Financial Analyst, Clinical Research - Research & Clinical Trials

Cook County Health

Full-time

Hospitals

About the position

The Financial Analyst, Clinical Research at Cook County Health (CCH) plays a crucial role in supporting revenue recovery for clinical trials. This position is exempt from Career Service under the CCH Personnel Rules and is responsible for the timely preparation of monthly clinical research invoices in accordance with contract terms, government requirements, and established billing processes and procedures. The analyst will engage in accounts receivable reconciliation of invoices, remittance, and payments, both internal and external, ensuring that all financial transactions are accurately recorded and processed. Communication with sponsors and vendors regarding payment collection and reconciliation of clinical trial accounts is a key aspect of this role. In addition to invoice preparation, the Financial Analyst will assist with the setup of externally funded clinical trial account ledgers as required by CCH Sponsored Projects and CCH Revenue Cycle. The role involves invoicing study sponsors as dictated by study contracts and tracking payments received, performing necessary follow-ups to ensure timely payments. The analyst will also participate in the clinical trial budget and billing configurations in commercial systems, utilizing financial management functionalities to enhance operational efficiency. The position requires the development and processing of reimbursements for research subjects and other stakeholders, ensuring compliance with applicable regulations and contract terms. The Financial Analyst will perform complex reconciliations, resolve outstanding balances, and generate reports for sponsored projects. Additionally, the role involves refining in-house collection procedures to minimize overdue account balances and collaborating closely with CCH partners to assist patient billing teams in accurately managing revenue generated versus received. The analyst will extract Account Receivable Aging information to conduct trend analyses and evaluate the effectiveness of Collection Management processes, ensuring that post-award tools are updated following budget amendments. The role may also include establishing and maintaining tracking systems for reporting and status updates, along with other duties as assigned.

Responsibilities

• Assist with externally funded clinical trial account ledger set up as required by CCH Sponsored Projects and CCH Revenue Cycle.
• Invoice and reconcile clinical trial contracts against postings in Cerner Electronic Health Record (EHR).
• Invoice study sponsors as required by the study contract, and track payments received, performing required follow-up to ensure payments are made.
• Participate in the clinical trial budget and billing configurations in commercial systems and utilize functionality for financial management.
• Develop and process research subject's reimbursement and other stakeholder payments in accordance with applicable regulations, contract terms, and study stipulations.
• Perform complex reconciliations, resolve balances, and reporting for sponsored projects.
• Develop, expand, and refine the effectiveness of in-house collection procedures to reduce overdue account balances.
• Work closely with CCH partners to assist in patient billing teams to ensure proper routing of patient care charges that should be billed to sponsor, accurately managing revenue generated versus received and monitor financial activities on all clinical trials.
• Extract Account Receivable Aging information to develop trend analyses and evaluate effectiveness of Collection Management processes.
• Ensure post-award tools are updated after a budget amendment has been executed.
• Establish, maintain, and revise tracking systems for reporting and status update purposes.
• Perform other duties as assigned.

Requirements

• Bachelor's degree or higher from an accredited college or university.
• Three (3) years of full-time paid work experience as a financial analyst.
• One (1) year experience working in a Clinical Trial Office or research setting.
• Proficiency using Microsoft Office (Excel, Word, PowerPoint).

Nice-to-haves

• Bachelor's degree from an accredited college or university in accounting or finance.
• Master's degree in finance, Accounting, or Business Administration or related quantitative field with full-time paid work experience as a Financial Analyst, Certified Public Accountant or similar role in a hospital, healthcare, or managed care organization.
• Five (5) years of full-time paid work experience as a financial analyst in a hospital, healthcare, or Clinical Research Organization.
• Proficiency with SQL.
• Advanced proficiency using Microsoft Office (Excel, Word, PowerPoint).