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Healthcare Compensation Analyst
2 months ago
POSITION SUMMARY:
The Healthcare Compensation Analyst plays a crucial role in delivering insights and evaluations to establish and reconcile physician/provider remuneration in alignment with established compensation frameworks. This role involves gathering, interpreting, and analyzing data (including benchmarking) to support strategic business decisions for Southern New England Healthcare, enhancing financial and clinician compensation management, and executing special projects as directed by senior management. The Analyst will conduct continuous performance reporting and variance analysis, providing recommendations to address discrepancies. Collaboration with system leaders is essential to ensure that physician services compensation and annual operational strategies are in sync with organizational objectives.
Key Responsibilities:
- Execute a variety of clinician compensation tasks, including report generation, data extraction, and analytical assignments.
- Facilitate compensation processes, encompassing monthly remuneration calculations, quarterly reconciliations, payroll auditing, employment agreements, and system maintenance.
- Manage network incentive and performance payments across providers, integrating them into compensation calculations and reconciliations per established plans.
- Assist in the administration of clinician compensation processes, which includes crafting notifications, performing complex compensation analytics, and monthly productivity reporting, alongside predictive modeling regarding potential compensation or practice adjustments.
- Collaborate with departmental leaders, finance, legal, and HR to resolve issues and engage in cooperative problem-solving.
- Conduct benchmarking, competitive market assessments, job evaluations, and internal pay-for-performance analyses.
- Engage in salary surveys to ensure physician compensation practices remain competitive with market trends and align with internal compensation and recruitment strategies.
- Create data visualizations, presentations, and materials pertinent to the implementation of compensation programs and processes.
- Perform financial modeling and benchmark analyses to guide decision-making for clinical and operational leadership, ensuring market competitiveness and compliance with budgetary and regulatory standards.
- Advise and support the execution of special initiatives, addressing evolving market demands for compensation and communicating various compensation programs and practices with a focus on change management.
- Work alongside the Manager and team members to produce standard deliverables related to internal and external processes.
- Support regulatory review processes (including Fair Market Value) for clinical service lines as necessary.
- Resolve escalated issues from clinicians or operations that require coordination with other departments.
- Collaborate with cross-functional teams, including analysts, payroll, and operational teams, to ensure the effectiveness of variable compensation programs.
- Assist in managing compensation, job, and position data, ensuring data integrity, reporting, and automation, and participate in system integrations and processes.
- Conduct data analysis, financial modeling, performance metric tracking, and research projects, including pay equity assessments.
- Support salary planning, salary surveys, merit pay, compensation training, and audit processes.
- Coordinate compensation processes and projects.
- Maintain strict confidentiality in handling sensitive compensation information and all related matters.
- Review compensation data and job descriptions for consistency and accuracy with HR.
Additional Responsibilities:
- Perform other duties as assigned.
Qualifications:
- Bachelor's Degree or equivalent in accounting, finance, business, healthcare administration, or a related field.
- A minimum of 5 years of relevant experience, with progressively responsible roles in finance emphasizing financial modeling and analytics related to compensation.
- Strong analytical capabilities and metric management skills, with the ability to execute analysis and recommend outcomes based on data interpretation.
- Prior experience with database management is preferred.
- Advanced proficiency in Microsoft Excel is required.
- Experience with incentive or commission systems and tools is advantageous.
- Strong problem-solving, critical thinking, and decision-making abilities.
- Capacity to learn, adapt, and lead a team with influence.
- Excellent relationship management skills with experience in building credibility and partnerships.
- Detail-oriented with robust organizational skills and the ability to manage multiple tasks in a fast-paced environment.
- Strong verbal, written, and listening communication skills, including executive presentation abilities.
- Ability to prioritize tasks and meet strict deadlines.
- Self-motivated with the ability to work independently and multitask effectively.
- This position requires a high level of mental acuity.
- Professional demeanor in all communications.
Preferred Qualifications:
- Master's Degree or equivalent is preferred.
- Familiarity with provider compensation plans, compensation, and productivity benchmarking, and regulatory requirements (such as Fair Market Value and Stark Law) is essential.
- Experience in the healthcare industry, including hospitals and physician practices, is required.
Physical and Mental Requirements:
- Regularly required to use hands for tasks such as typing, handling objects, and communicating.
- Frequently required to walk and sit.
- Occasionally required to stand, climb, or balance; stoop, kneel, crouch, or crawl.
- Ability to lift and/or move up to 20 pounds.
- Vision abilities required include close vision, color vision, peripheral vision, depth perception, and the ability to adjust focus.
- Dexterity necessary for regular computer keyboard use is essential.
Additional Requirements:
- All employees must reside in designated states as a condition of employment.
- Employees are required to be fully vaccinated for influenza for safety and well-being.
- For remote or hybrid roles, a stable internet connection is required, with recommended speeds of at least 30Mbps download and 5Mbps upload.
Compliance with Organizational Standards:
- Employees must understand and adhere to the guidelines and standards outlined in the organizational Code of Conduct, demonstrating an understanding of the mission, vision, and core values.
- Compliance with all organizational policies and procedures relevant to the role, including those related to compliance, safety, and confidentiality, is mandatory.
- Actions and behaviors must align with applicable laws, regulations, professional standards, policies, procedures, and the Code of Conduct.
