Financial Reporting and Tax Lead

About us:

Fallon Health is a company that cares. We prioritize our members-always-making sure they get the care they need and deserve. Founded in 1977 in Worcester, Massachusetts, Fallon Health delivers equitable, high-quality, coordinated care and is continually rated among the nation's top health plans for member experience, service, and clinical quality. We believe our individual differences, life experiences, knowledge, self-expression, and unique capabilities allow us to better serve our members. We embrace and encourage differences in age, race, ethnicity, gender identity and expression, physical and mental ability, sexual orientation, socio-economic status, and other characteristics that make people unique. Today, guided by our mission of improving health and inspiring hope, we strive to be the leading provider of government-sponsored health insurance programs-including Medicare, Medicaid, and PACE (Program of All-Inclusive Care for the Elderly)- in the region. Learn more at fallonhealth.org or follow us on Facebook, Twitter and LinkedIn.

The Financial Accounting and Reporting Lead (FARL) is a key strategic partner to management across the organization. The role requires demonstrated proficiency in the development, accumulation and evaluation of key elements necessary to properly report the financial position of the organization. The FARL is responsible to ensure the accuracy of the general ledger by creating, processing and/or recording complex transactions. The role requires a solid understanding of GAAP and Statutory accounting principles and the ability to apply these principles to transactions occurring on a monthly basis. The FARL will support corporate leadership and business segment senior management as Fallon Health continues to ensure the long term fiscal viability of its organization. In addition to preparing standard financial reports, the Lead will be required to prepare ad hoc management analysis. The role requires the Lead to research, understand, interpret and operationalize accounting concepts (revenue and expense recognition) and possess the ability to apply those concepts in matters specific to the health insurance industry. In order to ensure compliance with State and Federal statute, the FARL will oversee / prepare the quarterly and annual statutory filings and fully support the results upon audit. The Lead will be the primary liaison to both internal and external auditors and is responsible to ensure the timely and accurate completion of all Fallon Health audits. The FARL will assist in the maintenance of a strong internal control environment including participation in the Model Audit Rule documentation and testing.

Brief summary of purpose:

The Financial Accounting and Reporting Lead (FARL) is a key strategic partner to management across the organization. The role requires demonstrated proficiency in the development, accumulation and evaluation of key elements necessary to properly report the financial position of the organization. The FARL is responsible to ensure the accuracy of the general ledger by creating, processing and/or recording complex transactions. The role requires a solid understanding of GAAP and Statutory accounting principles and the ability to apply these principles to transactions occurring on a monthly basis. The FARL will support corporate leadership and business segment senior management as Fallon Health continues to ensure the long term fiscal viability of its organization. In addition to preparing standard financial reports, the Lead will be required to prepare ad hoc management analysis. The role requires the Lead to research, understand, interpret and operationalize accounting concepts (revenue and expense recognition) and possess the ability to apply those concepts in matters specific to the health insurance industry. In order to ensure compliance with State and Federal statute, the FARL will oversee / prepare the quarterly and annual statutory filings and fully support the results upon audit. The Lead will be the primary liaison to both internal and external auditors and is responsible to ensure the timely and accurate completion of all Fallon Health audits. The FARL will assist in the maintenance of a strong internal control environment including participation in the Model Audit Rule documentation and testing.

The Lead will employ specialized expertise in exercising their finance duties as they contribute to the execution and development of reporting and ensure the success of corporate strategic objectives. They will use creative means and their significant knowledge base to evaluate and solve complex problems, gather and analyze relevant data and exercise independent judgement in the development of appropriate recommendations and solutions. The Lead has significant latitude in planning and executing their workload and will operate independently within a broadly defined set of corporate policies and practices. It is expected that the Lead will provide guidance that could have substantial impact on the Organization and its resources, therefore, they will need to successfully interact with management and senior personnel on matters requiring coordination across organizational lines. The successful candidate will have extensive expertise and will be a key contributor on a high performing financial accounting and reporting team.

