| Duties & Responsibilities | Job Profile Summary
The Finance Administrator consults, advises, leads andassists VCU/VCUHS in providing leadership and direction by performing acombination of the following: financial reporting and management, researchmanagement, budget development and monitoring, variance analysis, operations,human resources management, business development and all components of theDepartment’s mission. Provides staff supervision while promoting a diverse,equitable and inclusive culture. Ensurescompliance with VCU and VCUHS policies and procedures.
The Finance Administrator works closely and incollaboration with different Divisions, Departments, physicians, advancedpractice providers, staff, and VCU / VCUHS leadership and administrativepersonnel to resolve problems, workflow issues, customer service issues, businessplan development, human resource issues and to implement new initiatives,policies, programs, etc.
The Finance Administrator maintains current knowledgeof all state and federal laws and regulations and University and Health Systempolicies and procedures. The position ensures that clinical operations are properlybudgeted, funding sources secured / managed, sound and efficient, educationalprograms meet regulating body requirements, and all grants and contract awardsare implemented. Reporting requirements are conducted in accordance withestablished University and sponsoring agencies requirements.
Reporting to the Department Administrator, the FinanceAdministrator provides administrative and technical support and leadership to asingle Department or multiple Divisions under the auspices of the Department Administratorand/or Division Chair. JobDescription
The Finance Administrator works closely withinstitution leaders, division chiefs, division administrators, hospitaladministration, ambulatory administration/operations and other leaders in thehealth system, School of Medicine and various other stakeholders (ie MedicalCollege of Virginia Foundation (MCVF) Children’s Hospital Foundation (CHF)) inthe development of business plans to direct the tri-partite mission ofDepartments involving clinical operations, research and educational strategydevelopment. |
| Qualifications | Essential Job Functions include but are not limited to:
• Comprehensive management and leadership of fiscal and administrative efforts.
• Develop revenue and expense budgets, including grants, expenses, assets, liabilities and contracts.
• Budget development and implementation.
• Oversight of financial operations: revenues, expenses service agreements, grants, and training activities.
• Review, monitor, and analyze Department’s financial and operational performance.
• Process improvement and development.
• Negotiate contracts including developing FMV.
• Oversee and manage department compensation plan.
• Manage reimbursements from philanthropic foundations (MCVF/CHF).
• Building program/service line business plans.
• Human resources management.
• Manage regulatory compliance.
• Work within University guidelines and policies to manage and administer research grants and government contracts.
• Operationalizing institution’s compensation plan for physician workforce.
• Development of financial models, operational dashboards and ad hoc reporting requests. Financial Management:
Maintains financial controls for all sources of fundsto ensure solvency and compliance with University, Health System and variousfoundations policies as well as accounting regulations dictated by state andfederal law. Oversees all financialaspects of the department (s) to include travel, accounts receivable, internal/externalcontracts and purchasing. Duties include but not limited to:• Prepares financial statement and reports.
• Presents financial reports to the Department Chair, Administrator, Division Chiefs and finance stakeholders in VCUHS/VCU.
• Collaborates with division leadership to implement an equitable and financially sound operating budget.
• Works closely with division leadership and providers in tracking provider productivity.
• Works with MCVP Compensation group on physician compensation.
• Utilize various benchmarking applications to report/recommend compensation and productivity percentiles.
• Reconciles all accounts and research and resolves/explains variances.
• Assists with the development and maintenance of divisional operating budget using the requisite financial accounting systems.
• Monitors expenditures and revenue.
• Performs statistical analysis for forecasting.
• Assists with long range financial planning and projection of revenue and expenditures.
• Collaborates with internal and/or external third-party partners in the equitable and effective management of the revenue cycle operations.
• Works with providers to ensure appropriate documentation for clinical activity is consistent with MCVP and Compliance Services policies.
• Establishes and monitors internal controls of divisional administrative staff as it relates to financial affairs.
• Assists ambulatory and inpatient teams, as needed and appropriate, in the development of business plans to maintain clinic capacity, expansion, and capital requests.
• Network with peer institutions to identify areas of opportunity. Clinical Operations:
Works with division chiefs and ambulatory leadershipto optimize the physician and advanced practice provider practice, includingboth outpatient and inpatient. Duties include but are not limited to:
• Develops business plans to increase outreach and grow market share.
