Director of Finance

Director of Finance

Boston, MA location

Job Description

The Director of Finance is a key member of senior management and serves as a backup to the Vice President and Corporate Controller. Responsibilities include: coordinating, administering, and overseeing the accounting operations and financial and regulatory reporting of the Plan; leadership of the cost controllership function; liaison between New Hampshire (NH) DHHS and the organization for accounting, actuarial, and audit requirements; and, project management. Incumbent will systematize, strengthen, and streamline the organizations profitability and cost management reporting and analysis.

Primary accountabilities of incumbent will be: consistently to work with co-workers and own staff showing respect and trust; to respond on time consistently to requests from internal or external auditors; develop, implement and maintain consistent processes for accurate, timely analysis of financial data, adopting best practices; to provide metrics for senior management that highlight issues in financial or cost management, and offer solutions; and to represent Finance in cross-functional projects. The incumbent should operate as a “working manager”, that is, able to lead, or to be an “individual performer”, depending on circumstances; to be comfortable switching between these roles ad hoc.

Incumbent will direct a team, which includes such tasks as: work allocation, goal setting, training, professional development, problem resolution, performance evaluation, resource planning, scheduling, and partnering. They will reach out to other units, as needed, to assure that team members receive necessary support from those units to accomplish assigned tasks. The incumbent has to influence priorities outside Finance to accomplish priorities inside Finance.

Key Functions/Responsibilities:

I. Accounting & Reporting:

  • Develop accounting policies or practices to comply with Federal / State laws and regulations
  • Review monthly, quarterly, annual GAAP & Statutory financial reports
  • Review regulatory financial reports required by MassHealth, Commonwealth Connector, Division of Insurance (MA), Insurance Department (NH), Division of Health Care Finance (MA), Department of Health and Human Services (NH), Centers for Medicare and Medicaid Services (CMS), and the NAIC. Review and approve accounting in exposure areas such as IBNR, other insurance reserves, other assets, other liabilities, capitalization of costs, etc.

II. Financial Audits:

  • Oversee relationships with external auditors and regulators for GAAP and Statutory financial annual or any other audits
  • Coordinate resources with compliance, legal, human resources, and operations areas to meet accurate and timely filing requirements of internal staff, affiliates and regulators

III. Cash Management:

  • Oversee Accounts Payable, vendor payment processing, and provider payment processing
  • Oversee revenue receipt & reconciliation, and monitor daily bank activity and bank account reconciliations
  • Work with Corporate Controller in monitoring investment balances and managing balances in order to remain in compliance with the Plan’s Investment Policy Statement

IV. Safety and Soundness:

  • Monitor Risk-based capital ratio (RBC) monthly; report material deterioration, if any, to executive management and State regulators
  • Monitor ratio of current assets to current liabilities (liquidity ratio) to ascertain in compliance with various contracts

V. Corporate Financial Planning and Budgeting:

The incumbent will be on point to coordinate corporate annual budgeting and financial planningand to execute budgeting and planning for administrative expenses and capital budgets. The coordination will be performed complementarily with Financial Planning unit in Finance. Some key accountabilities specifically include:

  • Set annual admin cost targets for Chiefs
  • Coordinate and in part write the Annual Budget analytic package
  • Work with IT to develop Capital Expenditures budget; report on CapEx actual vs. budget
  • Execute comparative financial analyses vs. main competitors using statutory statements
  • Develop unit-level budgets for: (i) Admin dept., (ii) President, (iii) CFO and (iv) Controller’s cost centers
  • Set-up and refine COGNOS annually with help from contractor

VI. Cost Controllership:

The mission of the incumbent is to understand and control costs at a corporate level; and monitor costs of leading departments (IT, Operations, Office of Clinical Affairs, Marketing, Legal/HR, and Finance) to support each chief in managing such costs in compliance to budget, to corporate procurement policies, and to Project Screening Group directives. Some of the key accountabilities specifically include:

