Financial Analyst

Overview

The Financial Analyst for the Department of Medicine works effectively with Department/Division Administration and the clinical operations teams to ensure overall financial performance within budgeted parameters and Department/Division forecasting and analysis. This position serves as the internal financial consultant to the Department/Divisions and coordinates with both internal and external resources to provide the appropriate analytical and strategic support for manager decision making. The Financial Analyst is involved in annual budget preparation and long-range financial forecasting for the Department/Divisions, prepares appropriate budget variance analyses to drive any corrective action, and assists with preparing necessary business plans for capital expenditures or new clinical programs or new businesses. The Financial Analyst is responsible for assisting the Department Administrator II in continuous improvement of the financial performance of the Department, helping to identify and solve problems that present barriers to effective financial performance.

Responsibilities

• Ensure the Department is effective and responsive to the financial reporting needs of Eastern Virginia Medical School (EVMS), the EVMS Medical Group, Chair, Senior Leadership, faculty members, and staff, as well as external organizations.
• Assist the Department with financial management, budget development, monitoring data and comparing financial results to projections, identifying revenue and expense variations, and trending patterns for the department’s fiscal operations.
• Assist the Department in the development and maintenance of all operational and capital budgets for all Departmental Sections: Academic (Core, GME), Clinical, and Research.
• Assist the Department in the development and maintenance of annual operating budgets, including EVMS Core, GME Office, EVMS Foundation, and the EVMS Medical Group.
• Responsible for the Financial Reporting of the Department/Divisions.
• Prepare, maintain, and report wRVU calculations and physician productivity to provide regular productivity measures to clinicians.
• Maintain open lines of communication with Chief Administrator and Division managers by attending interdepartmental meetings to review financial issues related to their divisions.
• Develop strategy to effectively communicate financial and clinical productivity information to faculty and staff that aligns with Department’s strategic priorities.
• Meet regularly with the Chief Administrator and the Department Administrator II to keep up to date on issues.
• Review and approve expenditures within the guidelines set forth by EVMS and/or the Department. Notify Department/Division Administrator when overspending is imminent.
• Monitor financial statements for EVMS and core accounts for accuracy and spending within budget limitations. Proactively meet with department administration to review department budgets and resource needs.
• Work with Department Administrator II to provide financial and administrative oversight, ensuring compliance and adherence to EVMS policy and procedure.
• Assist in ensuring fiscal order and cost analysis with each reporting entity, identifying and engaging problem resolution as needed (T&E adjustments, reclasses, accruals, payments, etc.).
• Provide an insightful resource as to EVMS Medical Group clinical data for the physician providers by analyzing monthly Medical Group billing data including clinical productivity, charges, collections, service analysis, provider performance, income data, payor mix, etc.
• Implement appropriate accounting procedures and reporting designed to identify and track both revenue and expenses associated within the Department/Division.
• Assist the Department in developing Financial Business Plans, prepare pro-forma reports for Medical Group Finance Committee, and/or hospital presentations, or to other institutional committees as needed.
• Develop standard operating procedures in association with the Department/Division management to enhance efficiency in the financial management of the Department/Division.
• Assist the Department in maintaining financial activity related to clinical contracts, providing timely information to leadership and vested personnel (effective date, termination date, renewal terms, and monetary escalator, as applicable).
• Responsible for the coordination of the Department/Division’s materials management and procurement functions through the EVMS procurement process.
• Able to develop budgets for contracts and grants.
• Review and approve changes in time and effort (T&E) based on budget availability and appropriateness of the change.
• Perform other business-related activities as may be requested by the Departmental Chief Administrator or Department Administrator II.

Qualifications

• Bachelor’s Degree in Finance or Accounting preferred.
• Master’s Degree and/or CPA credential preferred.

EXPERIENCE PREFERRED

• Three years relevant experience in budget and finance required.
• Expert knowledge of Excel spreadsheets.
• Experience in healthcare and/or medical group finance preferred.

Location

US-VA-Norfolk