When you join the growing BILH team, you're not just taking a job, you're making a difference in people's lives.
The Finance Manager must have an in-depth understanding of the business environment and an interest in going beyond the obvious, delving into the source, finding insights, and turning those insights into a story to drive impact and better decision-making.
Finance Manager II is responsible for:
The accurate budgeting and reporting of profit and loss statements and all financial reports for the Department/Division.
Revenue cycle operations and reporting
Working with individual service lines and physicians to analyze divisional profit and loss statements and improve performance at an individual practice level.
The proper preparation of physician compensation and allocation models; Measures operational performance of the divisions and identifies opportunities, and assists in the implementation of any enhancements.
Internal control processes. Coordinates and manages financial information between HMFP and BIDMC budget and finance departments.
Coordinating financial planning and analyses for program and business development activities within clinical, research, and academic areas.
Coordinating finance and operational teams to accomplish the above.
Creates revenue and budget projections based on the annual capital and operating budget goals.
Manages various aspects of the accounting function, including general ledger, accounts payable, purchasing, billing, inventory, and payroll.
Job Description:
Essential Responsibilities:
Overall responsibility for the timely preparation of the annual financial budget, including revenue, operating expense, capital budget, and cash flow plans for the department.
Manages the review, approval, and processing of invoices, reimbursements, and other payments in accordance with BIDMC and HMFP policies and practices.
Creates and implements internal financial control systems, including designing worksheets, establishing financial databases, and developing custom reports to coordinate expenditure records and ensure that charges against units are accurate, applicable, not duplicated, and not over budget.
Ensure that finance functions operate to meet monthly and quarterly reporting requirements needed to support the practices and HMFP and BIDMC fiscal reporting requirements. Provides oversight and direction on a business unit, service line, and physician level basis. Responsible for the monthly variance reporting and re-forecasting of the groups.
Work with senior leadership to coordinate information requests, problem identification, and problem resolution, to help ensure that departmental billing operation complies with all established policies and procedures.
Create, manage, and provide continual feedback tothe Department Chairman or Division Chief, CAO or Director, and Practice Management to assure optimal revenue cycle performance. Ensures that all information provided to revenue operations is accurate and timely to meet obligations. Interacts with HMFP and AR company on a regular basis, and identifies opportunities and mechanisms to improve financial outcomes as appropriate.
Develop physician and site-level budgets based on the overall plans of the organization.
Perform accounting activities in conjunction with HMFP and BIDMC finance departments to ensure accurate monthly application of revenue and expense. Complete, as needed, all transactions to ensure appropriate physician compensation.
With CAO/Director direction, preparing business plans and financial impact analysis for new programs, change in physicians, staff, etc. Identifies risks and opportunities, understanding base assumptions for the strategic growth of the departments.
Translate information from budget, accounting, and analytic processes into effective communication tools for multiple audiences, including senior leadership and physicians.
Responsible for financial analysis and recommendations for cost-effective operations and improvements.
Manage revenue control and cash reconciliation.
Has the authority to direct and support employees daily work activities. Has the direct responsibility to undertake the following employment actions: hiring, termination, corrective action, and performance reviews. Direct Reports: 2-3 Indirect Reports: None
Perform all other duties as assigned.
Required Qualifications:
Bachelor's degree required. Master's degree in Business Administration or related field and/or CPA preferred.
5-8 years related work experience in healthcare and business environment required and 0-1 years supervisory/management experience required
Previous experience with budgeting, financial analysis and modeling, and reimbursement.
Previous financial operations management required.
Exhibits exceptional judgment and discretion in interacting with physicians and senior management on sensitive political and confidential issues.
Must be extremely well organized to handle multiple tasks simultaneously under sometimes tight deadlines.
Advanced skills with Microsoft applications which may include Outlook, Word, Excel, PowerPoint or Access and other web-based applications. May produce complex documents, perform analysis and maintain databases.
Preferred Qualifications:
1-2 years of supervisory/management experience.
Competencies:
Decision Making: Ability to make decisions that are guided by general instructions and practices requiring some interpretation. May make recommendations for solving problems of moderate complexity and importance.
Problem Solving: Ability to address problems that are varied, requiring analysis or interpretation of the situation using direct observation, knowledge, and skills based on general precedents.
Independence of Action: Ability to set goals and priorities for the functional area. May make recommendations for department policies, practices, and programs. Manager or Director provides broad guidance and overall direction.
Written Communications: Ability to communicate clearly and effectively in written English with internal and external customers.
Oral Communications: Ability to comprehend and communicate complex verbal information in English to medical center staff, patients, families, and external customers.
Knowledge: Ability to demonstrate full working knowledge of standard concepts, practices, procedures, and policies with the ability to use them in varied situations.
Team Work: Ability to act as a team leader for small projects or work groups, creating a collaborative and respectful team environment and improving workflows. Results may impact the operations of one or more departments.
Customer Service: Ability to provide a high level of customer service and staff training to meet customer service standards and expectations for the assigned unit(s). Resolves service issues in the assigned unit(s) in a timely and respectful manner.
Physical Nature of the Job:
Light work: Exerting up to 20 pounds of force frequently to move objects. Some elements of the job are sedentary, but the employee will be required to stand for periods of time or move throughout the hospital campus
Pay Range:
$130,000.00 USD - $159,994.00 USD
The pay range listed for this position is the annual base salary range the organization reasonably and in good faith expects to pay for this position at this time. Actual compensation is determined based on several factors, that may include seniority, education, training, relevant experience, relevant certifications, geography of work location, job responsibilities, or other applicable factors permissible by law.
As a health care organization, we have a responsibility to do everything in our power to care for and protect our patients, our colleagues and our communities. Beth Israel Lahey Health requires that all staff be vaccinated against influenza (flu) as a condition of employment.
More than 35,000 people working together. Nurses, doctors, technicians, therapists, researchers, teachers and more, making a difference in patients' lives. Your skill and compassion can make us even stronger.
Equal Opportunity Employer/Veterans/Disabled
