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Financial Analyst

Location: Boston, MA
Post Date: 4/2/2020
The Finance Department at Boston Medical Center is seeking a motivated and collaborative analyst who takes initiative and functions well in a dynamic environment. Reporting to the Manager of Financial Planning & Analysis, the Financial Analyst provides analytic support and insight to the Hospital's Clinical Value Analysis Team. The individual will serve as a key stakeholder on this cross-functional team made up of Finance, Supply Chain, Physicians, Nurses and Service Line Business Directors.

Clinical Value Analysis uses evidence-based and data-driven decisions to ensure our clinicians and departments have access to quality products at the right time and price. BMC is committed to continuing a strong, structured value analysis process as a strategic tool to provide quality care and to minimize costs across the continuum of care. On the Value Analysis Team, the Financial Analyst will be responsible for investigating the financial impact of new devices and procedures, validating savings from supply consolidation, and contributing to new cost-saving ideas for BMC.

The Financial Analyst's primary job responsibilities are to serve as a key business partner and to provide financial review to the BMC Clinical Value Analysis Team and the Supply Chain Team. The team member will provide high-level analyses for, and research around, a broad range of business issues, including root cause analysis and identification of processes that could improve care or financial state for the hospital. This includes:

  • Translating new device or procedure asks from clinicians and departments into financial models with the guidance of the Manager of FP&A, including investigation of adding costs for clinical value and contribution margin impact.
  • Analyzing impact of proposed investments, which include capital and operating costs.
  • Modeling the ROI for new/strategic initiatives across BMC programs, including the impact of different volume and payment scenarios.
  • Maintaining reporting processes of key financial data to appropriately track and manage impact to operational budgets, revenue, and department employees.
  • Collaborating with the BMC Revenue Cycle and Reimbursement groups to evaluate payer reimbursement for BMC Service Line Products and Procedures.
  • Understanding the impact to Hospital and Health System initiatives, such as BMC Health Plan members, Boston ACO, and other systems in which BMC participates to reduce total cost of care.
  • Providing ad-hoc analyses for business planning, scenario comparison and sensitivity analysis.
  • Identifying areas to streamline and improve existing processes (e.g. payment processes, financial and performance reporting); working with the Manager of FP&A to develop recommendations in alignment with department and organizational goals.
  • Develop and maintain relationships with BMC departments, including Supply Chain, Service Lines, Information Systems, as well as Practice and Departmental Finance Managers.
  • Other duties as assigned.

Must adhere to all of BMC's RESPECT behavioral standards.

Education: Bachelors Degree required, with preference for concentration in Economics, Business, Accounting or Finance. Master in Business or Public Administration preferred.

Experience: Minimum of 2-3 years professional experience in a financial analysis or accounting function. Experience may be waived for candidates with a Masters degree.

Knowledge and Skills:

  • Advanced MS Excel, Word, Access, and PowerPoint skills. Experience with or ability to learn Lawson and additional application systems.
  • Highly analytical thinking with demonstrated talent for identifying, scrutinizing, improving, and streamlining complex work processes.
  • Ability to interpret financial data and operating metrics as well as translate financial models into simple points at meetings with key stakeholders.
  • Detail oriented with strong organizational skills
  • Time management and ability to prioritize
  • Ability to work independently and as a member of team
  • Excellent written and verbal communication skills
  • Requires superior interpersonal skills to effectively work and communicate with all levels of Management inside and outside Finance.

Ability to operate effectively in a fast-paced constantly changing environment.

Req ID: 15118