work experience and knowledge of accounting theory, generally accepted accounting principles, financial analysis, business law and statistics.
- Requires previous work experience and knowledge of business and health insurance.
- Work requires seven to ten years of progressively responsible work experience, including healthcare financial management and external financial reporting.
- Requires extensive knowledge of healthcare reimbursement and payor rules and regulations.
- Requires experience in managing financial analysis and budgeting activities for large medical groups with a least 300 physicians.
- Requires previous work experience demonstrating a high level of problem-solving skills necessary in order to develop and implement new systems or processes; writing proposals and reports; and, presenting information to groups and individuals.