Financial Analyst II

2 weeks ago

Tacoma, United States Virginia Mason Franciscan Health Full time
Overview

In 2020, united in a fierce commitment to deliver the highest quality care and exceptional patient experience, Virginia Mason and CHI Franciscan Health came together as natural partners to build a new health system centered around the patient: Virginia Mason Franciscan Health. Our combined system builds upon the scale and expertise of our nearly 300 sites of care, including 11 hospitals and nearly 5,000 physicians and providers. Together, we are empowered to make an even greater impact on the health and well-being of our communities.

CHI Franciscan and Virginia Mason are now united to build the future of patient-centered care across the Pacific Northwest. That means a seamlessly connected system offering quality care close to home. From basic health needs to the most complex, highly specialized care, our patients can count on us to meet their needs with convenient access to the region's most prestigious experts and innovative treatments and technologies.

While you're busy impacting the healthcare industry, we'll take care of you with benefits that may include health/dental/vision, FSA, matching retirement plans, paid vacation, adoption assistance, annual bonus eligibility, and more

Responsibilities

Franciscan Medical Group (FMG), as part of Virginia Mason Franciscan Health, is seeking a full-time Financial Analyst II remote position for the Franciscan Finance department. As a Financial Analyst II, you will perform complex financial analyses, communicate key findings and observations to key stakeholders, and administer provider compensation agreements. Your area of focus will be provider compensation which entails market research on physician and APP compensation rates and trends, performing detailed valuation analyses, excel-based modeling, and provider compensation project management.

Job Summary:

This job is responsible for developing and maintaining complex and multi-faceted statistical, financial, business intelligence, provider compensation, performance and/or operational reports and preparing in-depth analyses as a basis for senior management decision-making and action. Analyses are typically focused on short- and long-range financial/operational planning, and incumbents meet frequently with management to discuss service line/facility/department initiatives and financial performance metrics. Work involves consolidating and interpreting data from multiple financial reporting systems, and requires that an incumbent understand the linkages between all relevant systems (including web-based) and the most effective methodologies for accessing, displaying and analyzing complex data to support recommendations with significant organizational impact. An incumbent also assists in coordinating the capital budgeting process and facilitating the accurate and timely flow of budget/financial information into appropriate financial systems.

This job differs from the Financial Analyst I (Job Code 2182) level by the assignment of more independent/complex analysis and statistical reporting, responsibility for systems reporting and/or greater responsibility for coordinating the capital budgeting process. Also, some positions may include responsibility for oversight/coordination of daily G/L interfaces and associated reconciliations, including facilitating the timely analyses of defaults and associated corrections and coordinating process enhancements to ensure errors do not reoccur. If assigned to the Franciscan Medical Group, work may also involve completing benchmarking analysis for physician compensation/practice reviews and completing compensation modeling in support of provider contract/agreements.

An incumbent serves as a resource to senior management, explaining complex financial/operational/labor productivity data in order to facilitate decision-making processes with organization-wide impact. Although specific job duties may vary depending on the assigned work unit, work involves the use of significant judgment and resourcefulness in tailoring existing guidelines/processes so they can be applied to specific assumptions or circumstances, and effective/timely communication with financial/business office management as pertains to reconciliation challenges.

An incumbent also works effectively with CHI IT with respect to the electronic medical record systems (e.g. EPIC) in order to ensure that financial reporting is timely and produces accurate results. Work typically requires an understanding of relational database functionality, labor analytics software and strong report-writing expertise (e.g. Structured Query Language (SQL), Crystal Reports etc), including proficiency in advanced data manipulation and extraction techniques.

