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Senior Business Manager Revenue Cycle
Silver Spring, MD
Job Description
Description Reporting to the Director, Revenue Cycle Operations and Analytics (DRCOA)the Senior Business Manager (Sr. BM) provides advanced administration, financial management and subject matter expertise to the Division of Revenue Cycle, inclusive of all departments and programs. The individual supports the Directors, Vice President, managers and directly oversees Program Leads and other staff as assigned. The Sr. BM is responsible for supporting the Divisions, ensuring that strategic objectives/deadlines are achieved. The Sr. BM is tasked with reviewing and monitoring contracts and RFPs, reviewing and approving expenditures, delegating work flow, managing proposal activity with support staff and multiple managers/directors, monitoring financial management of Revenue Cycle departments, interacting with other centralized offices such as Finance, Budget, Information Services, Human Resources, Accounts Payable, Accounting, Contracts, and other auxiliary offices. The Sr. BM will provide subject matter expertise to guide and assist the DRCOA and leadership with short and long-term administrative decisions. The position will lead and serve on steering committees and/or project teams in conjunction with or on behalf of the DRCOA for initiatives that benefit the business office, revenue cycle, finance, and institution as a whole. The Sr. BM will meet regularly with the VP of Revenue Cycle, the DRCOA and other Revenue Cycle Directors to resolve budgetary and/or financial and/or operational issues. The individual will lead the development and management of operating budgets, contracts/ third parties, and other key operational initiatives. The range of duties is broad and requires an understanding of the mission and goals of a clinically integrated revenue cycle within an academic medical center.
Qualifications Minimum Education
Bachelor's Degree in business administration, hospital administration, public administration or other related field. Years of experience over and above the work experience requirement may substitute for education on a 1:1 basis. (Required)
Master's Degree (Preferred)
Minimum Work Experience
2 years demonstrated business management experience (e.g. extramural fund management, and financial management) in an academic research or healthcare environment preferably including 1 year of progressively responsible management experience. An appropriate combination of experience, education, and certification as a Certified Research Administrator [CRA] may be considered. (Required)
5 years (Preferred)
Required Skills/Knowledge
Ability to lead a diverse staff through new and changing initiatives and to create an environment within the office which promotes staff involvement and productivity. Also supports recruitment and retention initiatives across revenue cycle.
Strong interpersonal skills with a high degree of analytical ability, ability to identify problems and find creative & effective solutions, and strong verbal and written communication skills.
Ability to maintain confidentiality.
Strong understanding of Project Management concepts and ability to maintain and manage deadlines and multiple projects.
Knowledge of business and management principles.
Ability to direct, manage, implement, and evaluate operations.
Ability to establish goals, and objectives that support the strategic plan.
Ability to effectively plan, delegate and/or supervise the work of others.
Ability to lead, motivate, develop, and train others.
Ability to represent business office concerns in interactions with other departments within the organization.
Proficiency with personal computer and related software.
Required Licenses and Certifications
Certified Research Administrator [CRA] (Preferred)
Functional Accountabilities
Budget and Financial Management
Organizational Accountabilities
Organizational Accountabilities (Staff)
Organizational Commitment/Identification
Teamwork/Communication
Performance Improvement/Problem-solving
Cost Management/Financial Responsibility
Safety
Bachelor's Degree in business administration, hospital administration, public administration or other related field. Years of experience over and above the work experience requirement may substitute for education on a 1:1 basis. (Required)
Master's Degree (Preferred)
Minimum Work Experience
2 years demonstrated business management experience (e.g. extramural fund management, and financial management) in an academic research or healthcare environment preferably including 1 year of progressively responsible management experience. An appropriate combination of experience, education, and certification as a Certified Research Administrator [CRA] may be considered. (Required)
5 years (Preferred)
Required Skills/Knowledge
Ability to lead a diverse staff through new and changing initiatives and to create an environment within the office which promotes staff involvement and productivity. Also supports recruitment and retention initiatives across revenue cycle.
Strong interpersonal skills with a high degree of analytical ability, ability to identify problems and find creative & effective solutions, and strong verbal and written communication skills.
Ability to maintain confidentiality.
Strong understanding of Project Management concepts and ability to maintain and manage deadlines and multiple projects.
Knowledge of business and management principles.
Ability to direct, manage, implement, and evaluate operations.
Ability to establish goals, and objectives that support the strategic plan.
Ability to effectively plan, delegate and/or supervise the work of others.
Ability to lead, motivate, develop, and train others.
Ability to represent business office concerns in interactions with other departments within the organization.
Proficiency with personal computer and related software.
Required Licenses and Certifications
Certified Research Administrator [CRA] (Preferred)
Functional Accountabilities
Budget and Financial Management
- Under directions of the Director, and VP, implement long-range financial plans, analysis, and recommends adjustments where appropriate.
- Responsible for financial projections/budgets, monitoring capacity to support effective operating and capital budget planning for center, department, and/or institute.
- Monitor and prepare periodic performance data for budget variances and collaborates with management team to resolve discrepancies; action plan to meet budget gaps.
- Monitor payroll distribution of staff to ensure salary expenses are within budgeted projections; ensures timely correction of payroll allocation.
- Conduct financial research and analysis of financial data to identify erroneous transactions and communicate with leadership to address gaps and process corrective actions.
- Analyze revenue reconciliation and reimbursement to identify trend, insurance contract negotiations and collaborates with team to develop and implement correction plan.
