Intern, Finance
2 weeks ago
General Summary
A college intern working in the field of healthcare finance helps in the development and implementation of UMMS policies and practices in a designated area such as for reimbursement, regulatory policy, billing compliance, financial management, budgeting, accounting, etc. By getting hands-on experience by working under a finance leader, he/she is able to participate in healthcare financial operations and learn to follow the impact of and respond to financial trends.
The intern will have opportunities to practically apply their theoretical knowledge of financial operations to their day to day assigned work at UMMS.
Under direct supervision, the college intern works directly with various Finance Shared Services staff to develop, analyze, report and interpret financial and statistical information to assist management in the formation, implementation and execution of the organization’s business plans.
The finance internship is a mutually beneficial arrangement whereby the intern learns to apply classroom learning to a live business environment while UMMS leadership has an opportunity to observe and develop the intern’s skills and abilities.
The internship should be viewed by the intern as an opportunity that could result in full-time employment in the future, and accordingly the intern is expected to exhibit professionalism, be inquisitive, and develop effective working relationships with UMMS staff and leadership.
Principal Responsibilities and Tasks
Corporate Finance is responsible for the management and oversight of UMMS financial services which includes the following divisions:
Financial Reporting
Internal financial reporting to Board and Management, and external financial reporting to Bond Rating Agencies, Bond Holders and Debt Markets
Compliance with UMMS financial policies and procedures
Tax compliance and strategy
Reimbursement & Revenue Advisory Services
Rate Setting
Establish annual HSCRC approved Global Budget Revenue (“GBR”) and corresponding unit rates. Ensure UMMS is receiving maximum allowed GBRs for each hospital.
Ensure approved hospital rates are set to charge to full approved annual GBR.
Negotiate hospital specific GBR improvement opportunities with HSCRC.
Provide annual hospital revenue budgets using estimated approved GBR and unit rates.
Meet all federal and state regulatory reporting requirements.
Monitor & report hospital specific HSCRC quality measure performance.
Ensure hospital case-mix (i.e. measure of patient acuity) is accurate through monitoring case-mix data and supporting clinical documentation improvement efforts.
HSCRC Strategy
Monitor HSCRC statewide policy goals and help establish UMMS to be a strong voice and influencer of HSCRC philosophy and considerations.
Provide guidance to UMMS leadership to ensure UMMS is positioned for success under HSCRC payment models.
Influence and negotiate HSCRC policies and methodologies for both existing and emerging rate setting and population health models.
Provide proforma analytics for HSCRC proposed policies and methodologies to understand impact to UMMS and ensure methodologies are sound.
Monitor and investigate hospital performance under all HSCRC policies and methodologies and, if needed, develop alternatives to propose to HSCRC.
Revenue Integrity
Promote proactive billing compliance with all federal, state and HSCRC regulations
Improve operational efficiencies and reduce compliance risk through charge capture monitoring, interventions, education and clinical department collaboration
Oversee management of hospital Charge Description Master (“CDM”)
Conduct proactive charge capture assessments, issue identification, and remediation
Support clinical and financial system build, maintenance, testing, and support
Financial & Capital Planning
Strategic financial and capital planning and analysis for all components of the System.
Accountable for developing and maintaining the Five Year Financial and Capital Plan
Management, oversight and reporting of capital project budgets and funds
Management of State mandated reporting for Capital
UMMS Corporate Decision Support
Oversight and consolidation of UMMS operating budgets
Management of UMMS budgeting and reporting system
Expense analysis and reporting
UMMS program development analysis
Corporate Treasury
Development and implementation of Treasury Strategy
Daily liquidity and Treasury Operations Management
Investment portfolio management
Debt portfolio management and reporting
Investor/ Bond holder relations management
Compliance with debt covenants and disclosures
UMMS Payer Relations & Contracting
Maintain payer relations for all UMMS entities
UMMS payer contracting function including value-based care arrangements
Payer contract management and compliance
Develop and administer system-wide Payer strategy
The following statements are intended to describe the general nature and level of work being performed by people working in an intern role depending on the are being supported. These are not to be construed as an exhaustive list of all job duties to be performed.
Assists in the preparation of various reports for reporting organizational activity for use by Finance Shared Services and other UMMS departments, including various statistical, compliance and regulatory reports for outside agencies such as Center for Medicare and Medicaid Services (CMS), Health Services Cost Review Commission (HSCRC), and the Maryland Hospital Association (MHA) in accordance with the requesting agencies standards and requirements.
Assists with monitoring and investigating various financial transactions.
Assists with the preparation of various surveys and special requests by senior management and/or outside regulatory agencies.
Assists departments to provide analytical and technical support regarding volume and revenue analysis, budgeting and expense analysis and regulatory policies and procedures.
Develops work plans and coordinates the successful completion of routine, ad hoc, analyses and projects under supervision.
Assists with organizing and maintaining major reports and schedules
Participates in meetings as requested; includes assisting with meeting scheduling, preparation and follow-up, and distribution of meeting agendas and minutes.
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