The Director of Finance is a key member of senior management of Boston Medical Center Health Plan, Inc. (BMCHP or Plan) Finance Department and serves as a backup to the Vice President and Corporate Controller. Responsibilities include: coordinating, administering, and overseeing the accounting operations and financial and regulatory reporting of the Plan; leadership of the cost controllership function; liaison between New Hampshire (NH) DHHS and BMCHP for accounting, actuarial, and audit requirements; and, project management. Incumbent will systematize, strengthen, and streamline BMCHP’s organizational profitability and cost management reporting and analysis.
Primary accountabilities of incumbent will be: consistently to work with co-workers and own staff showing respect and trust; to respond on time consistently to requests from internal or external auditors; develop, implement and maintain consistent processes for accurate, timely analysis of financial data, adopting best practices; to provide metrics for senior management that highlight issues in financial or cost management, and offer solutions; and to represent Finance in cross-functional projects. The incumbent should operate as a “working manager”, that is, able to lead, or to be an “individual performer”, depending on circumstances; to be comfortable switching between these roles ad hoc.
Incumbent will direct a team, which includes such tasks as: work allocation, goal setting, training, professional development, problem resolution, performance evaluation, resource planning, scheduling, and partnering. They will reach out to other units, as needed, to assure that team members receive necessary support from those units to accomplish assigned tasks. The incumbent has to influence priorities outside Finance to accomplish priorities inside Finance.
Accounting & Reporting:
Develop accounting policies or practices to comply with Federal / State laws and regulations
Review regulatory financial reports required by MassHealth, Commonwealth Connector, Division of Insurance (MA), Insurance Department (NH), Division of Health Care Finance (MA), Department of Health and Human Services (NH), Centers for Medicare and Medicaid Services (CMS), and the NAIC. Review and approve accounting in exposure areas such as IBNR, other insurance reserves, other assets, other liabilities, capitalization of costs, etc.
Oversee relationships with external auditors and regulators for GAAP and Statutory financial annual or any other audits
Coordinate resources with compliance, legal, human resources, and operations areas to meet accurate and timely filing requirements of internal staff, affiliates and regulators
III. Cash Management:
Oversee Accounts Payable, vendor payment processing, and provider payment processing
Oversee revenue receipt & reconciliation, and monitor daily bank activity and bank account reconciliations
Work with Corporate Controller in monitoring investment balances and managing balances in order to remain in compliance with the Plan’s Investment Policy Statement
Safety and Soundness:
Monitor Risk-based capital ratio (RBC) monthly; report material deterioration, if any, to executive management and State regulators
Monitor ratio of current assets to current liabilities (liquidity ratio) to ascertain in compliance with various contracts
Corporate Financial Planning and Budgeting:
The incumbent will be on point to coordinate corporate annual budgeting and financial planning for BMCHP; and to execute budgeting and planning for administrative expenses and capital budgets of BMCHP. The coordination will be performed complementarily with Financial Planning unit in Finance. Some key accountabilities specifically include:
Set annual admin cost targets for Chiefs
Coordinate and in part write the Annual Budget analytic package
Work with IT to develop Capital Expenditures budget; report on CapEx actual vs. budget
Execute comparative financial analyses of BMCHP vs. main competitors using statutory statements
Develop unit-level budgets for: (i) Admin dept., (ii) President, (iii) CFO and (iv) Controller’s cost centers
Set-up and refine COGNOS annually with help from contractor
The mission of the incumbent is to understand and control costs at a corporate level; and monitor costs of leading departments (IT, Operations, Office of Clinical Affairs, Marketing, Legal/HR, and Finance) to support each chief in managing such costs in compliance to budget, to corporate procurement policies, and to Project Screening Group directives. Some of the key accountabilities specifically include:
Provide ad hoc finance support to Chiefs, upon request
Prepare standard corporate expense analytical reports
Serve as back-up and support the Corporate Controller in work on the project governance committee known as Enterprise Project Governance Committee
Oversee FTE Position Control and ensure HR is using it as a tool to pre-validate FTE requests from the business. Validate and approve employee requisitions, based on FTE Position Control mapping
Perform departmental expense reviews with the Chiefs and, if desired, their direct reports
Advise business on financial impacts of FTE reorgs, moves, reductions-in-force
Support NH General Manager as the NH Finance Manager, performing NH-centric profitability analyses
VII. Regulatory Reporting – Administrative Costs:
The Director of Finance will report financial data in formats mandated by the NAIC (Quarterly and Annual Statutory Statements) or the Board of Trustees (monthly Board package). Some key accountabilities specifically include:
NAIC: develop analyses of lines-of-business, administrative expenses, claims adjustment expenses, etc., in the Statutory Statement format
Develop Annual Comprehensive Financial Statement
Develop Annual Supplemental Health Care Statement
Develop Supplemental Utilization analyses
IRS: develop Form 990 analyses of administrative expenses
ERISA: Ensure the performance of 401k true-up annuallyThe Director of Finance will contribute to the overall Compliance functions performed by Finance. Some key accountabilities specifically include:
VIII. Internal Control & Compliance:
P4P Plans: oversight and control (partnering with HR)
Annual GAAP audit and Annual Statutory Audit: oversee preparation of schedules as directed by independent auditors
Ensure Model Audit Rule (MAR) controls are reviewed and updated annually; and complied with continually
May supervise up to five direct reports
Critical to success is the incumbent’s ability to form alliances with peers and achieve progress working through others over whom no direct control is exercised
General supervision is received from Vice-President / Controller weekly; and ad hoc from CFO.