• Collaborates with ambulatory, procedural, and inpatient clinical leadership to identify opportunities to increase efficiency and effectiveness of clinical practice.
• Responsible for analyzing provider schedules working with ambulatory, procedural, and inpatient teams to ensure appropriate clinical coverage and optimizing schedules for providers to meet established productivity benchmarks.
• Works with respective program directors to manage GME budget.
• Promotes and assists in departmental marketing efforts.
• Utilizing appropriate benchmarks, ie AAAP, AAMC, Vizient, etc., to ensure compensation correlates to productivity benchmarks.
• Partners with Revenue Cycle team to identify areas of coding optimization.
• Partners with Hospital, Ambulatory, Central and School of Medicine on clinical operation needs. Human Resources Management:
Manages, supervises, and directs assignedadministrative and support staff to include determining staffing needs,recruitment, hiring, work assignments, completing and providing input onperformance evaluations, disciplinary/corrective action and employee trainingand development. Collaborates with VCUHS Human Resources and the HR BusinessAdvisory team to assist in the design, develop, and implement equitable andinclusive strategic and operational human resource management practices for thedivision /department.
Participates in faculty and advance practice providerrecruitment for the Department which includes developing pro-forma to assessfinancial and program impact of new faculty and services. Other duties include but are not limited to:
• Communicates with providers and divisional staff to ensure all remain up to date on current health system policies, prepares and handles all related HR paperwork and documents.
• Ensures responsibility and visible commitment of diversity equity and inclusion programs/initiatives through collaboration and implementation of initiatives across the health system.
• Responsible for oversight and compliance for education programs in the specialty for which the Division administrator oversees.
• Development of business plan for Divisional leadership recruitment. Research Administration:
Directs and oversees contract and grant acquisition,written proposals, budget preparation and administration and monitoring offunds to ensure university, state and federal requirements and regulations aremet. Administers activities that are necessary to theapplication and management of grant programs focusing on the fiscal andoperational aspects. Oversees theadministration of expenses charged to grants for appropriateness and confirmsthat funding is budgeted, and expense is allowable. Other duties include but are not limited to:
• Serves as Effort Reporting coordinator for the divisions.
• Serves as a liaison to internal and external contacts with PIs, research coordinators, sponsoring agencies, Grants and Contracts Accounting, Office of Research, Office of Sponsored Programs, Purchasing, Accounts Payable, etc. to obtain and manage grants.
• Works with research team to ensure compliance with local, federal and international guidelines regarding conduct of human research.
• Analyzes and reviews grant proposals for compliance with agency and VCU requirements.
• Interprets sponsor programs and advises PI(s), VCU and sponsoring agencies regarding stipulations and the administration of grants.
• Oversees submission of regulatory information to institutional Review Board for new and existing clinical trials.
• Enters negotiations with sponsors (e.g., NIH, pharmaceutical industry, foundations) for budgets and monitors expenses by reviewing and approving all system(s) to track expenditures.
• Maintains knowledge of computer systems used to support research.
• Monitors and works closely with School of Medicine finance with cost shares.
• Primary leader in tracking foundation awards for programmatic development.
• Budget, monitor and analyze variances for foundation grants.
• Primary superuser for organizational budget applications (ie Strata and Anaplan). Productivity & Compensation Plan Oversight
Works with Division Administrators and departmentproviders in tracking productivity and incentive payments. Collaborates with the MCVP’s compensationteam to address compensation requests.
Assists with productivity analysis and accountabilityof Division faculty. In collaboration with Division Administrator/Chief, recommends,oversees and directs remediation plan to meet MCVP and VCU productivityexpectations. Works with the MCVP compensation plan team and assists facultyand other providers in the credentialing process and professional liabilityverification. Will work be proficient inVCU systems and benchmarking applications.
Revenue Cycle Management
Assists the Department Administrator, in partnershipwith the revenue cycle team, to assure that all elements of revenue cycle arebeing reviewed on a very regular basis. Reviewrevenue cycle opportunities with Division Administrators and Departmentleadership. This includes but is not limited to:
•Billing operations for all services, Outpatient, Inpatient and Procedures.
