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Healthcare Compensation Analyst
2 months ago
POSITION SUMMARY:
The Healthcare Compensation Analyst plays a critical role in providing insights and evaluations to establish and reconcile physician and provider remuneration in alignment with established compensation frameworks. This role involves gathering, interpreting, and analyzing data (including benchmarking) to support essential business decisions for Southern New England Healthcare, enhancing financial and clinician compensation management functions, and executing special projects as directed by senior management.
Key Responsibilities:
- Conduct a variety of clinician compensation activities, including report generation, data extraction, and analytical tasks.
- Facilitate compensation processes, such as monthly remuneration calculations, quarterly reconciliations, payroll audits, and maintenance of employment agreements.
- Manage network incentive and performance payments across providers, integrating these into compensation calculations and reconciliations as per the compensation framework.
- Assist in the administration of clinician compensation processes, which includes drafting notifications, performing complex compensation analytics, and generating monthly productivity reports, incorporating 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.
- Perform benchmarking, competitive market analysis, job evaluations, and internal pay-for-performance assessments.
- 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 related to the execution of compensation programs and processes.
- Conduct 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 implementation of special initiatives, including adapting to evolving market demands for compensation and communicating various compensation programs with a focus on change management.
- Work with the Manager and team members to develop standardized deliverables for internal and external processes.
- Support regulatory review processes (including Fair Market Value) for clinical service lines as necessary.
- Address escalated issues from clinicians or operations, coordinating with other departments as needed.
- 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, while participating in system integrations and processes.
- Conduct data analysis, financial modeling, performance metric tracking, and research projects, including pay equity analysis.
- Support salary planning, salary surveys, merit pay, compensation training, and audit processes.
- Coordinate compensation-related processes and projects.
- Maintain strict confidentiality regarding sensitive compensation information and all related matters.
- Review compensation data and job descriptions for consistency and accuracy in collaboration 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 work in finance, emphasizing financial modeling and analytics related to compensation.
- Strong analytical skills and metric management capabilities, 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 skills.
- Ability to learn, adapt, and lead a team effectively.
- Excellent relationship management skills, with experience in building credibility and partnerships.
- Detail-oriented with strong organizational skills and the ability to manage multiple tasks in a fast-paced environment.
- Exceptional verbal, written, and listening communication skills, including executive presentation capabilities.
- 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, as well as regulatory requirements (such as Fair Market Value and Stark Law) is essential.
- Experience in the healthcare industry, including hospitals and physician practices, is essential.
Physical and Mental Requirements:
- Regularly required to use hands for various tasks; reach with hands and arms; and communicate verbally.
- Frequently required to walk and sit.
- Occasionally required to stand; climb; and perform other physical activities.
- Ability to lift and/or move up to 20 pounds.
- Vision abilities required include close vision and the ability to adjust focus.
- Dexterity to utilize a computer keyboard regularly is essential.
Additional Requirements:
- Employees must reside in specified states as a condition of employment.
- All employees are required to be fully vaccinated for influenza for safety reasons.
- For remote or hybrid roles, a stable internet connection is required, with recommended speeds of at least 30Mbps download and 5Mbps upload.
Adherence to the Southern New England Healthcare Code of Conduct:
- Employees must understand and follow the guidelines outlined in the Southern New England Healthcare Code of Conduct and demonstrate an understanding of the organization's Mission, Vision, and Core Values.
- Compliance with all relevant policies and procedures is mandatory.
- Actions and behaviors must align with applicable laws, regulations, and professional standards.