Director of Finance

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 Mass Health, 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.
• 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 planning and 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 Cap Ex 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…