What are the responsibilities and job description for the Financial Analyst position at Westchester Medical Center?
Job Summary: The Financial Analyst applies principles of accounting to analyze and record financial information and prepare reports by compiling information and utilizing accounting control procedures.
Responsibilities:
- Interact with internal and external parties to produce, distribute, and present both regular reports at fixed calendar intervals and ad-hoc analyses related but not limited to:
- Medical practice financials.
- Professional billing revenue cycle reporting for historical and projected payments, billed charges, AR, payor mix, billing throughput and other performance statistics.
- Physician and Mid-level provider productivity, utilization, patient referrals, Benchmarking.
- Routine revenue integrity audits.
- Inter-WMC Health Network entity related expense and revenue allocation.
- Serve as a subject matter expert for all financial, EMR/Billing and other decision support systems, including maintenance and delivery of current data download routines, report writing/query procedures, and knowledge of all data elements available.
- Recommend, develop and maintain financial databases, computer software systems and data filing systems and processes.
- Prepare and review budget, revenue, expense, payroll entries, invoices and other accounting documents.
- Review invoices and coordinate payment through Accounts Payable.
- Develop the annual operating budget and consult with departmental management on the fiscal aspects of program planning, salary recommendations and other administrative actions.
- Assist in due diligence and onboarding process for new provider / practice acquisitions.
- Perform productivity and financial analyses on new groups to determine appropriate compensation and forecast financial performance.
- Coordinate with practice operations and physician leaders to develop and oversee transition plan for capital assets, existing leases, service contracts and vendors.
- Maintain existing portfolio of Inter-WMC Health Entity agreements and develop models for new agreements in order to forecast, track and reconcile financial impact of agreements and communicate with appropriate network finance parties.
- Other regular duties and projects as assigned.
Qualifications/Requirements:
Experience: Healthcare finance experience highly preferred.
Education: Bachelors degree, required. Masters degree, preferred.
Licenses / Certifications: N/A
Other:
Special Requirements: Intangibles – The ideal candidate:
- Displays industry specific knowledge and has experience with healthcare finance, medical practice operations and professional billing.
- Knowledge of finance, accounting, budgeting and cost control principles including Generally Accepted Accounting Principles.
- Has demonstrated proficiency in Microsoft Excel. Preferred experience with Access/SQL Databases, Cerner Millennium or other EMR/Billing system, ERP/Finance systems
- Exhibits independent decision making within the scope of job duties.
- Displays critical thinking to proactively diagnose root cause of issues and develop solutions.
- Has the ability to independently obtain, vet, analyze, and accurately summarize data using all tools available.
- Clearly and accurately communicate data, report results, and other findings both in writing and verbally.