Essential Duties:

Conducts and provides a variety of complex and multi-faceted financial analysis activities, including preparing complex and multi-faceted practice/service line analyses, acquisition-related modeling and/or business plan and/or ad hoc financial projections.
  • Gathers data and produces profit analysis reports on new ventures being considered; prepares feasibility studies and acquisition-related due diligence/pro formas.
  • Performs sensitivity analyses on a variety of operating and underlying assumptions such as modifications of charge rates; presents results to higher-level authority for review and final decision.
  • Participates in short- and long-term operations planning activities by preparing analyses depicting the profitability of existing and proposed healthcare services/products/facilities.
  • Analyzes the indirect and overhead costs and their proper allocation to patient service departments for use in the financial projections process.
  • Prepares department/service and/or product line trend analyses (e.g. most/least profitable procedures, top physician admitters, payer mix and most profitable service/product lines).
  • Estimates impact on other departments from allocated costs when a healthcare service is started, curtailed or ceased.
  • Forecasts costs and resource consumption by major diagnostic groupings.
  • Coordinates the daily Epic PB/HB G/L interface and associated reconciliations; ensures that analyses of defaults and associated corrections are completed on a timely basis; coordinates processes enhancements to ensure errors do not reoccur; assists with reconciliation template for Epic/Lawson/Crowe.
Meets frequently with managers or other stakeholders to review department/practice/service line initiatives, financial performance metrics and business intelligence-related findings.
  • Develops complex historical and forecasted financial statements based principally on past performance or other relevant factors; provides in-depth analysis of financial conditions and future trends.
  • Interprets and explains concepts, and works consultatively with managers to identify and address specific improvement opportunities and targeted objectives.
  • Identifies trends or anomalies in labor productivity data and evaluates significance to ongoing programs, operations or initiatives.
  • Develops and expands business drivers and works with business leaders to identify operational improvement opportunities.
Creates, develops, and provides system reporting, such as producing financial presentation packages for review of senior management, primarily utilizing spreadsheet/presentation software; assures the development of timely, accurate and objective analyses for all assigned projects.
  • Chooses best way to display data to maximize understanding of the concepts and impact of the information and prepares graphs, tables, charts, storyboard/Power Point presentations and reports from various data sources (extracted from automated systems and report-writing applications) to describe and summarize data, forecasts and projections.
  • Maintains system Chart of Account maps and updates system; extracts data from various systems to prepare Board financials and consolidated financial statements as necessary.
  • Responds to CHI requests to validate, explain and/or research data deficiencies, inaccuracies or errors, reimbursement methodologies and profitability analyses; works with CHI IT to ensure that A/R reports are accurate.
Assists in coordinating the Capital Budget process, ensuring that information is returned in a timely manner and in accordance with preparation guidelines and established timelines, and that budget allocations are identified, prioritized and disbursed as appropriate.
  • Prepares ROI analyses for proposed capital projects.
  • Prepares, updates and distributes actual/budget summary and monitors to ensure that the approved capital spending allotment is not exceeded.
  • Keeps abreast of, and communicates, capital policy changes.
  • Attends meetings where MBO needs are reviewed and capital requests are prioritized.
  • Communicates with CHI with respect to their reporting requirements.
Acts as a coordinator in the execution of long-term projects as assigned by management.
  • Coordinates, between departments (e.g. Accounting, Decision Support, Information Technology etc.) to ensure that year-end and updated budget financial information is captured and maintained in all appropriate financial systems in a timely, efficient and accurate manner.
  • Monitors/tracks CHI requirements for data submittal/reporting; identifies data anomalies/inaccuracies and researches/resolves issues.
  • May maintain schedule of current taxed properties; may review departments and properties with potential eligibility for property tax exemption and initiates exemption/de-exemption process.
If assigned to the Franciscan Medical Group:
  • Retrieves and manipulates data from data warehouse, including writing/designing, customizing and generating related reports and dashboards; interprets reimbursement impact, cost accounting and profitability implications for patient encounter-based reporting analysis.
  • Completes benchmarking analyses for physician compensation and practice reviews.
  • Performs compensation modeling activities in support of provider compensation contracts/agreements.
  • Prepares and delivers presentations for Board and Medical Executive Committee meetings.
Performs related duties as required.

