Financial Analyst

6 days ago


Linthicum Heights, Maryland, United States University of Maryland Medical System Full time
Job Summary

We are seeking a highly skilled Financial Analyst to join our team at the University of Maryland Medical System. As a key member of our Payer Relations and Contracting department, you will play a critical role in supporting our enterprise-wide clinical service contracting efforts.

Key Responsibilities
  1. Contract Analysis: Review third-party payor contracts to develop financial models and assess their financial viability.
  2. Financial Reporting: Prepare financial and statistical reports for third-party payor contracts and assist in the development of business plans.
  3. Fee Schedule Analysis: Perform fee schedule analysis and reimbursement modeling related to payor contracting opportunities.
  4. Contract Database Management: Support the maintenance of our contracting database, including UMMS system-wide entities for unregulated contracting and contracted payors.
  5. Long-Term Financial Forecasts: Assist in the development of long-term financial forecasts that incorporate changes in patient service activity, reimbursement environment, payor mix, operating costs, capital financing structure, and overall capital requirements.
  6. Process Improvement: Provide assistance in the development, implementation, and monitoring of new reports and procedures to improve UMMS billing/collection and reimbursement processes.
  7. EPIC Payment Compliance: Support EPIC payment compliance and patient estimator processes, including backup for loading payer contracts into EPIC, ongoing reimbursement and coding updates, and testing and trouble-shooting.
  8. Issue Resolution: Resolve issues identified by Claims/Billing/Collection Specialists in accordance with departmental procedures.
  9. Transaction Monitoring: Monitor and verify transactions to confirm compliance and ensure accurate financial reporting and contract/payment compliance.
  10. Collaboration and Communication: Work collaboratively with the Payer Relations and Contracting team and UMMS business offices for clinical entities, providing analytical and technical support on volume and revenue analysis, budgeting, financial planning analysis, and regulatory policies and procedures.
  11. Resource and Guidance: Serve as a resource to the Payor Relations and Contracting department and other UMMS departments, senior management, and physicians, providing guidance and input on reading reports and interpreting financial data.
Requirements
  1. Education and Experience: Bachelor's degree in Finance, Accounting, or a related field, or equivalent experience required. Two (2) years' experience in financial and data analysis required, with healthcare finance experience preferred.
  2. Knowledge and Skills: Expert knowledge of spreadsheets (i.e., Microsoft Excel), word processing programs (i.e., Microsoft Word), graphic/specialty, and other finance-related software programs. Ability to teach others and act as a department resource of expertise.
  3. Knowledge of Payer Contracts: Knowledge of payer contracts, including terminology and reimbursement methodologies.
  4. Ability to Keep Up-to-Date: Ability to keep up-to-date with developments/changes in the field and applicable regulations and procedures affecting hospital and physician finance and regulatory practices.
  5. Confidentiality and Integrity: Ability to judge the level of confidentiality of information/activities involved in and exhibit integrity in use of dissemination of such information.
  6. Effective Communication: Effective verbal and written communication skills necessary in dealing with a variety of healthcare and finance professionals, including senior management staff.
  7. Problem-Solving and Organization: Excellent organization and problem-solving skills required to develop/implement efficient work processes.
  8. Stressful Work Environment: Ability to work effectively in a stressful work environment.

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