GENERAL SUMMARY/ OVERVIEW STATEMENT\:
Receiving general direction from the Executive Director the Director of Finance is responsible for setting the direction, and coordinating, all financial aspects of the Department of Medicine (DOM) finances including a broad range of strategic, analytic, planning, benchmarking, and other management support activities. Drawing on a broad understanding of Hospital, group practice, research and Harvard Medical School (HMS) policies and procedures, and displaying a high degree of initiative and independent judgment, the incumbent will collaborate closely with departmental leadership to continually assess and direct finance and administrative activities. Incumbent will oversee all financial management for the Department of Medicine, including Hospital, MGPO, HMS and Sundry funding and endowments. Responsibilities include\: management of Hospital, MGPO, Research, HMS and Sundry finances, directing day-to-day operations of the departmental Finance Office, overseeing the professional revenue cycle, routine reporting and analysis related to Department activity and finances, compensation plan development, and long-range planning as well as overseeing the Department Administrative Directors as it relates to these issues.
PRINCIPAL DUTIES AND RESPONSIBILITIES\:
I. Financial Management
· Work with the Executive Director to develop annual operating and capital budgets for all MGPO, GH and Harvard Medical School funds within the department.
· Monitor all MGPO, GH, research, HMS and Sundry funds and endowments within the department
- Reconcile monthly fund statements for DOM funds.
- Coordinate with Accounts Payable, Research Finance, Payroll, and other departments as needed for resolution of errors or identification of charges.
- Collaborate with Division leadership to develop (where necessary) and maintain a fiscal record keeping system for GH and MGPO funds.
- Review statements with the Executive Director, the Chief of Medicine, Administrative Directors and physicians on a quarterly basis.
- Responsible for working with Administrative Directors and physicians to prevent, identify and resolve projected overruns and for resolving any deficits in a timely manner for research and clinical funds.
- Assigns expenditures to funds as necessary.
- Oversee Administrative Directors, Administrative Managers and Grants Managers in these activities as applicable.
· Manage professorship endowments through Harvard Medical School.
· Assist in establishing and closing out of sundry funds.
· Manage existing sundry funds and advises on combination and or elimination of sundry funds. Works with Division leadership to appropriately spend balances.
· Oversee and approves financial transactional activities (reimbursements, employee salary changes, advance payment approvals journal entries vendor payments, etc).
- Reviews all supporting documentation for accuracy/appropriateness.
- Ensures completeness of forms, obtains Senior Vice President’s signature as necessary, ensures processing, and maintains accurate files of payments processed.
· Reconciles all chief packages and provides regular updates to MD and Administrators so they know how much money is left.
· Coordinate with Accounts Payable, Research Finance, Payroll, and other departments as needed for resolution of errors or identification of charges.
· Review statements with physicians/groups at Divisional level as needed.
· Works with Executive Director to approve all capital purchases. Assign expenditures to funds as necessary.
· Manages complex accounting issues for GH, MGPO and Harvard Medical School.
· Serves as interface between Department and Professional Billing Office (or other billing services) Billing Managers for account analysis, resolving issues, etc.
B. Analysis and Reporting
· Using current systems (Vision, Cognos, EPSi, IPORT, Insight, etc.) create quarterly status reports of research, GH, and MGPO funds incorporating data related to physician compensation, revenue capture, access, service, and quality measures as defined by the Chief and department leadership. Working with Executive and Operations Director, facilitate cohesion between departmental strategies, financial performance, and operational implementation.
· Develop and present monthly reports of departmental financial and activity performance to the Executive Director. Monitor Chief’s package spending incorporating all expenses, commitments, and available dollars into one report. Coordinate Chief’s package delivery with Budget Office.
· Provides leadership on business and strategic planning analyses including return on investment analyses, new program analyses, and long term projections. Interfaces with Partners Business Planning as needed to develop proposals and assess market trends.
· Prepare concise, creative, professional summaries of analyses and plans to Chief of Medicine, Executive Director and physician leadership as requested.
· Provide primary support to the DOM Administrative Directors, Administrative Managers and Grants Managers in the development of consistent and useful clinical and research financial reporting for the divisions. Meet with administrators as needed to review and monitor reports. Reporting may include:
- Physician level reports for use in determining individual physician profit and loss.
- Monthly profit and loss statements
- Research fund summary reports
- Clinical and research projections
- Deficit resolution planning
· Create and update annually comparative data reports including:
- Staff equity review
- Physician equity review by years experience, HMS rank, and MGH title
- Others as assigned
· Oversees expense management issues; performs comparative analyses. Develops and implements strategies for cost containment with Division administration.
· Provides assistance in the development of the physician financial package. Reviews financial aspects of agreement with physician prior to commitment (if requested) and upon commencement of position to ensure all terms are comprehended. Provides regular financial status reports for physician.
· Responsible for working with Divisions on the development, implementation, and ongoing management of a formalized physician compensation plans.
· Conceptualizes and performs a variety of financial analyses (e.g. for global/fixed fee developments, physician recruitment, physician compensation plan, business/program development, projecting budget surpluses/deficits, etc.). Prepares and presents various cost analyses and budget justifications.
· Serves as resource for resolution of administrative questions/issues/problems.
· Oversees and ensures completion of physician TEFRA (Tax Equity and Fiscal Responsibility Act of 1983) time reporting as assigned.
