Decision Support Analyst I (Financial Analyst) (Hybrid/Remote) Job at University of Maryland Medical System – 3.5 in Towson, MD
Under general supervision, develops, analyzes, reports and interprets financial and statistical information to assist management in the formation, implementation and execution of the organization’s business plans. Participates in providing analytical and technical support regarding, budgeting analysis, financial planning analysis, regulatory policies and procedures and/or volume and revenue analysis. Works collaboratively with departments and senior financial analysts to implement the recommendations.
Principal Responsibilities and Tasks
The following statements are intended to describe the general nature and level of work being performed by people assigned to this classification. They are not to be construed as an exhaustive list of all job duties performed by personnel so classified.
1. Prepares reports, surveys and special projects. Prepares miscellaneous reports for requesting agencies in accordance with departmental procedures. Reviews transactions from various reports and prepare summary reports for reporting organizational activity for use by the appropriate UMMS department in accordance with departmental procedures.
2. Participates with the development and implementation of procedures in performing tasks required by internal management or outside regulatory agencies.
3. Represents the appropriate department staff on standing and ad hoc committee dealing with financial and budgeting issues in accordance with department procedures. Presents relevant financial data and serves as a financial resource to the departments, senior management and physician groups.
4. Keeps up-to-date with the developments/changes in the field and applicable regulations and procedures affecting hospital finance and regulatory practices.
Specialization in Hospital Decision Support
1. Prepares and/or validates assumptions, calculations, schedules and other documentation in developing the organization’s annual capital and operating budgets in accordance with generally accepted accounting principles (GAAP) and departmental procedures.
2. Participates in the analyses of financial and statistical reports to ascertain trends and to isolate deviations from established plans in accordance with GAAP and report such data to management.
3. Compiles financial and statistical reports of a specific nature in accordance with departmental procedures. This includes preparing monthly financial statements and other regular management reports, analyzing nominal accounts to determine the adequacy of presentations based upon accruals, calculation, estimates and general provisions.
4. Monitors and investigates transactions. Reviews and verifies transactions to confirm authorization, conformity with the capital or operating budget, compliance with expenditure management policy, and the adequacy of coding to support accounting systems and management reports in accordance with departmental procedures.
5. Communicates with various departments in order to resolve various budget-related financial problems and procedures. Reviews with cost center managers, on a routine basis, the financial reports for their areas. Assists manager/analyst in understanding variances from budget and assists in documenting new issues that impact the current and future budget development.
6. Maintains a working knowledge of the hospital’s financial and patient accounting practices and uses this information to create/modify cost accounting methodology within the decision support system.
7. Prepares and/or validates assumptions, complex calculations, schedules and other documentation in developing the decision support clinical services profitability statements and other Medical Center analyses.
8. Communicates with various departments on changes surrounding operational and financial charges and incorporates these changes into the cost accounting methodology.
Specialization in Clinical Analysis
1. Ensures clinical analyst data quality and integrity.
2. Develops, implements, and maintains executive reporting tool in coordination with the Intranet Committee.
3. Responsible for maintaining accuracy and data integrity in the decision support system through audits and routine reviews of data.
4. Responsible for contributing to the creation and analysis of service line Profit and Loss to support decision-making and change within UMMS departments.
5. Using the decision support system responsible for maintaining and analyzing accurate and timely revenue, cost and utilization data used by all levels of management within the organization.
6. Using decision support system data and analysis, direct and guide all levels of the institution in the strategic decision-making process while maintaining the required degree of confidentiality and professionalism.
7. Communicates with groups of various sizes to discuss/debate alternatives with other professionals and/or arbitrate differences of opinion or focus related to decision support system.
Specialization in Strategic Financial Planning and Subsidiary Ventures
1. Prepares and/or validates assumptions, complex calculations, schedules and other documentation in developing the Medical Centers and Medical Systems annual capital and operating budgets in accordance with generally accepted accounting principles (GAAP) and departmental procedures
2. Development of long-term financial forecasts that incorporate the changes in patient service activity, the reimbursement environment, payor mix, operating costs, capital financing structure and overall capital requirements primarily utilizing the ENUFF model.
3. Maintains the Medical System’s strategic capital plan and determines how these capital issues will affect the long-range financial forecast. Produces regular updates of this document for internal use.
4. Reports and maintains external and internal benchmarking indicators.
What You Need to Be Successful:
Education and Experience
1. Bachelor’s degree in Finance, Accounting or a business-related field is highly preferred. Experience in Decision Support may be substituted for education. Relevant experience in Decision Support may be substituted for education.
2. One year of progressively responsible financial planning, financial analysis, and budgeting, reimbursement or accounting experience is preferred.
3. Healthcare-related finance background is preferred.
We are an Equal Opportunity/Affirmative Action employer. All qualified applicants will receive consideration for employment without regard to sex, gender identity, sexual orientation, race, color, religion, national origin, disability, protected veteran status, age, or any other characteristic protected by law.
About the Company
Company: University of Maryland Medical System – 3.5
Company Location: Towson, MD