The Director of Finance is a key member of senior management of Boston
Medical Center Health Plan, Inc. (BMCHP or Plan) Finance Department and
serves as a backup to the Vice President and Corporate Controller.
Responsibilities include: coordinating, administering, and overseeing
the accounting operations and financial and regulatory reporting of the
Plan; leadership of the cost controllership function; liaison between
New Hampshire (NH) DHHS and BMCHP for accounting, actuarial, and audit
requirements; and, project management. Incumbent will systematize,
strengthen, and streamline BMCHP’s organizational profitability and cost
management reporting and analysis.
Primary accountabilities of incumbent will be: consistently to work with
co-workers and own staff showing respect and trust; to respond on time
consistently to requests from internal or external auditors; develop,
implement and maintain consistent processes for accurate, timely
analysis of financial data, adopting best practices; to provide metrics
for senior management that highlight issues in financial or cost
management, and offer solutions; and to represent Finance in
cross-functional projects. The incumbent should operate as a “working
manager”, that is, able to lead, or to be an “individual performer”,
depending on circumstances; to be comfortable switching between these
roles ad hoc.
Incumbent will direct a team, which includes such tasks as: work
allocation, goal setting, training, professional development, problem
resolution, performance evaluation, resource planning, scheduling, and
partnering. They will reach out to other units, as needed, to assure
that team members receive necessary support from those units to
accomplish assigned tasks. The incumbent has to influence priorities
outside Finance to accomplish priorities inside Finance.
KEY FUNCTIONS/RESPONSIBILITIES:
I. ACCOUNTING & REPORTING:
- Develop accounting policies or practices to comply with Federal /
State laws and regulations
- Review monthly, quarterly, annual GAAP & Statutory financial reports
- Review regulatory financial reports required by MassHealth,
Commonwealth Connector, Division of Insurance (MA), Insurance
Department (NH), Division of Health Care Finance (MA), Department of
Health and Human Services (NH), Centers for Medicare and Medicaid
Services (CMS), and the NAIC. Review and approve accounting in
exposure areas such as IBNR, other insurance reserves, other assets,
other liabilities, capitalization of costs, etc.
II. FINANCIAL AUDITS:
- Oversee relationships with external auditors and regulators for GAAP
and Statutory financial annual or any other audits
- Coordinate resources with compliance, legal, human resources, and
operations areas to meet accurate and timely filing requirements of
internal staff, affiliates and regulators
III. CASH MANAGEMENT:
- Oversee Accounts Payable, vendor payment processing, and provider
payment processing
- Oversee revenue receipt & reconciliation, and monitor daily bank
activity and bank account reconciliations
- Work with Corporate Controller in monitoring investment balances and
managing balances in order to remain in compliance with the Plan’s
Investment Policy Statement
IV. SAFETY AND SOUNDNESS:
- Monitor Risk-based capital ratio (RBC) monthly; report material
deterioration, if any, to executive management and State regulators
- Monitor ratio of current assets to current liabilities
(liquidity ratio) to ascertain in compliance with various contracts
V. CORPORATE FINANCIAL PLANNING AND BUDGETING:
The incumbent will be on point to coordinate corporate annual budgeting
and financial planning for BMCHP; and to execute budgeting and planning
for administrative expenses and capital budgets of BMCHP. The
coordination will be performed complementarily with Financial Planning
unit in Finance. Some key accountabilities specifically include:
- Set annual admin cost targets for Chiefs
- Coordinate and in part write the Annual Budget analytic package
- Work with IT to develop Capital Expenditures budget; report on CapEx
actual vs. budget
- Execute comparative financial analyses of BMCHP vs. main competitors
using statutory statements
- Develop unit-level budgets for: (i) Admin dept., (ii)
President, (iii) CFO and (iv) Controller’s cost centers
- Set-up and refine COGNOS annually with help from contractor
VI. COST CONTROLLERSHIP:
The mission of the incumbent is to understand and control costs at a
corporate level; and monitor costs of leading departments (IT,
Operations, Office of Clinical Affairs, Marketing, Legal/HR, and
Finance) to support each chief in managing such costs in compliance to
