Director, Financial Reporting

Medica•Minnetonka, MN

22h•Hybrid

About The Position

The Financial Reporting Director is responsible for the review, and delivery of audited GAAP and STAT financial statements for a health insurance organization. This role leads regulatory and statutory reporting for health plans, ensures compliance with NAIC and state department of insurance requirements, researches and implements new GAAP and STAT accounting guidance, and supports financial reporting design and execution within the Workday ERP environment. The position partners closely with actuarial, finance, and compliance teams and plays a key role in external audits and regulatory filings.

Requirements

Bachelor’s degree in Accounting, Finance, or related field; CPA strongly preferred.
10+ years of progressive accounting and financial reporting experience, with health insurance and STAT reporting experience preferred
3-5 Years direct management experience
Strong knowledge of US GAAP and Statutory Accounting Principles (SAP)
Experience preparing and reviewing audited financial statements and statutory filings
ERP experience required; Workday Financial Management experience preferred.
Strong analytical skills, attention to detail, and ability to manage multiple deadlines.
Excellent written and verbal communication skills, including the ability to explain complex accounting concepts to non-accounting partners.
All candidates must be legally authorized to work in the United States at the time of application.
Employment is contingent on verification of identity and eligibility to work in the United States.

Nice To Haves

Experience supporting ERP implementations or major finance system transformations.
Familiarity with health-specific reporting concepts such as claims reserves, IBNR, MLR, and risk adjustment.
Proactive, collaborative mindset with strong project management capabilities.

Responsibilities

Prepare, review, and analyze monthly, quarterly, and annual GAAP and STAT financial statements for Medica Holding Company and subsidiaries
Develop best practices and efficiencies in reporting
Own the preparation and submission of quarterly and annual NAIC statutory filings (e.g., Health Annual Statement, quarterly blanks, MLR, and related schedules).
Ensure compliance with GAAP, Statutory Accounting Principles (SSAPs), NAIC guidance, and state regulatory requirements.
Optimize reporting processes and consistency across all entities
Review balance sheet and income statement fluctuations, with particular focus on such as premiums, medical claims, IBNR, capitation, risk adjustment, and premium deficiency reserves.
Serve as the primary finance contact for annual GAAP and STAT audits, managing audit schedules, requests, and responses.
Coordinate with regulators, auditors, and internal stakeholders on filing requirements, adjustments, and interpretations.
Monitor, interpret, and research new or amended GAAP and STAT accounting standards.
Assess accounting implications related to health-specific matters such as medical loss ratio (MLR), reinsurance, risk adjustment, premium recognition, and claim reserves.
Draft and maintain technical accounting memoranda, policy documentation, and internal accounting guidance.
Partner with Accounting, IT, and project teams during Workday ERP implementation, enhancements, and reporting optimization.
Ensure Workday financial outputs align with regulatory, statutory, and management reporting requirements.
Identify opportunities for automation, standardization, and improved controls within the reporting process.
Partner closely with actuarial, financial planning and analysis, internal audit and compliance teams to ensure consistent and accurate reporting
Lead, coach and develop team members
Support special projects, regulatory initiatives, and ad hoc financial analyses.