Faculty Compensation Analyst Sr
About The Position
The Faculty Compensation Analyst, Sr will support the Lurie Children’s Medical Group (LCMG) Director, Faculty Compensation Administration, LCMG Sr. Director, and Chief Administrative Officer (CAO) in the oversight and administration of faculty compensation plan execution for each of LCMG’s seven Operating Units. This role supports projects impacting areas of compensation design, benchmarking and faculty and provider productivity, partnering with Department Leaders, administrative leadership, finance, legal services, and human resources. Other responsibilities include monitoring KPIs, evaluating opportunities and making recommendations for improvement, supporting new projects workflows and improving faculty and provider recruitment and retention strategies. This role will also support the annual budgeting process and support other projects and new programs from development to implementation in a multitude of ways to support the operations and financial success of LCMG.
Requirements
- Bachelor’s degree in Business, Finance, Healthcare Administration, or a related field.
- two or more years of experience in faculty compensation planning or administration, business analytics, financial modeling or healthcare operations, with a focus on data-informed decision-making.
- Experience working with physicians and physician leadership preferred.
- Demonstrated understanding of faculty practice compensation operations in an academic medical center.
- Advanced proficiency in Microsoft Excel and PowerPoint required (advanced functions, pivot tables, and data visualization) and other analytics tools such as Power BI or Tableau.
- Strong analytical and problem-solving skills with demonstrated ability to create financial models and perform complex analyses.
- Excellent communication and presentation skills, with the ability to translate complex data into actionable insights.
- Ability to work independently and collaboratively within a team, demonstrating initiative and adaptability in a dynamic environment.
- Strong organizational and project management skills, including the ability to manage multiple priorities and deadlines.
- Ability to communicate effectively in a leadership role with clinical, business, and administrative staff
Nice To Haves
- Experience in development, design and implementation of large, complex faculty compensation programs preferred.
- In-depth knowledge of current physician compensation trends and practices to inform design and ensure accurate reporting.
- Advanced knowledge on data collection processes and utilizing Excel to construct financial models preferred.
Responsibilities
- Provides consultative support to Department Leadership, offering guidance and interpretation of faculty and physician compensation programs and policies to support departments in ensuring their compensation plan follows the medical center’s philosophy and is achieving the strategic goals of the medical group.
- Supports departments in evaluating and implementing revisions and enhancements to their compensation plans.
- Provides routine reports and supports faculty and administrative leadership on compensation levels and cost projections for budgetary measures.
- Interprets, analyzes and implements compensation arrangements in faculty employment agreements based on established organization protocols and methodology (i.e. offer letters, benefits, benchmarking, etc.)
- Conducts benchmarking and internal equity analysis to formulate recommendations that ensure competitive, cost-effective and legally compliant faculty compensation.
- Evaluates opportunities for process improvement and introduction of best practice methodologies for enhancing faculty and provider productivity.
- Conduct market and standard process research to formulate and support compensation recommendations.
- Routinely prepares and distributes compensation and productivity reconciliation summaries for faculty and providers to administrative and clinical leaders.
- Participates and completes annual physician compensation and productivity surveys.
- Ensures pay practices remain aligned with federal, state and local regulations
- Analyzing compensation data throughout the year to ensure accurate administration, including reviewing payroll files and validating pay, as well as processing moonlighting pay for faculty
- Participates and collaborates closely with legal services and consultants on the data gathering and analysis for Fair Market Value (FMV),regulatory compliance, and commercial reasonableness (CR).
- Other functions as assigned to support the business operations of LCMG.
Benefits
- Medical, dental and vision insurance
- Employer paid group term life and disability
- Employer contribution toward Health Savings Account
- Flexible Spending Accounts
- Paid Time Off (PTO), Paid Holidays and Paid Parental Leave
- 403(b) with a 5% employer match
- Supplemental Life, AD&D and Disability
- Critical Illness, Accident and Hospital Indemnity coverage
- Tuition assistance
- Student loan servicing and support
- Adoption benefits
- Backup Childcare and Eldercare
- Employee Assistance Program, and other specialized behavioral health services and resources for employees and family members
- Discount on services at Lurie Children’s facilities
- Discount purchasing program
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What This Job Offers
Job Type
Full-time
Career Level
Senior
