Senior Financial Analyst, Full-time, Days (Hybrid)

Company Description

At Northwestern Medicine, every patient interaction makes a difference in cultivating a positive workplace. This patient-first approach is what sets us apart as a leader in the healthcare industry. As an integral part of our team, you'll have the opportunity to join our quest for better healthcare, no matter where you work within the Northwestern Medicine system. At Northwestern Medicine, we pride ourselves on providing competitive benefits: from tuition reimbursement and loan forgiveness to 401(k) matching and lifecycle benefits, we take care of our employees. Ready to join our quest for better?

Job Description

The Senior Financial Analyst reflects the mission, vision, and values of NM, adheres to the organization’s Code of Ethics and Corporate Compliance Program, and complies with all relevant policies, procedures, guidelines and all other regulatory and accreditation standards.

The Senior Financial Analyst is responsible for the preparation and review of analysis for various business unit leadership, the internal board of directors, and regional reporting. The position is also charged with accounting, budgetary, and financial analysis activities as well as preparing complex journal entries and advanced reconciliations. The Senior Financial Analyst supports the finance function of Northwestern Medicine through special projects.

Addendum: Decision Support, Senior Financial Analyst

• Prepare complex financial reports and assist manager(s) to compile and interpret financial reports for investment and business decisions
  • Guides cost analysis process by establishing and enforcing policies and procedures; providing trends and forecasts; explaining processes and techniques; recommending actions.
  • Recommends actions by analyzing and interpreting data and making comparative analyses; studying proposed changes in methods and materials
• Research, compile, and analyze financial data while organizing and maintaining database files for financial modeling
• Increase productivity by developing automated applications, eliminating duplication, coordinating information requirements.
• Lead in gathering data and presentation materials for annual and ad hoc surveys.
• Consistently delivers concrete, relevant results. Displays qualities of resiliency and resourcefulness while thinking strategically and practically when problem solving. In addition to results orientation, displays business knowledge, speed and decisiveness, and project management.
• Work with operational managers to develop assumptions used in financial models.
• Effectively present and communicate to all levels of the organization.
• Develop and lead special projects.

Roles-

Cost Accounting:

• Analyze and interpret monthly general ledger, payroll, and clinical data
• Work through monthly cost accounting process, identifying appropriate allocation methodologies for direct and indirect expenses
• Support operational leadership and clinical teams to
  • Develop and maintain processes for accurate costing
  • Provide cost data interpretation, variance and trend analysis
  • Research and reconcile anomalies and variances in the cost model.

Contract Analytics:

• Analyze Payor contracts to support revenue expectations
• Analyze and maintain contract models in decision support software to support profitability reporting

Continuous Improvement:

• Build and track cost saving and revenue growth initiatives
• Create, maintain and deploy training materials for Decision Support software modules

Other Responsibilities:

• Meet accounting and financial objectives by preparing and reviewing analysis; identifying and evaluating trends; analyzing variances; initiating any corrective actions or adjustments.
• Prepare monthly, quarterly and annual reports, schedules, commentaries and supplemental material to be used by management.
• Mentors and supports members of the finance team as an informal leader.
• Research and interpret changes in accounting and financial reporting policy, applying observations and recommendations to operational issues.
• Research and understand changes in the regulatory environment and the potential impact on reporting.
• Review work prepared by other members when necessary, including analysis, financial reporting, journal entries, reconciliations, and audit work papers.
• Prepares analysis and support for management and the operating departments.
• Lead efforts to assess, modify, and/or develop and implement more timely and consistent processes/systems to increase effici