Sr. Financial Analyst, Pharmacy 340B, 40hr, Day

UMass Memorial Health•Worcester, MA

8h•$65,125 - $117,208

About The Position

Everyone Is a Caregiver At UMass Memorial Health, everyone is a caregiver – regardless of their title or responsibilities. Exceptional patient care, academic excellence and leading-edge research make UMass Memorial the premier health system of Central Massachusetts, and a place where we can help you build the career you deserve. We are more than 20,000 employees, working together as one health system in a relentless pursuit of healing for our patients, community and each other. And everyone, in their own unique way, plays an important part, every day. Collects and prepares financial/statistical data related to operating and capital budgets and financial reporting processes. Analyzes financial and statistical data (and other information as required) in support of creating the annual operating and capital plans and budgets, and then tracking performance against these targets. Focus on rolling quarterly forecasts and the use of metrics to evaluate financial performance, and working with a team. Works collaboratively with operating vice presidents, department managers and administrators as needed across the UMass Memorial Health Care (UMMHC) system to understand financial targets and results and provide related support. Gathers and prepares information that is formatted and structured, so it can easily be analyzed for accuracy and achievement of budget targets.

Requirements

Bachelor’s Degree with a major or concentration in Health Care Administration, Math, Data Science, Economics, Finance, Accounting or related field.
Minimum of 2 years of directly relevant work experience in finance.
Must possess a fundamental understanding of financial management concepts and be able to assist in the development of financial plans.
Familiarity with accounting principles and financial statements.
Demonstrated experience utilizing Microsoft Office Suite programs (e.g. Excel, PowerPoint, Word, Access, Project) with expertise in modeling in Excel.
Exhibit excellent analytical and interpersonal skills and the ability to develop and present creative approaches and solutions to strategic business issues.
Strong organizational and communication skills, the ability to work with non-financial managers, and the ability to manage multiple projects.

Nice To Haves

MBA in Finance.
Knowledge of discounted cash flows.
Familiarity with hospital/healthcare delivery systems, financial forecasting and budgeting.
A comprehensive working knowledge of computer-based financial/forecasting/budgeting techniques strongly preferred.

Responsibilities

Supports and works with customers, Managers, Vice Presidents and Administrators through a process of proactively understanding customer needs.
Resolves inquiries and provides training in use and navigation of multiple financial systems and reports.
Develops a strong working knowledge of the forecasting/budgeting financial software and obtains efficient navigation capabilities.
May assist with system quality assurance, testing and/or maintenance.
Performs ad hoc and routine variance analysis and/or audits.
Works collaboratively to develop and implement corrective actions to meet financial targets.
Obtains data from the financial systems as needed.
Designs, prepares and reviews various scheduled and ad hoc reports for presentation, distribution and/or ongoing financial data evaluation.
Performs other duties as required including, but not limited to, identification of forecasting assumptions, preparation of an annual operating plan, and reconciliations of data from multiple financial systems.
Participates in committees and work teams for various projects related to the budget process.
May assist management in feasibility evaluation studies, market analysis and business plans.
Trains and mentors Financial Analysts.
May manage external contracts and revenues, which may include but is not limited to contract analysis, income review, funding, grant monies, cash collection, and invoicing.
May processes DEFAs and change forms and resolve discrepancies with the Medical Group and Medical School payroll departments.
May coordinate services and additional compensation for moonlighting, sign-on bonuses, and medical school related reimbursements.
May oversee departmental purchasing and payables documents.
Develops a thorough understanding of the 340B (federal drug discount program) regulations and guidelines for mixed-use pharmacies, prescription centers and contract pharmacies. This includes attending education sessions offered by Apexus 340B University, webinars and conferences.
Develops, tests, and performs 340B optimization reviews which helps improve revenue capture at our 150+ contract pharmacies.
Identifies shortcomings with 340B Third Party Administrators (TPAs), and designs targeted reports and manual review processes for missed opportunity on high dollar prescriptions.
Builds and maintains 340B only NPI database to ensure the data loaded in all four 340B TPAs is accurate at all times to ensure compliance with 340B regulations.
Designs a WAC (Wholesale Acquisition Cost) dashboard that tracks purchasing patterns (340B, GPO and WAC accounts) and helps identify opportunities to reduce the drug spend for mixed-use pharmacies.
Reviews the items with high opportunity, identify root cause and make recommendations to the various teams including buyers, 340B Coordinator, Pharmacy Operations Manager, IS Pharmacists, Willow Analyst, etc. to realize the savings.