Sr Financial & Provider Compensation Analyst

Covenant Medical Group - Knoxville, TN

Full-time - Mid Level

Knoxville, TN

251-500 employees

Ambulatory Health Care Services

About the position

The Sr Financial & Provider Compensation Analyst plays a crucial role in supporting the financial operations of Covenant Medical Group, which is part of Covenant Health's extensive network of healthcare providers. This position is integral to the financial planning and analysis processes, particularly in relation to new practices, capital purchases, and expense requests. The analyst will work closely with the VP of Finance to analyze financial data and develop proformas that reflect the financial viability of new initiatives and equipment purchases. This includes conducting thorough financial analyses to justify the acquisition of new or replacement equipment that supports patient care, such as advanced imaging technologies like Nuc Med Cameras and Ultrasounds. In addition to financial analysis, the role involves significant collaboration with the VP of Provider Compensation. The analyst will be responsible for understanding provider contracts and developing compensation models that align with organizational goals. This includes calculating provider bonuses and projecting future compensation needs, which are essential for budgeting and financial reporting. The analyst will also assist in the recruitment of new providers by helping to develop competitive compensation packages that attract top talent to the organization. The position requires a proactive approach to managing maintenance agreements and ensuring alignment between Covenant Medical Group and system contracts. The analyst will track contracts and prepare for future budget reviews, ensuring that all financial activities are in compliance with company policies and procedures. The role also involves evaluating special payment requests and reconciling them against contractual obligations, ensuring that all payments are accurately coded and logged. Overall, the Sr Financial & Provider Compensation Analyst is a key player in the financial health of Covenant Medical Group, contributing to the organization's ability to provide high-quality care across its network of providers.

Responsibilities

• Determines justification for new/replacement equipment that supports patient care by developing proformas and/or financial analysis for VP of Finance review/approval.
• Creates Proforma that reflects expected/past reimbursements generated from existing/new revenue sources vs. anticipated expenses, after due diligence research.
• Manages maintenance agreements through partnering with Corporate Materials Management to affirm alignment between CMG and system contracts to ensure the best rate(s).
• Develops Proformas for onboarding practices, adding Providers to existing practices and changes to Providers practice of patient care.
• Projects and updates Provider bonuses in the financial system, mid-year to align with month end close.
• Calculates cost/expense during the year for Medicare Advantage plans to offset Provider bonuses via reporting, for VP of Finance review/approval.
• Assists the VP of Compensation with Provider compensation bonus calculations and communication to stakeholder groups.
• Projects future bonuses to be used in budgeting and financial reporting.
• Develops FMV compensation review, by specialty.
• Supports Provider recruitment by assisting the VP of Finance with development of Provider compensation packages, during the recruitment cycle.
• Reviews Special Payment Requests for Providers by reconciling payments against contractual obligations, ensuring proper payment coding and logs appropriately.
• Evaluates Provider CME travel requests and reimbursement requests against policy for VP of Finance review/approval.
• Reconciles capital expense(s) to budgetary line items in line with company processes.
• Follows policies, procedures, and safety standards. Completes required education assignments annually. Works toward achieving goals and objectives and participates in quality improvement initiatives as requested.
• Performs other duties as assigned.

Requirements

• Bachelor's Degree in related field.
• Minimum of four (4) years in Healthcare Accounting or Finance, or related experience.