Position Purpose: The Vice President of Finance is responsible for oversight of the accounting and budgeting functions as well as the overall financial performance of Massachusetts’ integrated Medicaid accountable care organization and health plan. S/he works closely with the Massachusetts Medicaid business unit, the ACO and health plan finance departments to provide financial analysis and recommendations to evaluate strategic and business initiatives.
Oversee financials, management of expenses, and analysis of performance and trends:
- Work with the market leadership team to drive profitable growth, effective provider partnerships and innovation
- Work closely with finance and operations to improve management processes, implement action plans and respond to performance variances.
- Recruit, hire, and manage employees required to run a complete financial operation.
- Partner with business unit and operational stakeholders to enhance key performance metrics and benchmarks that drive financial performance.
Responsible for preparation of annual budget according to Steward timeframes, and for developing strategic plans with plan leadership team that can be executed through the budget cycle.
- Oversees annual budget development and monitors results against budget. Develops comprehensive financial models to inform critical business decisions, such as network development and payment model.
- Identify future opportunities and potential new business.
- Work together with internal and external entities to meet plan goals and maintain compliance with contracts.
- Participate in corporate strategic planning as a representative of Steward Health Choice.
Appropriate oversight and planning of health plan expenditures.
- Medical and administrative costs are analyzed to ensure appropriateness; corrective actions initiated when necessary.
- Work with medical economics to establish reporting and analytics to meet business needs with multiple stakeholders. Oversee generation of regularly scheduled reports and/or dashboard to business.
- Coordinates activities with ACO Finance Department as well as Health Plan Division teams.
Vendor interface & management:
- Oversee and monitor vendors, such as actuarial support, that pertain to financial operations.
- Institute processes and controls to ensure the vendors adheres to accurate, complete, consistent, and timely services.
Responsible for health plan administration and compliance, and financial interfaces with regulators.
- Develop budget and expense reports that meet regulatory requirements.
- Participate in provider contract negotiations and establishment of reimbursement rates.
Coach, counsel, direct, and discipline employees; plan, monitor, and appraise job results. Development and implementation of processes and procedures to ensure departments operate efficiently. Hire qualified staff with the knowledge, skills, abilities, and direction to perform their jobs. Timely employee performance reviews. Clearly define duties, responsibilities, expectations, and goals for staff and the department. Efficient workflow without duplication of duties.
Education / Experience / Other Requirements
- Bachelor’s degree in Accounting, Finance, or a related field required
- Master’s degree strongly preferred
Years of Experience:
- At least two years working in a managed care environment
- At least five years of supervisory experience
- At least five years in healthcare financial management or a related field
Work Related Experience:
- Ability to manage, lead, and motivate people
- Prioritize multiple projects
- Work within strict deadlines
- Communicate effectively with employees at all levels of the organization
- Certified Public Accountant (CPA) preferred
- Master’s in Business Administration (MBA) preferred
- Generally accepted accounting concepts, principles, and practices
- Excellent Excel skills; accounting software packages and / or spreadsheets
- Excellent PowerPoint skills; ability to translate financial data into succinct presentations to communicate to a variety of audiences
- Principles of governmental financial administration including budgeting, reporting, taxation, and internal controls
- Understanding of the health care delivery setting, including both hospital and physician reimbursement, risk-based/value-based payment structures, health plan financial levers, etc.
- Accuracy and attention to detail required.
- Demonstrated ability to think critically and creatively.
- Ability to create, interpret, and disseminate information succinctly and clearly across multiple internal and external stakeholders
- Applies strong project management techniques to take initiatives from idea to execution.
- Ability to work as part of a team and collaborate with colleagues across departments in a highly matrixed environment.
- Requisite poise, judgement, and trustworthiness to represent Steward to internal and external groups.
- Ability to adapt and respond to changes in environment and priorities.
- Ability to mentor and develop staff.