Conducts and provides a variety of complex and multi-faceted financial analysis activities, including preparing complex and multi-faceted practice/service line analyses, acquisition-related modeling and/or business plan and/or ad hoc financial projections.
  • Gathers data and produces profit analysis reports on new ventures being considered; prepares feasibility studies and acquisition-related due diligence/pro formas.
  • Performs sensitivity analyses on a variety of operating and underlying assumptions such as modifications of charge rates; presents results to higher-level authority for review and final decision.
  • Participates in short- and long-term operations planning activities by preparing analyses depicting the profitability of existing and proposed healthcare services/products/facilities.
  • Analyzes the indirect and overhead costs and their proper allocation to patient service departments for use in the financial projections process.
  • Prepares department/service and/or product line trend analyses (e.g. most/least profitable procedures, top physician admitters, payer mix and most profitable service/product lines).
  • Estimates impact on other departments from allocated costs when a healthcare service is started, curtailed or ceased.
  • Forecasts costs and resource consumption by major diagnostic groupings.
  • Coordinates the daily Epic PB/HB G/L interface and associated reconciliations; ensures that analyses of defaults and associated corrections are completed on a timely basis; coordinates processes enhancements to ensure errors do not reoccur; assists with reconciliation template for Epic/Lawson/Crowe.
Meets frequently with managers or other stakeholders to review department/practice/service line initiatives, financial performance metrics and business intelligence-related findings.
  • Develops complex historical and forecasted financial statements based principally on past performance or other relevant factors; provides in-depth analysis of financial conditions and future trends.
  • Interprets and explains concepts, and works consultatively with managers to identify and address specific improvement opportunities and targeted objectives.
  • Identifies trends or anomalies in labor productivity data and evaluates significance to ongoing programs, operations or initiatives.
  • Develops and expands business drivers and works with business leaders to identify operational improvement opportunities.
Creates, develops, and provides system reporting, such as producing financial presentation packages for review of senior management, primarily utilizing spreadsheet/presentation software; assures the development of timely, accurate and objective analyses for all assigned projects.
  • Chooses best way to display data to maximize understanding of the concepts and impact of the information and prepares graphs, tables, charts, storyboard/Power Point presentations and reports from various data sources (extracted from automated systems and report-writing applications) to describe and summarize data, forecasts and projections.
  • Maintains system Chart of Account maps and updates system; extracts data from various systems to prepare Board financials and consolidated financial statements as necessary.
  • Responds to CHI requests to validate, explain and/or research data deficiencies, inaccuracies or errors, reimbursement methodologies and profitability analyses; works with CHI IT to ensure that A/R reports are accurate.
Assists in coordinating the Capital Budget process, ensuring that information is returned in a timely manner and in accordance with preparation guidelines and established timelines, and that budget allocations are identified, prioritized and disbursed as appropriate.
  • Prepares ROI analyses for proposed capital projects.
  • Prepares, updates and distributes actual/budget summary and monitors to ensure that the approved capital spending allotment is not exceeded.
  • Keeps abreast of, and communicates, capital policy changes.
  • Attends meetings where MBO needs are reviewed and capital requests are prioritized.
  • Communicates with CHI with respect to their reporting requirements.
Acts as a coordinator in the execution of long-term projects as assigned by management.
  • Coordinates, between departments (e.g. Accounting, Decision Support, Information Technology etc.) to ensure that year-end and updated budget financial information is captured and maintained in all appropriate financial systems in a timely, efficient and accurate manner.
  • Monitors/tracks CHI requirements for data submittal/reporting; identifies data anomalies/inaccuracies and researches/resolves issues.
  • May maintain schedule of current taxed properties; may review departments and properties with potential eligibility for property tax exemption and initiates exemption/de-exemption process.
If assigned to the Franciscan Medical Group:
  • Retrieves and manipulates data from data warehouse, including writing/designing, customizing and generating related reports and dashboards; interprets reimbursement impact, cost accounting and profitability implications for patient encounter-based reporting analysis.
  • Completes benchmarking analyses for physician compensation and practice reviews.
  • Performs compensation modeling activities in support of provider compensation contracts/agreements.
  • Prepares and delivers presentations for Board and Medical Executive Committee meetings.
Performs related duties as required.

Qualifications

Education/Work Experience:
  • Bachelor's degree in accounting, finance or related field, that would demonstrate attainment of the requisite job knowledge/abilities and four years related work experience, preferably in the healthcare field.
OR
  • Any equivalent combination of education and experience which would demonstrate attainment of the requisite knowledge/abilities sufficient to perform the essential functions of the position.

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