III. Revenue Capture
· Oversees Department’s professional billing practices.
· Ensures that “front-end” procedures are coordinated and all services provided are monitored and tracked at the Divisional level to ensure capture and timely submission to billing entity (PBO, outside billing agency, or practice-employed billers) of all services provided.
· Oversee activities of billing services to ensure timely/maximized collections.
· Ensures Departmental billing compliance.
· Serves as interface between Department and billing service liaisons for account analysis, resolving issues, etc.
· Performs quarterly (or more frequent as needed) billing analyses and reporting. Prepares financial projections and monitors performance relative to projections.
· Apprises Executive Director, Chief and Senior Vice President regarding the status of professional revenues, front-end procedures, etc. on a quarterly (or more frequent as needed) basis.
· Coordinates with Divisions and billing services to develop billing policies and procedures.
· Ensures that office cash collection procedures are maintained at the Divisional level.
· Coordinates with Divisions and Executive Director, and Professional Billing Office/MGPO Physician Reimbursement to routinely review practice fee schedules relative to marketplace third party reimbursements to ensure that revenues are maximized and practice fees are consistent with marketplace.
· Ensures accountability of Division managers in regard to all of the above activities.
· Meets regularly with MGPO and Billing/Compliance to review DOM revenue practices. Establish reporting measures to input in quarterly division reports. Determine opportunities for additional/missed billing opportunities where relevant. Compare billing practices to determine opportunities for additional billing. Discuss areas for improvement and determine causes for variance including but not limited to:
- timely response from all Divisions on required edits to ensure capture and timely submission
- maximizing coding and documentation to optimize revenue
- establishes billing comparative data for Chief and AD
- work on best practices or tools to help increase billing knowledge and understanding
· Analyze benchmark data (FPSC, MGMA) to measure productivity performance and work with AD’s and Chiefs to determine improvement strategies.
· Analyzes funding alternatives for the department and makes recommendations for future funding initiatives.
· Apprises Executive Director, Chief and Senior Vice President regarding the status of professional revenues, front-end procedures, etc. on a quarterly (or more frequent as needed) basis.
IV. Human Resource Management
· Provides direct supervision to and is responsible for the conduct, operations, and results of the departmental finance managers and revenue coordinators.
· Responsible for creating job descriptions, providing annual evaluations, and general oversight to direct reports.
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· Using PeopleSoft Manager Self Service, initiates, approves and coordinates with Human Resources for approval of human resources changes (i.e. salary adjustments, salary distributions, training records, etc.).
· Submits special payments to Department staff as appropriate.
· Provides mentorship to Administrative Directors, Administrative Managers clinical and administrative staff, and others as appropriate.
· Provide backup for Executive Director as needed. Supports Executive Director on other special projects or committees as assigned.
· Masters degree in Finance, Business or equivalent required.
· Minimum of 5 to 7 years of directly related experience.
SKILLS/ ABILITIES/ COMPETENCIES REQUIRED
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Ability to handle business planning and change management |
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Emotional intelligence – demonstrates awareness of own strengths and development needs as well as impact of own behavior on others. |
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Talent development – effectively manages and develops team members and peers |
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Communication that demonstrates effectiveness and influence |
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Listens and responds to staff in a timely manner. Provides customer service and follow up. |
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Maintains a compliant environment of care; stays current on policies and expectations |
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Demonstrates leadership with strategic thinking, planning and problem solving |
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Strong financial management skills |
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Takes accountability and responds to feedback |
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Demonstrates professionalism at all times |
WORKING CONDITIONS\: Describe the conditions in which the work is performed.
Normal office conditions. May be required to attend meetings outside of regularly scheduled hours.
SUPERVISORY RESPONSIBILITY\: List the number of FTEs supervised.
· Supervises a Finance Manager (1.0), Financial Analyst (0.5 FTE) and Revenue Coordinators (1.5 FTE).
· Responsible for administrative oversight of professional and non-professional administrative, research, and clinical staff and non-employees.
QUALIFICATIONS\:
· Masters degree in Finance, Business or equivalent required.
· Minimum of 5 to 7 years of directly related experience.
SKILLS/ ABILITIES/ COMPETENCIES REQUIRED
Ability to handle business planning and change management
Emotional intelligence – demonstrates awareness of own strengths and development needs as well as impact of own behavior on others.
Talent development – effectively manages and develops team members and peers
Communication that demonstrates effectiveness and influence
Listens and responds to staff in a timely manner. Provides customer service and follow up.
Maintains a compliant environment of care; stays current on policies and expectations
Demonstrates leadership with strategic thinking, planning and problem solving
Strong financial management skills
Takes accountability and responds to feedback
Demonstrates professionalism at all times
WORKING CONDITIONS\:
Normal office conditions. May be required to attend meetings outside of regularly scheduled hours.
SUPERVISORY RESPONSIBILITY\:
· Supervises a Finance Manager (1.0), Financial Analyst (0.5 FTE) and Revenue Coordinators (1.5 FTE).
· Responsible for administrative oversight of professional and non-professional administrative, research, and clinical staff and non-employees.
Massachusetts General Hospital is an Equal Opportunity Employer. By embracing diverse skills, perspectives and ideas, we choose to lead. Applications from protected veterans and individuals with disabilities are strongly encouraged.