At Houston Methodist, the Financial Analyst position is responsible for maintaining and analyzing data related to the financial performance of the assigned entity, hospital(s), and/or contractual relationship. The Analyst is also responsible for compiling and reporting information as requested by Financial Accounting, Internal Audit, Revenue Cycle, their department, and entity management. Responsibilities include routine data analysis, monthly reporting, highlighting performance issues, identifying problems, researching solutions, and reporting statistical information in graphical and other presentation formats. Additional duties may include assisting with annual operating budgets and maintaining monthly dashboards of key indicators and external benchmarks.
PEOPLE ESSENTIAL FUNCTIONS
- Interacts with all levels within the department, other institutional departments, and outside companies to resolve problems/errors or questions regarding basic accounting reconciliation items or financial performance.
- Communicates effectively and proactively with stakeholders to resolve issues and discrepancies in a timely manner, ensuring accurate understanding of analytics.
SERVICE ESSENTIAL FUNCTIONS
- Extracts actual and budget financial data from General Ledger (G/L) or other sources to report and reconcile with leadership, generating accurate and timely reports.
- Supports department management with preparation of the annual operating and capital budgets, submits invoices, and follows up with industry partners as needed. Prepares necessary journal entries for coordinator efforts and Principal Investigator (PI) oversight as assigned.
QUALITY/SAFETY ESSENTIAL FUNCTIONS
- Reviews revenue projections, budget revisions, etc., for physician practices, academic departments, or assigned hospital entities.
- Monitors and reports key operational indicators, alerting leadership to potential performance issues.
- Follows all internal audit requirements for system applications.
- Utilizes and enhances tools to improve financial analytics accuracy and revenue opportunities.
FINANCE ESSENTIAL FUNCTIONS
- Supports development of auditing, reporting, and contract modeling tools for rate, fee schedule, and contract performance analysis, including modeling and analysis of potential opportunities.
- Maintains monthly dashboards of key indicators and external benchmarks, prepares revenue models, and compiles information for profit and loss statements.
- Reviews contracts, calculates provider bonuses/compensation models as appropriate, and assists in preparing grant, gift, and contract budgets. Oversees financial files for grants, contracts, and donor funding, ensuring correct charging via salary reallocation forms.
- Uses resources effectively, demonstrating financial stewardship, managing time effectively, and prioritizing tasks to achieve results efficiently.
GROWTH/INNOVATION ESSENTIAL FUNCTIONS
- Maintains procedures and SOPs for reconciliation processes.
- Maintains knowledge of cost accounting, clinical trials management, hospital and physician compensation methodologies, and relevant regulations.
- Proactively manages personal career development, completing the My Development Plan (MDP).
This job description is not exhaustive; employees may perform other related duties as assigned. Houston Methodist reserves the right to revise duties as needed.
EDUCATION
- Bachelor's degree in finance, accounting, healthcare administration, business administration, or related field.
WORK EXPERIENCE
- One year of experience in financial, budget, or cost accounting preferred.
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