Position Summary
The Health IT Finance and Contract Analyst will be responsible for performing contract processing, reviewing and reconciling invoices, developing the operating expense and capital budgets, as well as forecasting and variance analysis for all six cost centers within the Health IT (HIT) organization.
The Analyst will develop financial analyses, such as return on investment models and pro-forma models to support the Chief Information and Innovation Officer and HIT leadership with making investments in technology purchases and in estimating the HT costs associated with executing the organization’s strategic initiatives.
Essential Duties And Responsibilities
CONTRACT PROCESSING
- Assist HIT leadership with reviewing the contract’s deliverables, compliance, and key performance measures to ensure they meet the organization’s requirements.
- Coordinate review of the contract terms with Contract Management and Legal.
- Coordinate required documents to onboard new vendors, such as the W9 form, conflict of interest form, confidentiality agreement, certificate of insurance, equal employment opportunity (EEO) certification, OIG/SAM/MediCal exclusion search results, and business associate agreement, if applicable.
- Track the contract renewal dates and assist HIT leadership in negotiating the renewal with the vendor.
- Assist HIT leadership with any financial analysis required to evaluate the fees or prices specified in the contract.
- Coordinate with the Health Information Security team to ensure that the vendor risk assessment has been completed and approved, if applicable.
- Upload contracts and required documents into our contract management system, MediTract, and initiate the approval process, ensuring that the contract and its components are adequately described.
- Ensure contract artifacts are properly filed and maintained.
INVOICE REVIEW AND RECONCILIATION
- Assist HIT leadership with reviewing all invoices received for accuracy, adequate supporting documentation, and proper general ledger coding.
- Ensure vendor invoices are in alignment with the contract scope and terms.
- Assist HIT leadership in reviewing hours and travel expenses billed for contract labor and ensure travel expenses are in conformance with our Contractor Travel and Expense policy (FIN-1011).
- Coordinate with Accounts Payable in responding to vendor requests on status of payment or past due vendor balances.
- When requested, assist HIT leadership with evaluating vendor cost trends and determining areas of opportunity for reduction.
- Calculate expense accruals for services rendered that have not been invoice and communicate to Finance on a timely basis.
OPERATING AND CAPITAL BUDGET PREPARATION
- Assist HIT leadership with the planning and preparation of the operating expense budget for each of the six cost centers in the HIT organization – Data Center Maintenance, Health Information System, Applications Technology, Health IT Administration, Clinical Informatics, and BioMed Services.
- Maintain the operating expense budget worksheet and identify year-over-year changes in operating expense as well as changes to each budget version.
- Prepare the operating expense schedules and analyses to present to Finance leadership.
- Enter approved budget in the organization’s budget software, EPSI.
- Assist HIT leadership with gathering capital requests and cost estimates from business owners.
- Assist HIT leadership with submitting capital requests to the Capital Review Committee and preparing the Budget Expenditure Approval (“BEA”) form.
- Ensure compliance with the organization’s Capital Expenditure Approval policy (FIN-1003).
- Ensure budget artifacts are properly filed and maintained.
FORECASTING AND VARIANCE ANALYSIS
- Obtain and process monthly extracts of journal entries from the general ledger.
- Prepare monthly variance analysis of actual versus budget operating expense.
- Assist HIT leadership with researching variances and documenting variance reasons in the budgeting software, EPSI.
- Assist HIT leadership with forecasting operating expenses to the end of the fiscal year.
- Assist HIT leadership with action plans to recover budget overages.
RETURN ON INVESTMENT AND PRO-FORMA MODELS
- Assist HIT leadership and business owners in developing financial justification or return on investment models for technology purchases.
- Assist HIT leadership in developing pro-forma models in estimating one-time and on-going HIT costs associated with executing the organization’s strategic initiatives, such as implementing new service lines, expanding geographic footprint, acquiring physician practices, etc.
Other Duties
- Build and maintain relationships with HIT, with stakeholders in other departments, and with analyst counterparts at HIT vendors, where applicable.
- Communicate effectively with various internal stakeholders, including IT, finance, legal, and executive teams, to provide updates and insights on financial and contractual matters.
- Identify, troubleshoot, and resolve issues relating to the duties of a finance and contract analyst.
- Identify opportunities to improve financial and contractual processes.
- Implement best practices to enhance efficiency and accuracy.
- Other duties as required.
Position Requirements
- Education
- Associate’s or Bachelor’s degree in Account, Finance, or Business Administration, or a related field.
- Qualifications/Experience
- Minimum of 3 years of experience in financial analysis, contract management, or a similar role, preferably in a healthcare or technology setting.
- Strong understanding of accounting principles and contract law as they relate to technology services.
- Advanced proficiency with Microsoft Office, especially Excel.
- Knowledge of healthcare industry is highly desirable.
- Special Skills/Knowledge
- Ability to interact and collaborate with all levels of internal and external stakeholders, work cross functionally, and negotiate among different departments and groups.
- Excellent analytical and problem-solving skills.
- Effective verbal, written, presentation and communications skills, particularly with executive audiences.
- Exercises good judgment, identifies risk and mitigating factors.
- Strong attention to detail and organizational skills.
- Must be experienced and comfortable working in a fast-paced environment and able to deal well with change and ambiguity.
- Ability to take initiative and work independently.
- Experience working in a high availability environment.
