Business Manager

Stanford Health Care•Newark, NJ

8d•$63 - $83•Onsite

About The Position

The Business Manager manages the day-to-day financial and business operational activities of the department. Responsibilities include budgeting, forecasting, accounting, long-range planning, pricing, negotiation of contracts, productivity analysis and revenue management.

Requirements

Bachelor’s degree in a work-related field/discipline from an accredited college or university.
Five years of progressively responsible and directly related work experience.
Knowledge of financial systems, including operations, budgeting and analysis, statistics, and forecasting and modeling.
Knowledge of principles and practices of organization, administration, fiscal and personnel management.
Knowledge of financial and operational management information systems.
Knowledge of local, state and federal regulatory requirement related to the functional area.
Ability to develop and administer departmental budgets.
Ability to identify the need for and to pursue interdepartmental process improvement to maximize financial outcomes.
Ability to develop, write, analyze and present business plans, proposals, contracts and financial analysis reports.
Ability to use sophisticated conceptual, numerical, analytical and statistical skills to solve complex, unique financial problems.
Ability to provide leadership and influence others.
Ability to foster effective working relationships and build consensus.
Ability to mediate and resolve complex problems and issues.
Ability to develop long-range business plans and strategy.
Strong decision making, problem solving, project management, analytical, interpersonal, negotiation, and collaboration skills.

Responsibilities

Plans, develops, and implements annual operating and capital budgets for the service line.
Monitors all expenditures to ensure adherence and compliance with budget, projected spending trends, controls expenditures and ensures cost effective operations within the department; completes variance reports and suggests/implements corrective action to resolve budget variances.
Develops and implements strategies to maximize revenue for the service line while maintaining regulatory compliance.
Assists in the identification and implementation of cost reduction activities for the service line; assesses continuously the financial viability of existing programs and practice patterns, and develop methods to optimize practices and resources.
Performs historical data analysis of past and current years for budget preparation and funding request justification.
Works closely with Finance on long range financial planning (LRFP) and benchmarking for the department and helps interprets LRFP into a plan of action.
Monitors key financial indicators to proactively address financial matters and assist with strategic planning.
Establishes structures to monitor variances and track financial trends including revenue and labor expenses; provides ad hoc reporting for business questions that arise regarding volume, cost, performance and profitability of the department.
Analyzes financial implications and impacts of proposed and existing programs.
Recommends improvements in systems and processes that enhance efficiency and reduce costs within the department and throughout the organization.
Analyzes, prepares and makes recommendations on business plans for new services and programs aimed at promoting and expanding the department activities.
Works closely with Director for the development and implementation of strategic initiatives focused on identifying and pursuing opportunities to improve the profitability and market share of the department.
Supervises development of comprehensive business plans and program initiatives to support department goals including financial impact and feasibility.
Assists in translation of business plans into operational reality.
Evaluates feasibility of equipment purchase and reviews contracts for purchase of equipment to ensure consistency with Department expectations regarding financial benefit and other budgetary issues; recommends and participates in selecting outside sources for needed services; negotiates with vendors regarding contracts for equipment maintenance and repair.
Works closely with Finance to ensure operational elements of revenue management including tracking, collecting and recovering revenue; ensures that financial controls are in place to minimize possibility of revenue loss.
Sets up audit mechanisms to track charge master and revenue management within department.
Monitors and ensures proper accounting of service line expenditures.
Prepares monthly financial, clinical, benchmarking reports for internal and external purposes.
Oversees expenditures to ensure appropriate use of hospital funds; oversees the favorable negotiation and implementation of contracts with outside parties for products and services.
Perform other duties as assigned