Financial Planning & Analytics Analyst 3

Overview

Financial Planning & Analytics Analyst, Financial Analytics

Full Time, 80 Hours Per Pay Period, Day Shift

Covenant Health Overview:

Covenant Health is the region’s top-performing healthcare network with 10 hospitals, outpatient and specialty services, and Covenant Medical Group, our area’s fastest-growing physician practice division. Headquartered in Knoxville, Covenant Health is a community-owned integrated healthcare delivery system and the area’s largest employer. Our more than 11,000 employees, volunteers, and 1,500 affiliated physicians are dedicated to improving the quality of life for the more than two million patients and families we serve every year. Covenant Health is the only healthcare system in East Tennessee to be named a Forbes “Best Employer” seven times. 

Position Summary:

The Financial Planning and Analytics Analyst, III is responsible for interacting, consulting, and educating leadership across the system to accomplish financial management goals. Responsible for the delivery and results of various elements of financial reporting to enterprise leadership, simultaneously working closely with leadership to deliver the highest quality tools and reports, while helping leadership maximize financial operations. Responsible for the development, implementation, and maintenance of the financial decision support and benchmarking systems. Reviews past and present financial performance and develops models that assist management in understanding the financial impact of business decisions.  This position not only requires a deep understanding of a variety of important datasets, but also the ability to make large and/or complex data more accessible, understandable, and usable to leaders within the enterprise.

Responsibilities

• Supports the financial planning and analytics team and serves as an analytical leader within the enterprise. Serves as resource for financial proforma and model development, preparing and coaching others on standard elements of financial projections and modeling various scenarios as needed to optimize organizational decision making. Works closely with other departments and enterprise leaders to perform financial modeling and provide various reports from decision support, as needed, or requested. Serves as a backup for department leadership.
• Analyzes current and past trends in key performance indicators including areas of revenue, cost of services, expense, and capital expenditures. Assist with monthly financial reporting process. Proactively identifies opportunities for improvement across the enterprise and serves as a change agent to achieve improved results.
• Implements and maintains financial modules of decision support systems, including but not limited to productivity, contract analytics, market share, and costing modules. Ensures that all necessary data is updated annually or when operational changes dictate, including but not limited to changes in governmental reimbursement, fee schedule and rate updates for managed care payors, costing updates, and changes in productivity data elements. Provides additional analysis as necessary. Actively engages in self-directed learning to deepen knowledge and understanding of decision support tools.
• Audits and identifies financial data integrity issues within various decision support systems. Ensure that all financial data is reconciled to its source. Ensures appropriate mapping of data elements used in decision support such as transaction code mapping, insurance plans, department, payroll, and statistics for purposes of cost accounting, analytics, and productivity management. Collect accurate operational data from department leaders, including but not limited to job code fixed/ variable information, RVU’s, and allocation statistics as needed to support financial decision support systems.
• Coordinates completion of required data and profile submission for external partners, including but not limited to enterprise, facility, department, and charge information for benchmarking and consulting partners. Coordinates benchmarking database submissions under the supervision of the manager or director, including ensuring all data is submitted on schedule; reviewing audit reports; identifying and resolving audit questions using source systems, such as GL, payroll, and productivity; and maintaining data quality at expected levels. Performs complex benchmarking analysis using external database and internal information to identify appropriate benchmarks by division or department across Covenant Health. Interacts with department management and peers for validation and identification of best practices. Takes lead on initiatives with decision support partners, and proactively makes recommendations for improvement.
• Assist with the budget process annually, including but not limited to creating and distributing facility-level labor and/or revenue analyses, and analyzing budget exception requests. Coordinate with Managed Care and Reimbursement to aggregate reimbursement assumptions. May entail recalculating labor targets, updating approved variable targets in facility budgets, notifying accountants of approved fixed budget FTEs, and entering variable targets into the productivity system for the upcoming year.
• Creates high-quality data deliverables in a timely basis to support enterprise leadership. Presents analyses as needed to groups including executive leadership, hospital leadership, and others. Provides data and analytics in support of both expense and revenue opportunities, including identifying potential new revenue opportunities; actively assisting in the development of pricing strategies and alternative payment models.
• Provides work leadership and direction for less experienced staff members. Takes lead in training others in financial modules as needed. Proactively cross-trains with others within the department to ensure continuity of key financial decision support processes. Proactively support these areas to improve processes.
• Is a trusted thought partner and analytical advisor to enterprise leadership, interacting with all business units, and corporate executives on related duties. Leads educational workshops for facility leaders on expense management and variance reporting, reports and analysis, and other related matters. Demonstrates leadership in designing and developing effective financial decision support methods and systems.
• Identifies key areas of opportunity for FP&A processes, tools, and systems. Proactively makes recommendations for improvement and takes lead on implementation.
• Builds key relationships across the enterprise, strengthening those relationships to anticipate the business needs of key stakeholder groups.
• Maintains professional growth and development through continuing education, seminars, and professional affiliations to keep informed of industry trends. Attends professional/society/business meetings.
• Follows policies, procedures, and safety standards. Completes required education assignments annually. Works toward achieving goals and objectives and participates in quality improvement initiatives as requested.
• Performs other duties as assigned.

Qualifications

Minimum Education:           

BS in Business, Accounting, Finance, or related discipline from an accredited academic program. Advanced degree or CPA preferred.

Minimum Experience:         

Six (6) years of healthcare financial experience, or the equivalent combination of experience and education. Experience with report writing, detailed, operational and processing knowledge in a healthcare financial environment.

Licensure Requirement:      

None