This is an onsite position so commuting into the Medical Center will be required for this role.
At Houston Methodist, the Senior (Sr.) Financial Analyst position is responsible for maintaining and performing complex data analysis related to the clinical or financial performance of the assigned entity or hospital and/or contractual relationship. The Sr. Financial Analyst is also responsible for independently compiling and reporting information as requested by Financial Accounting, Internal Audit, Revenue Cycle, their department and entity management or administration. The Sr. Financial Analyst works collaboratively with teams and may serve as a liaison with Information Technology Business Intelligence and other stakeholders, as needed. This position is actively involved in developing and advancing best practices and tools for business analysis. The Sr. Financial Analyst highlights performance issues, identifies problems and researches solutions and makes recommendations to management for continuous improvement. Reports statistical information in graphical and other presentation formats. Other responsibilities may include the assistance with annual operating budgets and maintenance of monthly dashboards of key indicators and external benchmarks. May also be assigned to additional responsibilities; such as payer reimbursement analysis and financial reconciliation.
PEOPLE ESSENTIAL FUNCTIONS
- Interacts with all levels within the department, other institutional departments, and across the organization as well as outside companies to resolve problems/errors or questions regarding basic accounting reconciliation items or financial performance in a timely manner.
- Serves as subject matter expert for assigned entity(s) (Hospital, Physician Organization, Research Institute, Academic Institute, HM Foundation, MOB, for Clinical and Financial reporting systems. Serves as role model and mentor to more junior team members. Supports training and onboarding of new team members.
SERVICE ESSENTIAL FUNCTIONS
- Assists department administrator, faculty members or department, hospital leadership and entity leadership in managing the departmental budget.
- Extracts actual and budget financial accounting General Ledger (G/L) data or financial data from appropriate sources to report and reconcile with appropriate leadership. Generates accurate and timely reports.
QUALITY/SAFETY ESSENTIAL FUNCTIONS
- Reviews revenue projections, budget revisions, etc., for physician practice, academic department or assigned hospital or entity department(s)
- Develops, monitors and reports key system operational indicators and recommends improvements. Highlights performance issues, identifies problems and researches solutions. Makes recommendations to management for improvement.
- Follows all internal audit requirements for appropriate system applications.
- Utilizes/enhances tools to improve the accuracy of financial analytics and enhance revenue opportunities. Submits invoices and follow-up with industry partners as needed. In addition, prepares necessary journal entries for coordinator effort and Principal Investigator (PI) oversight as appropriate.
FINANCE ESSENTIAL FUNCTIONS
- Performs one or more of the following:
- Supports and develops auditing, reporting and contract modeling tools as needed for identification and analysis of rate and/or fee schedule auditing, financial performance and contract performance as well as modeling and analysis of potential opportunities.
- Maintains monthly dashboard of key indicators and external benchmarks as defined by management. Prepares and maintains revenue models. Compiles information needed for organization profit and loss statement as required.
- Reviews contracts, calculates provider productivity bonuses/compensation models as appropriate.
- Assists in preparation of gift, grant and contract budget proposals as needed. Assists in the oversight of department's financial files for all grant and donor funding.
- Ensures/verifies that all faculty, staff and research personnel are charged to the appropriate funding source via submission of a salary re-allocation form as appropriate.
- Utililzes resources effectively and efficiently, demonstrating financial stewardship. Manages own time effectively and prioritizes work to achieve maximum results in a timely manner.
GROWTH/INNOVATION ESSENTIAL FUNCTIONS
- Maintains and monitors procedures and Standards of Practice (SOP's) for reconciliation process. Maintain working knowledge of hospital and physician compensation methodologies and affecting government regulations, as applicable. Identifies areas for improvement and makes recommendations to management. Seeks out opportunities to grow knowledge of cost accounting system, clinical trials management systems or others and their relationship to other financial and non-financial systems. Shares knowledge and learnings with team.
- Proactively manages own career development. Completes My Development Plan (MDP).
- Identifies and recommends opportunities to employ new or enhanced functionality in support of continued performance improvement. Develops and advances best practices and tools for business analysis.
This job description is not intended to be all-inclusive; the employee will also perform other reasonably related business/job duties as assigned. Houston Methodist reserves the right to revise job duties and responsibilities as the need arises.
EDUCATION
- Bachelor's Degree in finance, accounting, healthcare administration, business administration or related field.
WORK EXPERIENCE
- Three years of financial, budget or cost accounting analysis experience required; experience in a health care environment preferred