Program/Unit Description: The Finance Director for the Department of Medicine within the University of Minnesota Medical School provides strategic and operational leadership for the department’s finance and accounting of clinical and academic activities. Collectively, this department is comprised of 11 separate divisions which are managed as separate financial units. The department generates ~$180 million in annual revenue, including $30M in sponsored grants and contracts. There are over 350 paid faculty, 54 community physicians, 190 graduate medical trainees, and 300 staff in the department.
Responsibilities: This position is responsible for directing and overseeing the finance and accounting functions supporting the Department of Medicine academic department and clinical service unit; leading a collaborative and productive work team based in respect, accountability and service; developing and/or coordinating complex financial forecasting, productivity analyses, business plans and compensation models; and providing strategic financial guidance for implementing identified goals and priorities. This position reports directly to the Medical School Director of Finance and Accounting and is a key partner to the Department Chair and Department of Medicine Leadership team.
Finance and Accounting – 40%
Coordination of financial analysis and forecast of all funds for the Department of Medicine, including long-term strategic planning. Oversee the development and accuracy of financial proformas used for faculty recruiting, retention and assessment. Development and management of departmental budgets, both University of Minnesota and UMPhysicians. Identify risks and opportunities. Prepare special analysis and advocate for special funding as appropriate. Engage in the contracting process for both the University of Minnesota and UMPhysicians. Provide expertise in professional service agreements. Advocate for fair and appropriate payment of services. Provide oversight of all financial transactions to ensure compliance with Federal, University, Medical School, and UMPhysicians’ regulations and policies. Works with a variety of partners to address unique financial and accounting arrangements in order to establish formal memorandums of understanding; key partnerships include but are not limited to: Masonic Cancer Center, Minneapolis Veterans Association, Office of Academic Clinical Affairs, and others. Partner with Department of Medicine Compensation Manager to align division and subspeciality compensation plans and incentives with financials.
Strategic Leadership – 40%
Act as a key financial advisor to the Department Chair, 11 Division Directors and 5 Vice Chairs. Provide timely financial information and recommendations to support decision-making and special initiatives. Proactively identify, assess and communicate potential financial challenges and opportunities. Present financial information to several key stakeholders, such as the CSU Board of Governors, Clinical Operations Committee and Department Leadership Council. Co-leader of the Department of Medicine’s Finance Committee, and serves as a member of the Medicine Clinical Service Unit Board of Governors Provide leadership and represent the department on financial initiatives across the Medical School and UMPhysicians. Develop and implement procedures and processes for the department in conjunction with the Dean's Office, UMPhysicians senior staff, and the other Finance Directors Identify and implement financial and accounting process improvements when identified
Supervision – 20%
Manage the Department of Medicine Finance and Accounting team comprising of 17 FTE. Direct supervision of five (5) team leaders. Responsible for overseeing the recruiting, hiring, training and professional development of staff.
Required Qualifications: BA/BS degree with ten or more years of experience in a comparably large and complex healthcare or academic organization, including management or supervisory experience. Excellent leadership skills with the ability to foster a professional and positive working environment. Excellent communication and interpersonal skills with the ability to prioritize, negotiate, and work with a variety of internal/external stakeholders in a highly collaborative manner. Demonstrated ability and experience in leading and implementing process improvement. Ability to translate financial concepts to and effectively collaborate with programmatic colleagues who may not have financial backgrounds. A successful track record in setting priorities and demonstrating keen analytic, organizational and problem solving skills to support and enable sound decision making. Excellent technical skills with high proficiency in the analytical application of relevant computer software packages (e.g. Excel, Access, and BI). Demonstrated ability and experience developing, supporting and implementing financial improvement initiatives.
Preferred Qualifications: Advanced degree or certification. Extensive knowledge and experience in the financial management of a Medical School and/or health care organization or physician group. Knowledge of managing and implementing physician compensation plans, and analyzing physician and Principal Investigator productivity. Experience in the financial management of research grants, philanthropic accounts, and clinical trials. Extensive experience in short-term and long-term financial business planning and contracting. Management experience requiring executive level interaction. Leading teams in a hybrid remote-work environment.
The University of Minnesota, founded in the belief that all people are enriched by understanding, is dedicated to the advancement of learning and the search for truth; to the sharing of this knowledge through education for a diverse community; and to the application of this knowledge to benefit the people of the state, the nation, and the world.