Bachelor’s Degree in Business Administration, Finance, Statistics, or related field; or equivalent combination of training / experience.
CPA or MS preferred
Minimum 10+ years related experience.
Experience in healthcare or managed care preferred
Certification or Conditions of Employment:
Pre-employment background check
Competencies, Skills, and Attributes:
Knowledge of Healthcare and Insurance industry
Detail oriented, excellent proof reading and editing skills
Ability to communicate clearly, meet deadlines, and multi-task
Prior public accounting experience, including a CPA, CMA, or MBA
Demonstrated ability to manage multiple objectives with minimal supervision.
Project management, including implementation of new initiatives or processes
Outstanding proficiency with Microsoft Office Suite including Word, PPT, Excel
Proven ability to excel in a matrix organization and lead therein through example
Proven ability to build effective teams; cultural competency to manage diverse associates, whether direct or indirect
Proven ability managing financial operating systems, e.g., Cognos/IBM shop or similar smaller apps
Use of accounting and finance knowledge to collaborate pragmatically with varying levels of employees whose knowledge of accounting and finance varies
Able to give direction to executives in financial matters; and coax cooperative behaviors from managers and directors
Well-developed information gathering, auditing, analytical, problem-solving skills; and ability to evaluate disparate facts objectively, and prioritize tasks based on demonstrable impact
10+ years of progressively more accountable experience in accounting, reporting, and analysis
Flexible when confronted with startling requests from agencies of the State, the Federal government, or Executive team
Lawson experience preferred
Working Conditions and Physical Effort:
Travel via cab or on foot between buildings of Boston Medical Center and BMCHP
Work performed in typical interior / office work environment; limited physical effort required; limited exposure to physical risk
Out-of-town travel to Manchester, NH; or training conferences, the latter, if incumbent desires
Company BackgroundBoston Medical Center HealthNet Plan (BMCHP) is a not-for-profit health maintenance organization founded in 1997 by Boston Medical Center (BMC). BMCHP’s mission is to serve Boston Medical Center and to assist and support BMC’s mission in providing and enhancing access to effective, efficient medical care among low income, underserved, disabled, elderly and other vulnerable popula...tions.Since its founding, BMC HealthNet Plan has offered fully subsidized health insurance coverage through its MassHealth product to low-to-moderate-income individuals in Massachusetts through the state’s MassHealth (Medicaid) program. BMC HealthNet Plan is one of the largest Medicaid health plans in Massachusetts.In 2006, BMCHP began participating in Massachusetts’ State Commonwealth Care program, which makes subsidized, comprehensive, affordable health insurance coverage available to eligible Massachusetts residents. Beginning in 2011, the Plan began enrolling individuals and their families and small businesses in its Commonwealth Choice/Employer Choice commercial products which evolved into our Qualified Health Plan programs in 2014. BMCHP covers over 70,000 QHP members.In 2012, Well Sense Health Plan, BMCHP’s business name in New Hampshire, opened an office in Manchester, New Hampshire, becoming one of three health plans (currently two) to manage care for New Hampshire Medicaid members. BMC HealthNet Plan and Well Sense Health Plan together employ over 600 people, each of whom has an opportunity to make a difference for the people and the communities around them. Their employees are committed to offering customer-focused, culturally competent and affordable health care coverage.Quality is first and foremost to BMCHP as it strives to make a meaningful impact on the lives and communities it serves. BMC HealthNet Plan’s Medicaid plan has achieved Excellent Accreditation from the National Committee for Quality Assurance (NCQA) and is rated 4.5 out of 5 in NCQA’s Medicaid Health Insurance Plan Ratings 2016-2017. Its Qualified Health Plan maintains Accredited status from NCQA, which is currently the highest status available for Qualified Health Plans.More information about Boston Medical Center HealthNet Plan can be found on their website here.