Finance Manager II - BIDMC Cardiology

Beth Israel Lahey Health•Boston, MA

39d•$130,000 - $159,994

About The Position

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: 1. Overall responsibility for the timely preparation of the annual financial budget, including revenue, operating expense, capital budget, and cash flow plans for the department. 2. Manages the review, approval, and processing of invoices, reimbursements, and other payments in accordance with BIDMC and HMFP policies and practices. 3. 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. 4. 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. 5. 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. 6. 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. 7. Develop physician and site-level budgets based on the overall plans of the organization. 8. 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. 9. 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. 10. Translate information from budget, accounting, and analytic processes into effective communication tools for multiple audiences, including senior leadership and physicians. 11. Responsible for financial analysis and recommendations for cost-effective operations and improvements. 12. Manage revenue control and cash reconciliation. 13. 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 14. Perform all other duties as assigned.

Requirements

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.

Nice To Haves

1-2 years of supervisory/management experience.

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.
Perform all other duties as assigned.