This individual will be involved in a variety of projects to analyze pharmacy and hospital data in order to answer questions about current business performance and broad questions about performance improvement strategies of the pharmacy. For example, such projects might include market research and financial analysis to determine opportunities for growth in specific services from pharmacy leadership, or to assess the root cause of financial variances from run rate and budget. This position will directly support the dynamic $400M BMC Retail Pharmacy Department, a strategically important service line for the hospital that has nearly tripled its revenue across 4 retail sites in the last 3 years. The Financial Analyst II will also play a critical role in financial reporting and planning for inpatient pharmacy, other hospital-based specialty programs, and general hospital growth strategies.
Monthly Close & Financial Reporting
Pharmacy finance data exists in multiple disparate systems. This role involves coordination across various managers to ensure all data is accurately entered in the accounting systems in a timely and accurate manner. The Financial Analyst II will support this function through:
- Managing the pharmacy financial close process under the direction of the Manager of FP&A, including scheduling pre- and post-close review meetings between accounting, revenue and pharmacy to review monthly results.
- Investigating variances for monthly hospital close meetings including looking for variance anomalies and developing process improvements to continuously improve reporting and work flow.
- Assisting with and maintaining metric dashboard reporting in Tableau alongside pharmacy administrators and providing support in development of key performance indicators.
- Assisting in department initiatives to maintain data integrity across multiple data sources/databases, and maintain reporting standards for various pharmacy systems.
- Monitoring revenue and expense drivers to support robust performance through understanding the key nuances of service lines, such as 340B purchasing and PBM fee adjustments.
- Leading the annual budget process for the pharmacy business with direction from Finance and Pharmacy management.
To support this dynamic business environment, the Financial Analyst II is expected to process and analyze large amounts of data with technical skills as well as a big picture mindset by:
- Working as part of the FP&A team to produce and present results of analyses, highlighting findings that would potentially impact strategic planning efforts or address irregularity in performance.
- Conducting market research and financial analysis to create business plans, including scenario modeling, assessment of market opportunity, risk, and potential financial return when appropriate.
- Producing executive level presentations of analytic results, including summarizing key observations based on interpretation of volume and financial data for cross-functional stakeholders.
- Contributing ideas to improvement opportunities supported by data models and strategies consistent with current market trends (such as productivity of employees or streamlining processes to provide performance feedback quickly to pharmacy leadership).
- Analyzing current and historical volume and margin trends for pharmacy services, including but not limited to internal pharmacy operations and external business lines.
- Keep abreast of healthcare trends, as context for analyses and planning.
Must adhere to all of BMC’s RESPECT behavioral standards.
(The above statements in this job description are intended to depict the general nature and level of work assigned to the employee(s) in this job. The above is not intended to represent an exhaustive list of accountable duties and responsibilities required).
Requirements & Experience
- Bachelor’s Degree required in a finance or related field (work experience may substitute for finance or management specific degree). MBA Or MPH Preferred.
- Three years or more experience in financial analysis, data analytics, or management consulting, preferably in a healthcare, biotechnology or pharmacy environment.
- Experience with finance, accounting or analytics projects required. Knowledge of hospital service lines and delivery systems preferred but not required.
- Demonstrated background working with large sets of data in SQL or other programming language.
- Advanced MS Excel, Word, Access, and PowerPoint skills.