Financial Operations Consultant
The Financial Operations Consultant supports the consulting and operations teams by collecting, researching and analyzing data related to physician an practice operations and positioning them for operational improvement and revenue growth. This information is provided to Finance, Medical Directors, and Senior Management both internally and to the clients. This position is responsible for maintaining databases, performing financial analyses and reporting in order to provide management with accurate and timely financial information needed to make decisions which will be most advantageous for the organization, operationally and economically. In broad terms the Financial Analyst Consultant quantifies current financial performance, benchmarks physician productivity and compensation, analyses reimbursement impacts, and develops Pro Forma Financial Models. The successful candidate will have expertise in manipulating data using Excel, Access and other database tools, coordinating team work products, and the ability to work in a team environment. The job responsibilities may vary depending upon each client engagement.
- Review financial accounting statements of the historical annual performance of the employed physician enterprise by specialty or division.
- Provide benchmark comparisons of current performance with industry best practice.
- Review the existing income statement structure and evaluate operating expense detail and make a determination around appropriate cost allocation methods and provide recommendations for improvement.
- Prepare a comparative analysis for both physician productivity and compensation.
- Quantify potential financial opportunity measured by the strict interpretation of gaps between gross production and compensation or collections balanced by the findings from the practice operations and revenue cycle analysis.
- Analyze the impact on the reimbursement to the hospital that results from transitioning the physician practice’s ancillary services from their current hospital (“provider-based” setting) back into the practice enterprise.
- Project CPT code service composition and reimbursement structure to quantify the ancillary net income that may be realized.
- Evaluate the professional fee reimbursement differential.
- Develop financial pro forma – inclusive of a consolidated P&L, balance sheet and cash flow – to analyze the projected costs associated with an acquisition.
- Develop a physician compensation model.
- Minimum 2 years professional experience in Project Management or experience in a medical office setting.
- Experience with Financial Analysis, Hospital Operations, Benchmarking, Forecasting, Payer Analysis, Compensation Plan Management a plus.
- Proven understanding of patient accounting.
- Ability to communicate effectively and directly.
- Ability to gather and present data, including document review and quality control of data entry activities.
- Proven team player, committed to serving as a strategic member of the team.
- Proficient within the Microsoft Office Suite such as Excel, PowerPoint, and Word.
- Ability to quickly identify the financial and mathematical aspects of a given situation.
- Ability to synthesize the financial implications of any possible decision into pragmatic recommendations.
- Knowledge of the healthcare industry, especially healthcare payers and/or providers.
- Excellent analytical skills – problem solving, financial analyses, basic knowledge and understanding of statistics.
- Advanced data management abilities including manipulating data in PowerPoint, Excel, Access and other spreadsheet tools.
- Excellent writing and presentation skills.
- Team leadership and deliverable coordination skills.
- Demonstrates proper documentation of work product and coordinates presentations and work products.
- Demonstrates excellent organizational and multi-tasking skills; is detailed oriented.
- Ability and desire to engage in professional client management and project delivery.
- Demonstrates efficiency, initiative, and flexibility
- Healthcare Provider experience and/or previous healthcare operations consulting experience desirable.
- A Bachelor’s Degree in finance or accounting is strongly preferred.
- Certificate in Public Accountancy strongly preferred.
- Experience with managing a business office operation in a turnaround situation or through a conversion.
- Previous experience working within a large integrated complex health system environment.
- Ability to work effectively with physicians, administrative staff and employees at all organizational levels.
- Experience making difficult, sometimes unpopular, decisions in the face of adversity.
- Ability to maintain poise and professionalism in a complex work environment.
The Advisory Board Company - 16 months ago
The Advisory Board Company and its subsidiaries provides best practices research, analysis, executive education and leadership development,...