Clinical Engineering Financial Analyst

Company Description

The University of Maryland Medical System (UMMS) is an academic private health system, focused on delivering compassionate, high quality care and putting discovery and innovation into practice at the bedside. Partnering with the University of Maryland School of Medicine, University of Maryland School of Nursing and University of Maryland, Baltimore who educate the state's future health care professionals, UMMS is an integrated network of care, delivering 25 percent of all hospital care in urban, suburban and rural communities across the state of Maryland. UMMS puts academic medicine within reach through primary and specialty care delivered at 11 hospitals, including the flagship University of Maryland Medical Center, the System's anchor institution in downtown Baltimore, as well as through a network of University of Maryland Urgent Care centers and more than 150 other locations in 13 counties. For more information, visit www.umms.org.

Job Description

Primary Responsibilities

The following statements describe the general nature and level of work performed by individuals in this role. They are not an exhaustive list of all duties.

• Collect, analyze, and interpret financial data related to medical equipment acquisition, maintenance, and lifecycle management.
• Develop and maintain financial models using data from financial systems, maintenance logs, and vendor contracts.
• Conduct variance analysis to assess budget performance and identify key trends and cost drivers.
• Prepare monthly, quarterly, and annual financial reports, highlighting insights on cost per procedure, equipment utilization, and maintenance expenditures.
• Maintain real-time financial dashboards to ensure financial insights are accessible to leadership and stakeholders.
• Lead the annual budgeting process for the Clinical Engineering Department in alignment with organizational goals.
• Develop comprehensive budget proposals, including justifications for capital expenditures and operational costs.
• Collaborate with the Finance Department to integrate clinical engineering budgets into the broader organizational financial strategy.
• Utilize predictive analytics for dynamic financial forecasting that accounts for technological changes and operational shifts.
• Proactively identify financial risks and opportunities for continuous improvement.
• Monitor and adjust forecasts based on actual performance and emerging trends.
• Conduct detailed cost-benefit analyses for medical equipment and technology investments.
• Identify opportunities to enhance cost efficiency without compromising patient safety or service quality.
• Assess total cost of ownership (TCO) for medical equipment, including procurement, maintenance, downtime, and lifespan.
• Recommend process improvements to increase financial efficiency and operational effectiveness.
• Implement cost-control strategies, such as preventative maintenance programs, to extend equipment life and reduce repair costs.
• Review and analyze vendor contracts to ensure cost-effective terms and quality service delivery.
• Collaborate with Procurement and Legal teams to negotiate favorable contract terms.
• Monitor vendor performance and contract compliance to ensure alignment with financial and service expectations.
• Provide financial insights during vendor evaluations and recommend contractual adjustments based on performance data.
• Partner with Clinical Engineering leadership, Finance, Procurement, and other departments to align financial strategies with institutional priorities.
• Participate in cross-functional initiatives aimed at improving operational efficiency and cost management.
• Provide financial training and guidance to Clinical Engineering staff to build departmental financial literacy.
• Effectively communicate financial data and strategies to non-financial stakeholders through reports and presentations.
• Perform other duties as assigned.

Qualifications

Education & Experience – Required

• Bachelor’s degree in Finance, Accounting, Healthcare Management, Biomedical Engineering, or a related field, or an equivalent combination of education and experience.
• 5+ years of experience in financial analysis, budgeting, and forecasting—preferably in a healthcare or clinical engineering environment.
• Proven track record of managing budgets, conducting financial analyses, and building financial models in complex organizations.

Education & Experience – Preferred

• Not applicable

Knowledge, Skills & Abilities

• Familiarity with clinical engineering operations and medical equipment lifecycle management.
• Proficiency in financial s