Job Facility: University of Maryland Medical System
Employment Type: Full Time
What You Will Do:
The The University of Maryland Medical System (UMMS) is currently seeking a Senior Financial Analyst (Decision Support)
Under limited supervision coordinates financial and clinical decision support services. Researches, designs, negotiates and executes financial decision support projects with clinical and administrative staff. Operations include the following areas: Budgeting, Cost Accounting, Clinical Resource Management, Financial Business Planning, and Managed Care Contracting.
Principal Responsibilities and Tasks
The following statements are intended to describe the general nature and level of work being performed by people assigned to this classification. They are not to be construed as an exhaustive list of all job duties performed by personnel so classified.
1. Perform project management/consulting role for the development and implementation of various financial projects with various Finance and UMMS department leadership to properly align resources to complete projects in effective and timely manner.
2. Prepares various reports, surveys and special projects as requested by senior management or for miscellaneous requesting agencies in accordance with departmental procedures.
3. Monitors and assesses procedural, resource, and/or structural changes to the Medical System and collaborate with multi-disciplinary teams throughout the Medical System to effectively institute necessary process changes.
4. Keeps up-to-date with the developments/changes in the field and applicable regulations and procedures affecting hospital finance and regulatory practices. Keeps current on finance information system updates and enhancements.
Specialization in Clinical Analysis
1. Ensures clinical analyst data quality and integrity.
2. Develops, implements, and maintains executive reporting tool in coordination with the Intranet Committee.
3. Conducts specific financial assessments and outcomes to include profitability analysis of hospital product lines, and supports the development of clinical and surgical pathways with the Department of Clinical Effectiveness.
4. Responsible for creating and maintaining all levels of documentation required to utilize, maximize, and audit decision support clinical analyst data.
5. Responsible for networking with HBOC and other decision support users to insure that the system is being maximized.
6. Responsible for the coordination with other UMMC departments to insure that decision support data is either unaffected or modified to accommodate institutional and systems changes.
7. Responsible for participating in and supplying any data needed for regulatory compliance (HIPAA).
Specialization in Business Development and Operating Support
1. Performs complex financial evaluations of new programs/ventures, including assessment of volume, reimbursement, payor mix, operating costs, working capital needs, capital requirements and the financial structure in accordance with departmental policies and procedures.
2. Prepares and/or validates assumptions, complex calculations, schedules and other documentation in developing the Medical Centers annual capital and operating budgets in accordance with generally accepted accounting principles (GAAP) and departmental procedures.
3. Communicates with various departments in order to resolve various budget-related financial problems and procedures. Assists manager/analyst in understanding variances from budget and assists in documenting new issues that impact the current and future budget development.
4. Assist in the management and development of multi-year budgets.
Specialization in Cost Accounting
1. Maintains cost accounting methodology and ensures that changes in financial operations are accurately accounted for.
2. Facilitates the production and distribution of the decision support clinical services profitability statements and other Medical Center analyses.
3. Communicates with departments and clinical services on questions and issues surrounding cost accounting analyses.
4. Designs and produces financial reports to meet the decision-making needs of senior management.
Specialization in Strategic Financial Planning and Subsidiary Ventures
1. Prepares and/or validates assumptions, complex calculations, schedules and other documentation in developing the Medical Centers and Medical Systems annual capital and operating budgets in accordance with generally accepted accounting principles (GAAP) and departmental procedures
2. Development of long-term financial forecasts that incorporate the changes in patient service activity, the reimbursement environment, payor mix, operating costs, capital financing structure and overall capital requirements primarily utilizing the ENUFF model.
3. Maintains the Medical System’s strategic capital plan and determines how these capital issues will affect the long-range financial forecast. Produces regular updates of this document for internal use.
4. Reports and maintains external and internal benchmarking indicators.
What You Need to Be Successful:
1. Bachelor’s degree in Finance, Accounting or a related field is required. Decision support experience may be substituted for education.
2. Five (5) years progressively responsible financial planning, financial analysis, budgeting, managed care or accounting experience.
3. Healthcare-related finance background is preferred.
Knowledge, Skills and Abilities
1. Extensive multi-specialization working knowledge of the PDS System and how it relates to at least three of the following specialty areas: Clinical Analysis, Business Development, Budget Analysis, Strategic Financial Planning & Subsidiary Ventures, Cost Accounting, or Managed Care.
2. Working knowledge of the Pathways Decision Support system and its application to several operations of decision support. Extensive working knowledge of financial data and systems as well as strong communication and organizations skills.
3. Ability to motivate and tactfully guide management and co-workers while maintaining required degree of confidentiality and purpose.
4. Ability to address groups of various sizes, discuss/debate alternatives with other professionals and/or arbitrate differences of opinion and/or focus.
5. Ability to judge the level of confidentiality of information / activities involved in and exhibit integrity in use of dissemination of such information.
6. Expert knowledge of spreadsheets (i.e. Microsoft Excel), databases (i.e., Microsoft Access), word processing programs (i.e., Microsoft Word), graphic/specialty and other finance-related software programs. Ability to teach others and act as a department resource of expertise. Ability to develop and evaluate complex financial data via use of computer analysis.
7. Excellent organization and problem-solving skills and team leadership skills are required to develop and implement efficient work processes. Ability to work in a stressful environment. Ability to work effectively in a matrix work environment.