What are the responsibilities and job description for the Senior Financial Analyst position at Beth Israel Lahey Health Performance Network?
Job Type: Regular
Time Type: Full time
Work Shift: Day (United States of America)
FLSA Status: Exempt
When you join the growing BILH team, you're not just taking a job, you’re making a difference in people’s lives.
Job Description:
The Senior Financial Analyst reports directly to the Executive Director of Contracting Finance. This position provides key support and analyses during rate negotiations with Managed Care Plans and performs functions related to other financial aspects of Beth Israel Lahey Health’s Managed Care Contracts and relationships. It also requires in-depth business knowledge with specialized technical and analytical skills. The analyst will be responsible for managing analyses from the conceptualization phase to their conclusion. The analyst works closely with the Contracting, Beth Israel Lahey Health Performance Network, Revenue Finance and Accounting Departments, as well as externally with the Contracting & Provider Relations staff of the Managed Care Plans.
Essential Duties & Responsibilities including but not limited to:
1) Designs & performs analyses and reporting in support of managed care contract negotiations including but not limited to Hospital rates, Professional rates, risk terms and language.
2) Monitors financial performance on risk contracts.
3) Performs analyses to review and validate Hospital and Professional rate/rate schedule updates
4) Plays key role in developing and maintaining contract summaries containing comparative information on each contract’s financial terms, key provisions and performance.
5) Performs ad hoc financial analyses of managed care contracts.
6) Incorporates Lahey Clinic Guiding Principles, Mission Statement and Goals into daily activities.
7) Complies with all Lahey Clinic Policies.
8) Complies with behavioral expectations of the department and Lahey Clinic.
9) Maintains courteous and effective interactions with colleagues and patients.
10) Demonstrates an understanding of the job description, performance expectations, and competency assessment.
11) Demonstrates a commitment toward meeting and exceeding the needs of our customers and consistently adheres to Customer Service standards.
12) Participates in department and/or interdepartmental quality improvement activities.
13) Participates in and successfully completes Mandatory Education.
14) Performs all other duties as needed or directed to meet the needs of the department.
Minimum Qualifications:
Education: Bachelor’s degree in Health Care Management, Business Administration, Finance or equivalent education or experience
Licensure, Certification & Registration:
Experience: 1. Three to Five years experience working for a health plan and/or provider 2. Working knowledge of financial terms of managed care contracts (including but not limited to rates, pay for performance and risk/shared savings models). 3. Developed and used financial models that are moderate to complex in nature 4. Worked with large medical claims databases (both Hospital and Professional)
Skills, Knowledge & Abilities: 1. Excellent analytic and verbal skills 2. Self-motivated and dynamic individual with the ability to think creatively and work independently 3. Ability to manage multiple priorities 4. In depth knowledge of Hospital and Professional provider payment methodologies 5. In depth knowledge of risk and shared savings payment models 6. Ability to summarize and present results of analyses clearly and concisely to leadership 7. Proficient with MS Office applications, particularly Excel In the absence of any of these skills, demonstrates the ability to be thoroughly trained to meet organizational standards.
As a health care organization, we have a responsibility to do everything in our power to care for and protect our patients, our colleagues and our communities. Beth Israel Lahey Health requires that all staff be vaccinated against influenza (flu) and COVID-19 as a condition of employment. Learn more about this requirement.
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