Finance, Economics, Banking, Healthcare, Human Resources
4 Year Degree
Requisition #: 213420 Title: Compensation Specialist (Physician Compensation focus) Department: STRATEGIC FINANCIAL PLANNING Shift: Days Status: Exempt Hours: 40 Shift Length: 8 Location: UMass Memorial Medical Center- 306 Belmont Street, Worcester Compensation professionals who possess experience in either Sales or Physician compensation are welcome to apply!
Reporting to the Director of Finance within corporate services, and in support of the UMass Memorial Medical Group’s (UMMMG) Executive VP/COO and CFO, responsible for all finance aspects of compensation including compensation planning, compensation and productivity financial analysis, monitoring pay in compliance with compensation plans and policies, strategic and lean initiatives, market compensation surveys and evaluations and internal/external reporting for UMMMG. Participates in general and ad-hoc financial analyses to support senior management decision-making. Serves as the subject matter expert on physician compensation matters providing consultation and market analysis to clinical leaders, administrators and executives.
Provides a variety of standard and ad hoc financial analysis and reports to senior management and clinical department management, including analyses with a specialization relating to physician and staff compensation matters including measurements of compensation and productivity to industry benchmarks, modelling impact of changes to services and revenue streams on compensation, and key performance metrics.
Oversees incentive reserve levels based on department and physician productivity working closely with the accounting department and clinical department administrators, monitors payments to physicians and staff including base pay, dual and retroactive pay adjustments to/from the Medical School, supplemental compensation and fringe benefits.
Prepares internal and external reports and presentations of physician compensation required by Board level committees, including annual reports to the System’s Compensation Committee, Board of Governors/Chairs and the UMMMG Finance Committee.
Coordinates all aspects of the annual physician incentive payment process in coordination with the UMMMG CFO. This includes coordinating the annual physician incentive compensation review and approval meetings with department administrators, performing audits of compensation plan calculations to compensation plan documents and follow up on outstanding issues. This also includes compiling the incentive file and coordinating payment to physicians and staff with Human Resources and Payroll.
By means of keeping abreast of national/regional trends, tactics and through industry research, works on special projects to include competitive pay practices, economic trends, current market position and cost impact, making recommendations based on studies. This includes developing, modeling and presenting new plans/plan amendments to senior management. It also includes assisting department management with the execution of new plans/plan amendments for employed physicians and staff.
Position Qualifications: License/Certification/Education: Required:
Bachelor’s degree in Finance, Accounting, Business Administration, Human Resources or related field.
MBA, CPA or Certified Compensation Professional (CCP) designation.
Minimum of 7 years of senior level work experience in finance, preferably in healthcare finance with past physician compensation experience.
Strong financial analytical skills.
Knowledge of compensation accounting and reporting concepts including general understanding of federal and state laws and regulations.
Exceptional computer skills including advanced Microsoft Excel and PowerPoint, with an ability to work with large databases.
High degree of accuracy and reconciliation skills.
Exceptional communication skills (both written and verbal)
Strong relationship-building skills with experience interacting with all levels of management/staff.
Ability to lead and manage complex projects All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability or protected veteran status.
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