Financial Analyst- Healthcare

COMPANY BACKGROUND

Banyan Medical Systems, Inc. is headquartered in Omaha, Nebraska. We design, develop, produce, sell, and support custom Healthcare IT solutions. Our work focuses on the integration of real-time data streams in support of providing care givers, patients, and family members access to coordinated, holistic care information. We currently offer configurable solutions for procedural area integration (e.g. operating rooms), fall prevention, virtual care teams, and multi-source audio/video collaboration. In addition, we offer scalable custom solutions for addressing room to enterprise level collaboration needs. Banyan Medical Systems is an innovative Digital Healthcare provider looking for dynamic, energetic, accountable, and highly self-motivated individuals to join our team.

LOCATION

Managed Services Operation Location:

• Banyan Headquarters

SUMMARY

The Financial Analyst is responsible for compiling and preparing financial reports (monthly forecasts, quarterly current estimates, and yearly plans); providing meaningful and concise variance analysis of actual performance compared to plans, forecasts and prior periods. Financial Analyst will work with Executive Leadership to 1) provide financial information and gain insights into expenses and budgets, 2) support the expense and budgeting piece of the annual financial planning process, 3) support monthly/quarterly expense accruals and reporting, and 4) support various cross-functional initiatives, including those involving senior leadership and financial obligations.

PRIMARY RESPONSIBILITIES

Relationship Management and Expense Consulting

• Builds strong working relationships and collaborates with wide range of functional stakeholders, including senior leadership, to provide guidance and consulting, address concerns, and ensure transparency and alignment
• Prepares, analyzes and reports on complex financial information for assigned area(s) of responsibility
• Becomes subject matter expert on current and emerging expense variances and trends for assigned functional area(s) and applies expertise to ongoing projects/initiatives
• Develops new metrics, tools, processes, etc. which increase overall engagement and enable stakeholders to better manage expenses
• · Perform special projects and analysis as required.

Financial Analysis

• Provide technical input to assist in development of project planning. Develop profit and loss statements, cash flow statements, manage accounts receivable for independent profit centers and develop recommendations for cash flow and profit improvements.
• Prepares, analyzes, and reports on expense actuals vs. plan, expense forecasts, budgets, staffing levels, unit costs, and industry trends and benchmarks
• Analyzes and communicates to management and key stakeholders on identified risks and financial implications of changes in product or process
• Develops and executes on effective and efficient financial reporting and expense management processes that lead to desired results and are in accordance with GAAP, STAT, and SEC requirements as well as in compliance with SOX controls (includes some expense accruals and journal entries)
• Identifies process improvements that significantly reduce workloads and/or improve quality

Financial Planning and Special Projects

• Plays major role in expense and budgeting portion of annual financial planning process, including liaising with assigned functions/stakeholders, creating overall budget targets and projections, and ensuring timely and accurate budget uploads
• Champions and/or enhances organizational initiatives by positively influencing and supporting change management and/or departmental/enterprise initiatives
• Serves as a resource to team members and applicable internal/external stakeholders on more complex assignments/projects

Cost Analysis

· Cost Analysis: Analyze cost data, including direct and indirect costs, to identify trends, cost drivers, and areas for cost reduction.
Conduct variance analysis to compare budgeted and actual costs, providing insights to management.

· Cost Data Management: Maintain and update cost accounting records and databases, ensuring accuracy and completeness.
Allocate costs to products, projects, or departments, and maintain cost allocation methods.

· Budgeting and Forecasting: Collaborate with the finance team to develop cost budgets and forecasts, providing insights and recommendations to support financial planning.

· Product Costing: Calculate and maintain product or service costs, considering materials, labor, overhead, and other relevant factors.
Assess the profitability of products or services and recommend pricing adjustments.

· Inventory Valuation: Monitor inventory levels and perform regular inventory valuation to ensure accurate financial reporting.
Assist in reconciling inventory discrepancies and addressing cost-related issues.

Qualifications

Education: Finance and or Accounting Degree preferred

Experience: 1 to 5 years' experience in Healthcare financial accounting, Healthcare financial planning, Healthcare finance, public accounting, or other related experience.

License/Certifications: None

Special qualifications:

• Hospital based experience preferred
• Thorough understanding of accounting financial statements to facilitate modeling.
• Expert Excel skills needed for financial modeling.
• Working knowledge of Access, Oracle, Excel and PowerPoint.
• Ability to complete multiple tasks under time constraints. Ability to ascertain how transaction affects all areas of financial statements.
• Ability to function well under pressure. Excellent communication skills (oral and written) including the ability to interact well with all levels of management and team members.
• Periodic overtime will be required, especially during the planning process, current estimate or during other critical times.
• Effective analytical and problem-solving skills.
• Ability to prioritize and handle multiple tasks and projects concurrently.
• Strong critical problem-solving skills. A
• Ability to respond to common inquiries or complaints from customers or regulatory agencies. Ability to define problems, collect data, establish facts and draw valid conclusions.
• Ability to work independently and under pressure.
• Hours of work: Monday- Friday 8-5 additional hours as needed to complete month/quarterly/year end
• Experience and knowledge of the following Microsoft System:Active Directory, Exchange,
• Skype for Business, and Office 365