- Review and approve purchase requisitions, Vouchers, reimbursements, travel authorizations and business expense reports
- Takes the lead in managing the finances of special purpose funds, operational funds, indirect cost recovery funds, and core facilities.
- Ensures that budgets are drafted and finalized within appropriate timelines
- Prepare documentation and projections to support operating and capital budget planning process for responsible cost centers.
- Monitor and/or prepare daily, monthly, and quarterly performance data for budget variances and collaborates with management team to resolve discrepancies; action plan to meet budget gaps.
- Review monthly statistics; analyze variances and communicates with leadership teams to address gaps and correction plans.
- Coordinate and assist in development and submission of RFPs, new contracts for both large and complex proposals.
- Monitor Center's spending so that all expenditures are appropriate and aligned to departmental budgets.
- Manage, supervise, and mentor a team programmatic leaders providing business and financial management support services to center, department or institute.
- Respond to inquiries for interpretation, monitoring, and analysis regarding operating policies and procedures.
- Deliver training to departmental administrative staff on a regular basis
- Work with Directors and managers and provide feedback and counsel to improve financial planning, expense management, recruiting and special projects.
- Work with the Director and VP to provide adequate staff support to ensure administrative needs are provided throughout the divisions/departments.
- Meet regularly with Director and VP to discuss Center matters and operational issues and develop plans to further the goals of the organization.
- Effectively collaborate on a continual basis with Revenue Cycle, Finance, HR, and other collaborators, to implement efficient and relevant business processes
- Provide support for Center business activities, including but not limited to: purchasing, facilities, travel, and reporting required by the institution.
- Maintains working relationship with central departments through daily interactions.
- Provides mentorship to staff in revenue cycle.
- Serves on committees as requested.
- Works with Director to ensure support and structure of grants office staff aligns with center's needs.
- Creates project plans with milestones, deliverables and accountability assignments
- Proactively work with project team to ensure projects are delivered on budget in a timely manner.
- Participate in short- and long-range planning and policy or program development by analyzing operational policies, resource utilization, etc. and developing recommendations for Center management.
- Maintain professional growth and development and enhance quality improvement initiatives and regulatory compliance through seminars, workshops, and professional affiliations to keep abreast of the latest trends in field of expertise.
- Perform other related duties as assigned or requested
- Design and develop business plans and financial projections to assist in the development, evaluation and implementation of new ventures, services, partnerships and acquisitions.
- Monitor the return on investment (ROI) semi-annually for each business plan and submit to leadership team with analysis and recommendations.
- Work with leadership team to develop performance metrics and evaluation tools for measuring ROI of new technologies and agreements/contracts.
- Provide analysis of performance metrics reports and updates financial dashboard.
- Represents business office interest and builds relationship with other offices to improve processes, including but not limited to the procurement office, accounts payable, grants accounting, general accounting, payroll, human resources, foundation, and legal.
- Responsible for making sure that the business office processes which interact with other departments work and can be measured using objective data. Responsible for improving processes which do not work and escalating where needed.
- Train business office staff on new processes.
- Identifies and implements processes to improve daily operations
- Creates internal guidelines to enhance compliance with Children's National and sponsor regulations and continually updates as needed to remain current.
- Create subject matter experts among business office staff.
- Contribute to strategic plan formulation for department services, including both short-term and long-term objectives.
- Collaborate with leadership to evaluate new program initiatives for effectiveness, sustainability and fiscal feasibility.
- Assist department leadership with development, implementation and evaluation of services, programs, policies and procedures, and performance standards to achieve departmental goals.
- Promote the success of organizational and department initiatives by clearly aligning programs to the mission
- Assist in the development, evaluation and implementation of new ventures, services, partnerships and acquisitions; develops business plans and financial projections.
- Work with leadership team to develop performance metrics and evaluation tools for measuring each aspect of clinical contracts and quarterly performance indicator reports.
- Provide analysis of performance metrics reports and updates financial dashboard.
Organizational Accountabilities
Organizational Accountabilities (Staff)
Organizational Commitment/Identification
- Anticipate and responds to customer needs; follows up until needs are met
Teamwork/Communication
- Demonstrate collaborative and respectful behavior
- Partner with all team members to achieve goals
- Receptive to others' ideas and opinions
Performance Improvement/Problem-solving
- Contribute to a positive work environment
- Demonstrate flexibility and willingness to change
- Identify opportunities to improve clinical and administrative processes
- Make appropriate decisions, using sound judgment
Cost Management/Financial Responsibility
- Use resources efficiently
- Search for less costly ways of doing things
Safety
- Speak up when team members appear to exhibit unsafe behavior or performance
- Continuously validate and verify information needed for decision making or documentation
- Stop in the face of uncertainty and takes time to resolve the situation
- Demonstrate accurate, clear and timely verbal and written communication
- Actively promote safety for patients, families, visitors and co-workers
- Attend carefully to important details - practicing Stop, Think, Act and Review in order to self-check behavior and performance
Primary Location: Maryland-Silver Spring
Work Locations:
Dorchester
12200 Plum Orchard Dr
Silver Spring 20904
Job: Management
Organization: Finance
Position Status: R (Regular) - FT - Full-Time
Shift: Day
Work Schedule: 8:30-5
Job Posting: May 10, 2024, 5:09:49 PM
Equal Opportunity Employer of Minorities, Females, Protected Veterans, and Individual with Disabilities.
Job Summary
Start Date
As soon as possible
Employment Term and Type
Regular, Full Time
Required Education
Bachelor's Degree
Required Experience
2+ years
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