Financial Business Partner

Company: UMass Memorial Health Care
Location: Worcester
Posted on: January 25, 2023

Job Description:

Requisition #: 232792

Title: Financial Business Partner

Department: Strategic Financial Planning

Location: UMass Memorial Medical Center

Posting Date: 10/13/22

Shift: Days

Status: Exempt

Hours: 40

Shift Length: 8

Position Summary:

Acts as a Business Partner to various clinical departments and service lines. Primary responsibilities cover financial and performance management support for several service lines.

Responsible for the coordination of many financial functions related to clinical department and service line performance reporting and functions as the primary liaison between the clinical service and Department of Finance. Operates under the guidance of the Director and Sr. Business Partners.

Major Responsibilities:

Education and Guidance

* Functions as the Finance Business Partner to the clinical and operational service lines. Provides education and guidance for department and service line leaders related to sources of financial and operational data and reports.
* Functions as the subject matter expert regarding management reports provided to department and service line leaders and functional area managers.
* Provides training and interpretation to clinical managers.
* Reports inclusive of Medical Center and Medical Group detailing financial performance reports, budget reports, productivity report and various scorecards or dashboards.
* Service line activities may include member and affiliate hospitals. Provides feedback and input to report development and performance analysis.

Budget Support

* Provide assistance to Vice Presidents, managers, and service line leaders in developing operational budgets.
* Review intercompany transactions and provide recommendations for changes in funding based on funds flow principles and SLAs representing services purchased/provided and/or investments being made.
* Provide financial analysis when appropriate.
* Assist in revenue and cost initiatives, track initiatives and report on progress.
* Meet with Vice Presidents, managers and service line leaders on a monthly basis to review performance.
* Assist frontline manager in the development of recovery plans in areas not performing to budget.
* Train managers in the use of the variance reporting system and development of recovery plans.

Performance Tracking and Reporting

* Meets regularly (at least monthly) to review various financial performance, operational and scorecard reports.
* Assist in the development of reports and scorecards that will be meaningful and actionable to the service line leaders and managers.
* Identifies significant variances and trends, presents progress reports to the service line leaders and senior leadership and makes recommendations for corrective action as necessary.
* Follows up on questions from department and service line leaders and provide more in depth analysis on various items as requested.

Opportunity Identification

* Assist department and service line leadership in identifying various opportunities for performance improvement in the areas of volume growth, revenue improvement and expense reduction.
* Coordinates with other finance departments to provide the needed data and information for analyzing such opportunities including revenue cycle analysis around charge capture, denials/write-offs, billing issues, etc.
* Identifies expense opportunities utilizing benchmarking and productivity analyses.

Strategic Business Planning

* Participates in service line planning activities such as the coordination of proposed business plans for various enhancements to the service line operations including analysis of capital expenditures for new equipment, changes in location, addition of new physicians and/or services.
* Coordinates the appropriate finance resources to provide projected performance analysis and business plans around such changes.
* Presents various market analyses to service line leaders as provided by Marketing, Strategic or Financial Planning.
* Works in conjunction with representatives of the Medical Center and the Medical Group to define and prioritize departmental strategy and direction.
* Participate in other service line or management meetings as requested.

Standard Staffing Level Responsibilities

* Complies with established departmental policies, procedures and objectives.
* Attends variety of meetings, conferences, seminars as required or directed.
* Demonstrates use of Quality Improvement in daily operations.
* Complies with all health and safety regulations and requirements.
* Respects diverse views and approaches, demonstrates Standards of Respect, and contributes to creating and maintaining an environment of professionalism, tolerance, civility and acceptance toward all employees, patients and visitors.
* Maintains, regular, reliable, and predictable attendance.
* Performs other similar and related duties as required or directed.

Position Qualifications:

License/Certification/Education:

Required:

* Bachelor's degree in Business Administration or equivalent experience required.

Preferred:

* Master's degree in Business Administration preferred.

Experience/Skills:

Required:

* Five years of related experience required, preferably in a Healthcare setting.
* Must be highly motivated and dedicated professional who demonstrates a strong commitment to excellence, customer focus, and understands the importance of accountability.
* Must have problem solving abilities, work independently and communicate effectively.
* Able to manage high quality and exceptional customer service in a fast pace environment.
* Requires some flexibility to work off-hours as required to deploy systems, work with IS for system testing, upgrade testing, support customers, resolution of production problems, and respond to system emergencies.

Preferred:

* Minimum of 2 year's experience working with cost accounting systems preferred.
* Knowledge of major accounting and Business Intelligence systems preferred. Hospital clinical or operational experience preferred.

All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability or protected veteran status.

Keywords: UMass Memorial Health Care, Worcester , Financial Business Partner, Other , Worcester, Massachusetts