Sr. Financial Analyst, Student Health Insurance Plan - Rochester, United States - University of Rochester

Description

Opening

Full Time 40 hours Range URG 112 University Health Service

Schedule

8 AM-5 PM

Responsibilities

GENERAL PURPOSE:

With general oversight from the Director, the Sr. Financial Analyst (SFA) conducts and oversees a variety of financial activities, including accounting, financial analysis, audit, tax, credit, collections and financial risk mitigation for the $18 million Student Health Insurance Plan (SHIP). The SFA develops and evaluates financial plans and policies; establishes and maintains accounting, financial, and reporting policies and controls in accordance with standards and regulations; has accountability for the financial performance and accounting of the SHIP; and makes recommendations to the Director to adapt plans and priorities to address opportunities and challenges. Responsibilities are accomplished through the development and maintenance of strong financial, reporting, and data driven practices including improving SHIP business processes that support timely, accurate reporting related to insurance laws and regulatory requirements, management of FASB standards, as well as university policies and procedures

SPECIFIC RESPONSIBILITIES:

Accounting & Reconciliation of Financials

• Establishes and implements policies and procedures to ensure proper accounting and reconciliation of SHIP finances.
• Develops and monitors the SHIP operating budget, investigates variances, and proposes actions to address them as necessary.
• Monitors SHIP accounts according to proper accounting methodology and University standard; reports all anomalies to the Director and proposes and/or implements solutions according to agreed-upon business processes.
• Maintains proper reconciliation of highly complex transactions and datasets related to, but not limited to, enrollment, premiums, claims, payments, prescription rebates, and stop-loss insurance to ensure proper booking of revenues and expenses.
• Prepares annual footnote for University financial statements and performs other year-end close activities.

Financial Compliance & Administration

• Is the leading subject matter expert on all federal and state regulations associated with financial requirements for student health plans.
• Establishes and implements policies and procedures that ensure compliance with financial requirements/regulations, particularly those of the NYS Dept. of Financial Services (DFS).
• Performs complex analyses to support premium rate setting, reserve setting, and the development of a financial strategy that limits premium increases to the student.
• Functions as the primary contact and manager for all financial submissions and inquiries to NYS DFS.
• Assists in preparation for and execution of examinations with governmental officials and responses back to inquiries as appropriate.
• Monitors and reports on audit findings, examination findings and implemented mitigation strategies associated with those findings.
• Manages processes and products from actuary, CPA, third party audits, etc.

Financial Analysis and Reporting

• Leads the build and optimization of a system for financial analysis and trending to yield actionable business intelligence to inform plan decisions.
• Maintains several relational data systems and business decision models based on claims and utilization data.
• Develops and maintains monthly, quarterly, and annual financial reporting for management and audit purposes, and to satisfy federal/state regulations.
• Uses established systems, economic market theory, research and regulations to assist the Director in examining and forecasting business trends, developing strategies for managing changing consumer utilization, identifying emerging risks, and developing mitigation efforts that are sustainable over time.

SHIP Business Processes & Strategy Development

• Assists in the development of business processes that improve solvency of the plan with a focus on member retainment and satisfaction.
• Assists with the development of eligibility standards and practices including business rule logic functions associated with eligibility, and procedures associated with enrollment.
• Participates in strategy development for the student health insurance plan focusing on cost reductions, risk mitigation, insurance policies, guidelines, and standards to ensure long-term solvency and success.

Leadership

• In conjunction with the Director and other UHS leaders, promotes a climate and culture in which employees can thrive and contribute to the success of University Health Service.
• Helps to build and maintain a cohesive, highly effective SHIP team.
• Influences and directs the work of 3-4 other SHIP staff through a matrix reporting structure.

REQUIREMENTS:

• Bachelor's degree in Finance, Accounting, or related field required
• Master's degree in similar field preferred
• 5 years of financial analysis, accounting, and relational database experience required
• or equivalent combination of education and experience

Preferred experience:

• Experience with health plan analytics and/or developing complex analytical models, preparing financial statements, managing audits and working with auditors, interacting with regulatory agencies related to health services, finance or insurance, and working in a university setting and/or working student specific health plans/products
• Thorough knowledge of applicable government regulations

The University of Rochester is committed to fostering, cultivating, and preserving a culture of equity, diversity, and inclusion to advance the University's mission to Learn, Discover, Heal, Create - and Make the World Ever Better. In support of our values and those of our society, the University is committed to not discriminating on the basis of age, color, disability, ethnicity, gender identity or expression, genetic information, marital status, military/veteran status, national origin, race, religion/creed, sex, sexual orientation, citizenship status, or any other status protected by law. This commitment extends to the administration of our policies, admissions, employment, access, and recruitment of candidates from underrepresented populations, veterans, and persons with disabilities consistent with these values and government contractor Affirmative Action obligations.

How To Apply

All applicants must apply online.

EOE Minorities/Females/Protected Veterans/Disabled

Pay Range

Pay Range: $68,765 - $103,147 Annually

The referenced pay range represents the minimum and maximum compensation for this job. Individual annual salaries/hourly rates will be set within the job's compensation range, and will be determined by considering factors including, but not limited to, market data, education, experience, qualifications, expertise of the individual, and internal equity considerations.