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