Senior Director of Finance

Job description

Reporting to the VP of Finance with a dotted line to the Health System Chief Pharmacy Officer, the Senior Director of Finance, Pharmacy will directly oversee of all financial activities related to Health System's $500M Pharmacy operation, which includes a large on-campus retail operation, a large inpatient pharmacy operation, a footprint in ambulatory areas (including Cancer Center and infusion clinic), and an off campus mail order pharmacy. In total, Pharmacy delivers critical economic support to the mission to provide excellent care to underserved population across Massachusetts and plays a critical role in driving value in our Accountable Care partnerships and MassHealth Initiatives - making the Sr. Director position a high visibility position of the utmost strategic importance to our system.

This role requires:

• Expertise and advance experience in financial modeling: Sr. Director must have expert quantitative analysis and critical reasoning skills to structure and carry out analyses, including ability to understand complex contracts and design and execute complex financial analyses (e.g.. dynamic modeling in Excel). Experience in financial services firms preferred.
• Managerial deft: Position includes leading a growing team which currently has a support staff of 9 employees, including a Sr. Manager of Revenue Cycle and several analysts. The candidate must have the ability to develop and mentor team members in a fast paced, complex environment while staying up to date on the market and strategic vision of our health system and marshalling team resources toward those ends.
• Familiarity with routine FP&A processes: The Sr. Director is the quarterback of the monthly accounting close and leads the preparation of the annual operating budget and quarterly forecast. A background in retail pharmacy operations, billing and reimbursement is a plus. A comfort level in working closely with accounting partners and proven success in building financial controls, particularly for the national for-profit pharmacy managed services company, which includes understanding for-profit tax complexities is preferred. Additionally, must understand and communicate the economic contribution of the business, especially under different scenarios.
• Communications ability: Must be highly effective at communicating with various department leaders including accounting and budget, legal and IT. Role also requires close coordination with health plan pharmacy leads on key assumptions that impact the business, and coordination with Revenue Cycle Management (for proactive identification of AR issues). Ideal candidate has superb communication skills to distill complicated issues into clear recommendations, as well as strong interpersonal skills to navigate competing stakeholder interests
• Confidence and adaptability to tackle complex and unstructured problems: Beyond the ability to think on one's feet, the role requires a natural curiosity and willingness to take ownership in going beyond the obvious to understand the "why" of the drivers of our economic reality, and leading analysis to identify the hidden issues (e.g. pointing out issues like: concentration of revenue, excessive costs/buying, FTE growth and "runaway hiring," etc.)
• Ability to organize and structure work: Beyond being a self-starter with ability to work under high pressure and prioritize staff and resources to meet competing deadlines, the role requires the ability to look at what's required, develop an efficient critical path, and tactfully break work into work streams and resources (human capital and otherwise) required to meet goals.
• Optimize data and workflows: Critical to this role is an understanding of data from various software and systems to ensure integrity of revenue and expenses. For example the team relies heavily on Access databases, SQL, and Infor. In addition to a broad understanding of where data lives and how it is structured, the role requires the ability to build processes, design standard operating procedures, optimize workflows and lead KPI Development for managing the health of the business (including leading indicators, metrics to drive better operations, etc.)

ESSENTIAL RESPONSIBILITIES / DUTIES:

• The Sr. Director will be responsible for understanding all financial elements of the Pharmacy and be able to communicate a clear narrative of the business by guiding a team that:
• Prepares monthly revenue entries across all locations and contract pharmacy clients
• Manages end to end Revenue Cycle process, including cash reconciliation, A/R, rebilling, and compliance
• Tracks all 340B drug spend, from distributer and non-distributer sources to ensure accuracy in coordination with accounting
• Monitors labor spend and position control for BMC
• Creates client specific P&Ls for Community Health Center (CHC) partners, including overhead allocations and purchase order management
• Creates a thorough slide presentation monthly, including standard analytics and ad-hoc variance analysis
• Prepares annual operating budget at the cost center level and continuously updates a rolling forecast for BMC
• Ensures contract compliance with contract pharmacy partners, including identifying eligible claims for fee calculations
• Regularly collaborates with accounting on annual inventory, audit, and UBIT filings

• The Sr. Director is required to become the curator of large Pharmacy finance data sets across multiple disparate databases to ensure accurate measurement of performance across many KPIs, including:
• 340b vs WAC split and new drug distributer impact
• Productivity and labor management
• PBM fees and contract adherence
• Revenue, expense and gross margins per script or NDC
• Payor shifts and rate changes
• Profitability by pharmacy location and service line

• The Sr. Director has to leverage business expertise to drive strategic planning and opportunities by:
• Developing sophisticated financial models with pharmacy operations for performance improvement
• Identifying opportunities in current processes, including optimizing the revenue cycle process and data integration
• Leading capital planning initiatives related to Pharmacy
• Being the Finance presence during State negotiations on Pharmacy economics and rate negotiations with Payors
• Developing a stronger relationship with Health Plan around utilization and cost

Requirements

CPA or CFA required

Bachelor's degree in Business Administration, Finance, Accounting, or related field

7-10 years of relevant work experience in accounting and/ or finance management required

4-6 years of management experience required