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Job Description
POSITION SUMMARY:
Reporting to the BMC VP of Finance with a dotted line to the BMC Health System Chief Pharmacy Officer, the Senior Director of Finance, Pharmacy (Sr. Director) will directly oversee of all financial activities related to BMC Health System’s $500M BMC 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), an off campus mail order pharmacy, and a national for-profit pharmacy managed services company. In total, Pharmacy delivers critical economic support to the BMC 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.
Position: Senior Director of Finance, Pharmacy
Department: Finance Administration
Schedule: Full Time
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
- Prepares monthly managed service fee invoices for CHS, LCC
- 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 and CHS
- Creates client specific P&Ls for CHS clients as well as 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 and CHS entities
- 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, service line, and CHS client
- 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
- Developing new client proposals for CHS, LLC for client and internal purposes
- Identifying opportunities in current processes, including optimizing the revenue cycle process and data integration
- Recognizing when to lean on subject matter experts to deliver accurate results, e.g. CHS tax, equity complexities
- Leading capital planning initiatives related to Pharmacy for both BMC and CHS, LLC
- Being the Finance presence during State negotiations on Pharmacy economics and rate negotiations with Payors
- Developing a stronger relationship with BMC Health Plan around utilization and cost
- Other duties as required
Must adhere to all of BMC’s RESPECT behavioral standards.
(The above statements in this job description are intended to depict the general nature and level of work assigned to the employee(s) in this job. The above is not intended to represent an exhaustive list of accountable duties and responsibilities required).
JOB REQUIREMENTS:
EDUCATION:
- Bachelor’s degree in Business Administration, Finance, Accounting, or related field required.
- Master’s degree in Business Administration strongly preferred
CERTIFICATES, LICENSES, REGISTRATION REQUIRED:
- CPA/CFA strongly preferred
EXPERIENCE:
- 7-10 years of relevant work experience in accounting and/ or finance management required
- 4-6 years of management experience required.
- Experience working in health care finance and/or retail pharmacy industry preferred
KNOWLEDGE AND SKILLS:
- Advanced MS Excel, Word, Access, and PowerPoint skills.
- Expertise in SQL recommended.
- High level of analytical, quantitative and problem-solving skills in order to function as business manager, and to prepare financial proposals, budget plans, reports and analysis in support of programs and activities
- Knowledge of retail pharmacy business preferred.
- Requires a comprehensive knowledge of accounting, finance, general accounting practices and business administration.
- Strong interpersonal skills and ability to work collaboratively across various business units’ hierarchy and functions.
- Ability to assess needs quickly and identify logical solutions.
- Ability to successfully lead projects, set priorities, meet deadlines, and multi-task.
- Ability to balance multiple projects at one time.
- Ability to conduct detailed analysis, as well as distill relevant findings for presentation to high-level audience.
- Exceptional verbal and written communication and presentation abilities.
- Comfort in interfacing with senior level leadership.
- Experience in translating and communicating key analyses and assumptions in concise fashion to Senior Management for decision making purposes.
- Enjoys working on teams.
- Desire to learn and grow within the organization.
- Ability to operate effectively in a fast-paced, constantly changing environment.
- A natural curiosity and energetic, creative, and collaborative approach to working and problem solving.
- A balance of patience and perseverance necessary to affect change in a large and complex organization.
Req id: 24429