•Front end processes to assure that patients are authorized for the services performed.
•Report creation and accountability: Denial reports, AR aging, open encounters, etc.
•Coding and documentation accuracy and timeliness.
•Develop and execute plans to improve revenue cycle KPIs along with revenue cycle partners. Leadership/Relationship Development:
Provides strong team oversight and promotes andmanages change. Responsible for ensuring divisional priorities are aligned withthe strategy of the organization. Responsible for developing a diverse,equitable and inclusive team culture, and ensures stakeholder feedback isincorporated into operational plans. Represents the department(s) in variouscommittees and task forces as needed. Collaborates with Faculty, advancedpractice providers, and staff to ensure open communication and perceivedurgency of suggested operational improvements. Responsible for divisionalengagement in collaboration with divisional chief(s). Educates Department,Division and providers on funds flow, finances, and operational/statisticalreports.
Regulatory Compliance:
Responsible and accountable for supporting efforts toremain in compliance with all federal, state, and regulatory requirements bycomplying with federal, state, and regulatory agency requirements. Takes promptand effective corrective action if infractions are identified. Demonstratescooperation, respect and professionalism during audits and surveys.
Safety/Quality/Performance Improvement/Benchmarking:
Collaborates with faculty, advanced practiceproviders, management, and team members to establish an environment whichspeaking up for safety is both encouraged and expected. Identifiesopportunities for process improvements as applicable. Regularly tracks and analyzes metrics and monitors key performance indicators to adhere to agreed-to trends and best practices in order to develop strategiesfor improvement. Contributes to long- and short-term strategic planning anddepartmental operations improvement.
Special Projects
Collaborates with Department Administrator on specialprojects as assigned. 3 – 5 years of relevantexperience
Education:
•Bachelor’s degree in Accounting, Finance, Economics, or other relevant field
•Preferred: Master’s degree in business, health administration, or other relevant field
Certifications:
•Relevant certificationsfrom professional organizations such as HFMA, ACHE, etc. Other Knowledge, Skills and Abilities Required:
•Must be able to use financial, Human Resources,University and Health System resources to make independent decisions anddetermine actions necessary to achieve the goals of the Division(s).
•Experience with Microsoft software, to includespreadsheets and databases.
•Preferred knowledge of various finance and businessintelligence (BI) application platforms. Examples: Tableau, Vizient, WorkDay, Strata, EPIC, Anaplan, etc. todevelop dashboards/reports used to manage the Department and Divisions. Experience Preferred:
•Administrative and/or financial management work experience in an academic medical center, department of pediatrics and/or large physician group practice.
•Previous experience with Enterprise Resource Planning Systems – WorkDay; Banner; Anaplan, STRATA, SWP/BSP, Electronic Health Record systems -EPIC; and VCU and VCUHS information systems.
•Experience leading diverse teams. UNIVERSITY JOB CODE: FinancialServices, Administrator FS 1-3, (18911Y, 18912Y, 18913Y)
ORP Eligible: Yes This position is open until filled. Please note that if you are employed as a university employee working in any of the health system's facilities, you will need to follow VCU Health System policies, which will include but will not be limited to, vaccination requirements. Virginia Commonwealth University (VCU) School of Medicine is a premier academic medical center located in the heart of Richmond. Accounting for almost half of VCU’s sponsored research, the School of Medicine is internationally recognized for patient care and education. All full-time university staff are eligible for our generous benefits package that includes choices for health,vision, and dental coverage, life-insurance, short and long-term disability coverage, retirement planning, tax-deferred annuity and cash match programs, flexible spending accounts, tuition benefits, significant paid-time off, 12 paid holidays, and more. Explore our benefits further here: https://hr.vcu.edu/current-employees/benefits/university-and-academic-professional-benefits/ Virginia Commonwealth University is an equal opportunity, affirmative action university providing access to education and employment without regard to race, color, religion, national origin, age, sex, political affiliation, veteran status, genetic information, sexual orientation, gender identity, gender expression, or disability. The School of Medicine continuously strives for our workplace and learning environment to reflect the demographic and social milieu of the communities we serve. All qualified applicants are encouraged to apply. |