Primary Job Responsibilities:

Work seamlessly within the general ledger system to record / approve transactions in order to appropriately report the financial activity of the organization
• Perform complex internal account reconciliations with a high degree of accuracy
• Prepare a statement of financial position, a statement of operations and change in net assets as well as other complex financial management and Board documents associated with the monthly, quarterly and annual financial statement close process
  • Has 5+ years of experience and can independently understand GAAP and Statutory concepts, practices and procedures
  • Has 5+ years of experience and can demonstrate a full understanding of consolidation accounting concepts, practices and procedures
• Report financial results to management and product owners and offer strategic insight relative to revenue maximization, cost containment (medical and SG&A) and general resource consumption
• Develop and present actionable recommendations and solutions to management that will impact key results
• Analyze results and evaluate against underlying assumptions used to forecast and budget performance
  • Has 5+ years of experience and can demonstrate a full understanding of specific business models and practices
  • Has 5+ years of experience and can demonstrate the ability to develop integrated revenue / expense analysis, projections, reports and presentations
• Research new accounting pronouncements and emerging guidance - make recommendations regarding company policy and practice and prepare accounting position memos for outside auditors to support the Company's accounting position.
• Prepare tax filngs for both for profit and not profit entities with the assistance of external tax firm
• The primary liaison for both internal and external audit processes - ensure timely coordination and the delivery of all requirements, review financial statements to ensure they are free of material misstatement, aggregate and/or prepare appropriate supporting documentation, create required footnote disclosures and maintain an environment of strong internal controls.

Demonstrated proficiency in performing accounting, reporting, financial modeling, and analytic assignments

• At least 5+ years of experience in a managed care environment (will consider other relevant health care, social service, insurance, or not-for-profit experience)
• 5+ years in GAAP accounting principles is required
• Experience with Statutory accounting principles is preferred
• Experienced user of software applications necessary to achieve job requirements (ex. Oracle, Blackline, etc.)
• Proficiency in Microsoft Excel

Strong knowledge of the following:

• Medicare, Medicaid (ACO / MCO) and other government programs
• GAAP and Statutory reporting requirements
• Consolidation accounting and advanced accounting concepts
• Actuarial concepts such as IBNR claims and PDR
• Internal controls and independent audit requirement

Working knowledge of the following:

• Tax preparation / filing requirements

Competencies:

Complex problem solving:

• Breaks down a complex problem or assignment into simple, manageable tasks
• Quick learner who is not afraid to solve problems that are not well defined

Critical thinking:

• Strong understanding of the business
• Objective analysis of facts and issues resulting in independent judgment
• Eager to acquire new knowledge and understand relationships between variables even when application is not immediately apparent

Creativity:

• Creative thinker who can introduce innovative ideas and approaches

People skills:

• Ability to be an effective member of a high performing reporting and analytics team

Coordinating with others:

• Ability to build partnerships, influence decisions, work in a collaborative style
• Recognizes how their work will impact Organizational strategy and goals

Emotional intelligence:

• Takes initiative and executes independently
• Self-starter and motivator, able to remain focused on task with minimal direction
• Handles interpersonal relationships with professionalism

Judgment and decision making:

• Executes good judgment in decision making
• Recommendations are supported by quantitative and qualitative data

Service orientation:

• Excellent verbal and written communication skills
• Ability to explain and provide context for work products and model outputs
• Talent for anticipating the needs of others and a strong desire to meet those needs

Negotiation:

• Demonstrates willingness to change an opinion when presented with new or contrary information
• Demonstrates persistence in achieving objectives in the face of challenges and is willing to work toward a collaborative outcome

Cognitive flexibility:

• Ability to switch between concepts and tasks with ease
• Address multiple priorities simultaneously
• Change approach as necessary to address varying levels of financial acumen throughout Fallon Health
• Maintains flexibility in a fast-paced environment and evolves to meet changing business needs

Fallon Health provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.