Manager, Financial Strategy - Women's Health, Full-time, DaysChicago, Illinois Job REQID 8107 Job Function Management-Business Shift Day Job (1st) Apply Now
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?
The Manager, Financial Strategyreflects 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 Manager, Financial Strategy works closely with the Department's Executive Leadership group to develop business and strategic plans for the Department, in addition to maintaining overall responsibility for the financial functions and staff of the Department. This position is responsible for leading the development and implementation of budgets, performing financial analyses, and assisting in the development of financial, production, compensation, and operational targets and models.
- Budget Planning and Development
- Prepare and/or oversee the preparation of the annual operating budgets for multiple organizations, including NMG, FSM, and NMHC, for both the department and the Dyad/service group.
- Present budgets to the Department Administrator in a timely fashion. Complete related financial analyses to support assumptions or programs contained in the budget.
- Assist in developing production standards at the Department, Division, and the physician level. Incorporate MGMA and best practice standards into the decision-making process. Re-evaluate these standards on a regular basis as the needs of the Department and industry changes occur. Ensure that production targets are appropriate and achievable.
- Ensure that all contractual relationships and obligations are appropriately reflected in the budget.
- Ensure that staffing levels are appropriate to support the targeted production levels. Ensure that the staffing model reflects the most appropriate skill mix given the operations of the Department, Division, or Practice.
- Ensure that operating expenses are reasonable given projected production, staffing and other non-financial goals.
- Ensure that the overall budget represents a fair assessment of the likely financial outcome of the Department.
- Lead the preparation of grant budgets.
- Implement and Manage Approved Budgets
- Implement approved budgets and manage the Department and Divisions within the approved financial targets and guidelines in collaboration with the Department Chair, Division Chiefs, and other leadership. Provide financial management support and analysis throughout the year. Perform financial analyses to support operational decision-making. Guide appropriate decision-making based on current, complete and accurate financial information.
- Monitor and manage the activity and balances for all departmental and divisional accounts (including grants) throughout the year.
- Manage the transfer of expenses between accounts controlled by the Department and Division in a manner that best serves the Department/Division’s needs and financial targets.
- Prepare meaningful variance analyses as required by NMG, FSM and/or NMHC.
- Based upon the results of the monthly variance analyses or special needs of the Department/Division, investigate potential financial problems, perform related financial analyses, and make recommendations for correction action.
- Maintain a thorough understanding of all elements of the financial reports. Provide guidance to the Chair, Chief, and other letters for understanding and interpreting the reports.
- Collaborate with the Finance Department in resolving all financial reporting errors or omissions. Report all discrepancies within one accounting cycle.
- Manage all NMG and FSM Financial Functions of the Department
- Maintain all financial records and perform reconciliations as needed.
- Review monthly I&E and other financial reports and address variances as needed.
- Process capital purchases and oversee all other purchases within the department.
- Oversee and approve all payments; manage all accounts and ensure accuracy of financial records.
- Perform financial analysis.
- Prepare, monitor, and analyze NMG, FSM, and NMH (Donor Restricted Funds) budgets.
- Provide reporting throughout the fiscal year to communicate actual performance relative to budget.
- Manage NMG and FSM financial staff as needed for efficient operations.
- Develop Business and Strategic Plans for the Department
- Identify, analyze, and negotiate areas of opportunity and potential models for new clinical programs, practice acquisitions, faculty recruitments, strategic alliances, etc.
- Evaluate supply and demand requirements for the organization’s services.
- Develop financial, production, compensation and operational targets and models.
- Assist in implementation of the department’s physician compensation model.
- Provide Financial Management Support and Analysis
- Working closely with the Department Administrator and Department’s Executive leadership, perform financial analyses to support decision-making. Use current, complete and accurate financial information to guide appropriate decision-making.
- Create spreadsheets and presentations with relevant data including: RVUs, charges, collections, procedures, and other statistical ratios.
- Investigate potential financial problems, perform related financial analyses and make recommendations for corrective actions.
- Ensure Efficient Resource Utilization
- Working with the Vice Chair of Clinical Affairs, the Department Administrator, and the Division Administrators and Practice Managers, ensure that the Department/Division is efficiently utilizing space and staff.
- Develop benchmarking and best practice reports to ensure optimal resource utilization.
- Identify opportunities for alternative staffing, resource sharing, right sizing and staffing to demand.
- Work with central administration and the practices to minimize medical supply and drug expenses.
- Perform other duties as requested.
- Master’s degree or equivalent relevant experience.
- 7-10 year experience in financial and strategic planning.
- Previous experience in an academic faculty practice.
Northwestern Medicine is an affirmative action/equal opportunity employer and does not discriminate in hiring or employment on the basis of age, sex, race, color, religion, national origin, gender identity, veteran status, disability, sexual orientation or any other protected status.
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