Senior Cost Analyst - West Orange, NJ

Job Title: Senior Cost Analyst - West Orange, NJ

Location: Barnabas Health Corp

Department: Decision Support

Req#: 0000197827

Status: Full-Time

Shift: Day

Pay Range: $91,000 - $130,000 Annual

Pay Transparency:

The above reflects the anticipated annual salary range for this position if hired to work in New Jersey.

The compensation offered to the candidate selected for the position will depend on several factors, including the candidate's educational background, skills and professional experience.

RWJBarnabas Health

Overview:

The Senior Cost Analyst utilizes the STRATA Cost Accounting application to process general ledger, payroll and statistical data, to develop consistent costing models across the enterprise. A comprehensive understanding of GL expenses, overhead allocation methods, and alignment of expenses with revenue is leveraged to accurately calculate the cost of services, to be used to analyze the financial performance of service lines, comparing system-wide procedural cost and utilization.

A thorough understanding of patient billing data is also essential in this role as it is used to develop some of the advanced costing allocations and spreads. The understanding of both the GL and Patient billing data is key in being able to effectively develop cost models and apply them to the patient data.

Job Responsibilities include:

• Maintains cost accounting rules for each facility, to ensure consistent handling of direct and indirect expenses, and appropriate alignment of expenses with revenue.
• Develop an efficient process to facilitate timely GL cost updates and consistency across the sites.
• Responsible for maintaining department mapping tables, GL account to component mapping rules, payroll account to component mapping rules and, overhead allocation rules to ensure allocated costs are appropriately aligned to encounter data.
• Communicates effectively with site Finance department managers to gain understanding of GL expenses, research GL changes, make recommendations for indirect allocations and review costing results.
• Reconcile GL Revenue to Charge data within Strata application to ensure that data is accurately captured and aligns with the cost allocated.
• Prepare work papers to reconcile Strata GL data to Financial Statements, audit GL account to component mappings, Indirect step-down results and document the costing model.
• Develop an efficient process to facilitate timely GL cost updates and consistency across the sites.
• Performs weekly audit of costing results applied to encounter data to ensure completeness of encounter cost data.
• Participates in Cost Accounting user group discussions to learn about costing system enhancements and stay abreast on trends in industry costing methods.
• Development of costing model for new entities and training new staff on cost accounting module.
• Generates reports in response to ad hoc requests, ensuring accuracy and timeliness of the data.

This position reports to the Manager of Decision Support and will work closely with other members of the Decision Support team. This position will be hybrid remote, working from home and travel between the RWJBarnabas Health locations may be required.

• Bachelor s degree in Finance/Accounting required. 7-10 years of Healthcare Finance or Decision Support experience with at least 5 of those years focused in Healthcare Cost Accounting. A Masters degree a plus.
• Expert understanding of cost accounting principles needed to accurately measure and analyze costs associated with patient care. Ability to distinguish between direct costs tied to a specific service, and those that are allocated across operations.
• Proficiency in applying various costing methods such as Ratio of Cost to Charge (RCC), Relative Value Unit (RVU) or Activity Based Costing (ABC) to accurately allocate costs to specific services.
• Proficiency with Healthcare clinical procedures and operations, and resource utilization to understand accurate cost attribution.
• Proficient with Patient Accounting billing data is essential to appropriately analyze patient services to calculate the cost of care and evaluate service line performance. Hospital and Physician billing system knowledge, such as EPIC, a plus.
• Proficient in Healthcare Cost Accounting analytical tools, such as STRATA Jazz.
• Proficient in Microsoft Excel, and strong analytical skills required.
• Must be detail-oriented and demonstrate ability to analyze large amounts of data and present a meaningful format.

Benefits and Perks:

At RWJBarnabas Health, our employees are at the heart of everything we do. Driven by our Total Wellbeing promise, our market-competitive offerings include comprehensive benefits and resources to support our employees physical, emotional, financial, personal, career, and community wellbeing. These benefits and resources include, but are not limited to:

• Paid Time Off including Vacation, Holidays, and Sick Time
• Retirement Plans
• Medical and Prescription Drug Insurance
• Dental and Vision Insurance
• Disability and Life Insurance
• Paid Parental Leave
• Tuition Reimbursement
• Student Loan Planning Support
• Flexible Spending Accounts
• Wellness Programs
• Voluntary Benefits (e.g., Pet Insurance)
• Community and Volunteer Opportunities
• Discounts Through our Partners such as NJ Devils, NJ PAC, and Verizon
• .and more!

Choosing RWJBarnabas Health!

RWJBarnabas Health is the premier health care destination providing patient-centered,

high-quality academic medicine in a compassionate and equitable manner, while delivering

a best-in-class work experience to every member of the team. We honor and appreciate the privilege of creating and sustaining healthier communities, one person and one community at a time. As the leading academic health system in New Jersey, we advance innovative strategies in high-quality patient care, education, and research to address both the clinical and social determinants of health.

RWJBarnabas Health aims to truly make a unique impact in local communities throughout New Jersey. From vastly improving the health of local residents to creating educational and career opportunities, this combination greatly benefits the state. We understand the growing and evolving needs of residents in New Jersey whether that be enhancing the coordination for

#LI-SK1