  • Provide ad hoc finance support to Chiefs, upon request
  • Prepare standard corporate expense analytical reports
  • Serve as back-up and support the Corporate Controller in work on the project governance committee known as Enterprise Project Governance Committee
  • Oversee FTE Position Control and ensure HR is using it as a tool to pre-validate FTE requests from the business. Validate and approve employee requisitions, based on FTE Position Control mapping
  • Perform departmental expense reviews with the Chiefs and, if desired, their direct reports
  • Advise business on financial impacts of FTE reorgs, moves, reductions-in-force
  • Support NH General Manager as the NH Finance Manager, performing NH-centric profitability analyses

VII. Regulatory Reporting – Administrative Costs:

The Director of Finance will report financial data in formats mandated by the NAIC (Quarterly and Annual Statutory Statements) or the Board of Trustees (monthly Board package). Some key accountabilities specifically include:

  • NAIC: develop analyses of lines-of-business, administrative expenses, claims adjustment expenses, etc., in the Statutory Statement format
  • DOI:
    1. Develop Annual Comprehensive Financial Statement
    2. Develop Annual Supplemental Health Care Statement
    3. Develop Supplemental Utilization analyses
  • IRS: develop Form 990 analyses of administrative expenses
  • ERISA: Ensure the performance of 401k true-up annually

VIII. Internal Control & Compliance:

The Director of Finance will contribute to the overall Compliance functions performed by Finance. Some key accountabilities specifically include:

  • P4P Plans: oversight and control (partnering with HR)
  • Annual GAAP audit and Annual Statutory Audit: oversee preparation of schedules as directed by independent auditors
  • Ensure Model Audit Rule (MAR) controls are reviewed and updated annually; and complied with continually

Supervision Exercised:

  • May supervise up to five direct reports
  • Critical to success is the incumbent’s ability to form alliances with peers and achieve progress working through others over whom no direct control is exercised

Supervision Received:

  • General supervision is received from Vice-President / Controller weekly; and ad hoc from CFO.


  • Education:
    1. Bachelor’s Degree in Business Administration, Finance, Statistics, or related field; or equivalent combination of training / experience.
    2. CPA or MS preferred
  • Experience:
  1. Minimum 10+ years related experience.
  2. Experience in healthcare or managed care preferred

Certification or Conditions of Employment:

  • Pre-employment background check

Competencies, Skills, and Attributes:

  • Knowledge of Healthcare and Insurance industry
  • Detail oriented, excellent proof reading and editing skills
  • Ability to communicate clearly, meet deadlines, and multi-task
  • Prior public accounting experience, including a CPA, CMA, or MBA
  • Demonstrated ability to manage multiple objectives with minimal supervision.
  • Project management, including implementation of new initiatives or processes
  • Outstanding proficiency with Microsoft Office Suite including Word, PPT, Excel
  • Proven ability to excel in a matrix organization and lead therein through example
  • Proven ability to build effective teams; cultural competency to manage diverse associates, whether direct or indirect
  • Proven ability managing financial operating systems, e.g.,Cognos/IBM shopor similar smaller apps
  • Use of accounting and finance knowledge to collaborate pragmatically with varying levels of employees whose knowledge of accounting and finance varies
  • Able to give direction to executives in financial matters; and coax cooperative behaviors from managers and directors
  • Well-developed information gathering, auditing, analytical, problem-solving skills; and ability to evaluate disparate facts objectively, and prioritize tasks based on demonstrable impact
  • 10+ years of progressively more accountable experience in accounting, reporting, and analysis
  • Flexible when confronted with startling requests from agencies of the State, the Federal government, or Executive team
  • Lawson experience preferred

Working Conditions and Physical Effort:

  • Travel via cab or on foot between buildings of Boston Medical Center and BMCHP
  • Work performed in typical interior / office work environment; limited physical effort required; limited exposure to physical risk
  • Out-of-town travel to Manchester, NH; or training conferences, the latter, if incumbent desires

*Qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, sexual orientation, gender identity, disability or protected veteran status.

Well-qualified professionals please forward resume, along with compensation requirements and geographical preferences to

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