budget, to corporate procurement policies, and to Project Screening
Group directives. Some of the key accountabilities specifically include:
- Provide ad hoc finance support to Chiefs, upon request
- Prepare standard corporate expense analytical reports
- Serve as back-up and support the Corporate Controller in work on the
project governance committee known as Enterprise Project Governance
Committee
- Oversee FTE Position Control and ensure HR is using it as a tool to
pre-validate FTE requests from the business. Validate and approve
employee requisitions, based on FTE Position Control mapping
- Perform departmental expense reviews with the Chiefs and, if
desired, their direct reports
- Advise business on financial impacts of FTE reorgs, moves,
reductions-in-force
- Support NH General Manager as the NH Finance Manager, performing
NH-centric profitability analyses
VII. REGULATORY REPORTING – ADMINISTRATIVE COSTS:
The Director of Finance will report financial data in formats mandated
by the NAIC (Quarterly and Annual Statutory Statements) or the Board of
Trustees (monthly Board package). Some key accountabilities specifically
include:
- NAIC: develop analyses of lines-of-business, administrative
expenses, claims adjustment expenses, etc., in the Statutory
Statement format
- DOI:
- Develop Annual Comprehensive Financial Statement
- Develop Annual Supplemental Health Care Statement
- Develop Supplemental Utilization analyses
- IRS: develop Form 990 analyses of administrative expenses
- ERISA: Ensure the performance of 401k true-up annually
VIII. INTERNAL CONTROL & COMPLIANCE:
The Director of Finance will contribute to the overall Compliance
functions performed by Finance. Some key accountabilities specifically
include:
- P4P Plans: oversight and control (partnering with HR)
- Annual GAAP audit and Annual Statutory Audit: oversee preparation of
schedules as directed by independent auditors
- Ensure Model Audit Rule (MAR) controls are reviewed and updated
annually; and complied with continually
SUPERVISION EXERCISED:
SUPERVISION RECEIVED:
- General supervision is received from Vice-President / Controller
weekly; and ad hoc from CFO.
QUALIFICATIONS:
_ _
- Bachelor’s Degree in Business Administration, Finance, Statistics,
or related field; or equivalent combination of training
/ experience.
- CPA or MS preferred
- Minimum 10+ years related experience.
- Experience in healthcare or managed care preferred
CERTIFICATION OR CONDITIONS OF EMPLOYMENT:
- Pre-employment background check
COMPETENCIES, SKILLS, AND ATTRIBUTES:
- Knowledge of Healthcare and Insurance industry
- Detail oriented, excellent proof reading and editing skills
- Ability to communicate clearly, meet deadlines, and multi-task
- Prior public accounting experience, including a CPA, CMA, or MBA
- Demonstrated ability to manage multiple objectives with
minimal supervision.
- Project management, including implementation of new initiatives or
processes
- Outstanding proficiency with Microsoft Office Suite including Word,
PPT, Excel
- Proven ability to excel in a matrix organization and lead therein
through example
- Proven ability to build effective teams; cultural competency to
manage diverse associates, whether direct or indirect
- Proven ability managing financial operating systems,
e.g., Cognos/IBM shop or similar smaller apps
- Use of accounting and finance knowledge to collaborate pragmatically
with varying levels of employees whose knowledge of accounting and
finance varies
- Able to give direction to executives in financial matters; and coax
cooperative behaviors from managers and directors
- Well-developed information gathering, auditing, analytical,
problem-solving skills; and ability to evaluate disparate facts
objectively, and prioritize tasks based on demonstrable impact
- 10+ years of progressively more accountable experience in
accounting, reporting, and analysis
- Flexible when confronted with startling requests from agencies of
the State, the Federal government, or Executive team
- Lawson experience preferred
WORKING CONDITIONS AND PHYSICAL EFFORT:
- Travel via cab or on foot between buildings of Boston Medical Center
and BMCHP
- Work performed in typical interior / office work environment;
limited physical effort required; limited exposure to physical risk
- Out-of-town travel to Manchester, NH; or training conferences, the
latter, if incumbent desires
*Qualified applicants will receive consideration for employment without
regard to race, color, religion, sex, national origin, sexual
orientation, gender identity, disability or protected veteran status.
Required Skills
Required Experience