Baystate Health Clin Financial Planning Consul in Springfield, Massachusetts
The Clinical Financial Planning Consultant is responsible for the preparation of complex financial analyses which assist Clinical and Operations leaders in determining the expected financial performance of existing clinical service lines and new/expanded clinical programs, with an emphasis on the entire continuum of care.
The Clinical Financial Planning Consultant is responsible for monitoring and analyzing their assigned clinical service lines and working proactively to identify and resolve issues arising in both unfavorable net revenue and cost positions. The Consultant will participate in Medical Management/Performance Improvement Committees for their service lines as requested by service line and Division of Healthcare Quality (DHQ) leadership.
The level of direct supervision for this position is minimal as the knowledge base of healthcare finance required is very strong. The incumbent should be independent to manage their workload and communicate directly with service line leaders when issues arise.
The Clinical Financial Planning Consultant will work closely with clinical management and their staffs by assisting in the evaluation of the financial viability of new and existing services, programs, and service lines. In preparing financial proformas for new programs the Clinical Financial Planning Consultant works with hospital and physician leaders and others to determine underlying assumptions and obtain the specific information which will be needed to complete each analysis. They will evaluate the information for reasonableness and are expect to challenge any assumption that is not appropriate . The Clinical Financial Planning Consultant will participate in and provide financial support to various groups, such as, the Clinical Planning Strategic Committee, service specific strategic planning teams, Medical Management/Performance Improvement committees, the Technology and Therapeutics Committee, and others, who are involved in the review of existing services or the development and/or evaluation of new clinical programs and services.
The incumbent will exhibit expertise in the use of the reporting capabilities of the decision support system (currently McKesson Horizon Performance Manager - HPM) and will collaborate with the decision support team to analyze service line financial performance and resolve any issues identified.
In order to analyze financial implications and make appropriate recommendations the Clinical Financial Planning Consultant must remain abreast of current financial issues in healthcare including payment systems/reimbursement, managed care, taxation, and financial management techniques. They will also be expected to have knowledge of the process of care and basic knowledge of clinical technology for their service lines.
1) Actively participate in the development of entity or service area strategic plans and new program business plans including, but not limited to, the financial proformas of new programs/services.
2) As requested by service line leadership assist in the preparation of capital and operating budgets and assist in the evaluation of budget to actual variances, including the development of corrective actions.
3) Use the HPM decision support system (or its replacement) to prepare service line, program, and payor profitability analyses. Work collaboratively with the decision support team to resolve t of cost accounting related issues including reviews of overhead allocations and RVU costing assumptions and net revenue modeling.
4) Provide education to clinical leaders on the reporting capabilities of HPM and HBI. Develop reports and other tools that will enable service line leaders to better manage their areas of responsibility.
5) Analyze and research revenue enhancement opportunities
6) Work collaboratively with personnel from other areas of Finance, including Payment Systems, Revenue Advisory Services, Patient Financial Services, BMP finance, and other Entity Directors of Finance to ensure consistent application of financial assumptions to analyses and to communicate financial issues discovered as a result of reviews of various clinical programs. Work collaboratively with other support areas such as Strategic and Program Planning to provide financial support to assigned projects. Interface and maintain professional relationships with all levels of management and staff of other departments and divisions within the Health System.
7) Follow Departmental standards and guidelines; develop and communicate schedules for the completion of projects.
8) Maintain and enhance knowledge of current payment methodologies and regulations, financial analysis methods, and software applications. This will be accomplished through self study and research as well as participation in professional development seminars and conferences both internal and external to the Health System..
9) Incumbent is expected to perform other similar and related duties as assigned. Management has the right to change or add to the job responsibilities at any time.
Required Work Experience:
1) Seven plus years related and progressive financial work experience in healthcare finance
Preferred Work Experience:
1) None Listed
Skills and Competencies:
1) Demonstrated knowledge of healthcare finance, with expertise in business financial planning, hospital payment systems, including managed care and government payors and cost accounting concepts
2) Ability to work independently as well as being a contributing team member to a variety of interdisciplinary teams is required
3) Strong interpersonal skills and a desire to provide the highest level of customer service are required as the position involves significant interaction with a variety of clinical and financial representatives at all levels of the Health System
4) Excellent oral and written communication skills are essential
5) Experience in HPM, HBI, Microsoft Office, including EXCEL, POWERPOINT and WORD and other business software applications are also required
You Belong At Baystate
At Baystate Health we know that treating one another with dignity and equity is what elevates respect for our patients and staff. It makes us not just an organization, but also a community where you belong. It is how we advance the care and enhance the lives of all people.
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Bachelor of Science: Accounting (Required)
Equal Employment Opportunity Employer
Baystate Health is an Equal Opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, marital status, national origin, ancestry, age, genetic information, disability, or protected veteran status.
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