Financial Coordinator Risk Management

About this Job: General Summary of Position
Financial coordinator between MedStar's self-insured claims management program and MedStar's captive insurance company and in that role provides to MedStar's Finance Department detailed financial information regarding expenses associated with the claims management program. Collects from outside defense counsel financial information regarding claims indemnity and expense payments and processes these to reimburse defense counsel for expenses incurred. Provides financial coordination for other insurance programs managed within the Risk Management Department including Workers Compensation. Responsible for managing the financial interface between outside defense counsel Medstar and the Harvard Risk Management claims database to ensure that all expenses and indemnity payments are recorded to the correct claim. Provides administrative support to six professionals within the Corporate Risk Management team. Works under the direction of the Administrative Director Risk Management Services.

Primary Duties and Responsibilities

• Contributes to the achievement of established department goals and objectives and adheres to department policies procedures quality standards and safety standards. Complies with governmental and accreditation regulations.
• Manages reconciles and customizes the payment interface process for MedStar's professional medical liability program liaising with Harvard RMF Donegal and MedStar Accounts Payable to ensure a smooth process. MedStar's professional medical liability program includes more than $60 million in expenses and indemnity payments with over 200 claims annually.
• Tracks processes and follows up on defense counsel invoices both internally and externally.
• Maintains accurate information regarding all vendors timekeepers and billing rates. Collects W9 forms and prepares invoices for review and approval.
• Works directly with Finance department to ensure compliance with all Finance Department requirements regarding proper accounting for captive insurance company financial transactions.
• MedStar maintains a self-insured retention program for workers' compensation with over $1 million in transactions per month. Works with MedStar's outside third-party administrator (Gallagher Bassett) and MedStar's Finance and Accounting departments to ensure accurate processing of all financial transactions for this program. These transactions include maintaining adequate financial resources to enable the TPA to pay expenses and make timely payments to MedStar associates for workers' compensation indemnity payments.
• Reconciles accounts by identifying errors in posting or omissions.
• Prepares documentation for wire transfers and ACH transactions and processes wire transfers.
• Responsible for maintaining with CMS accurate monthly and quarterly Medicare beneficiary information for all professional liability claimants managed through MedStar's captive insurance company claims management program.
• Responsibility for coordinating and processing all operating expenditures related to the Corporate Risk Management department including office supplies purchased professional services courier services catering expenses travel and education dues and subscriptions licenses mileage reimbursement etc. Works directly with Accounts Payable to ensure accuracy of all such accounts.
• Supports the claims managers to ensure compliance with the Claims Management Program Billing and Defense Counsel Guidelines; establishes and maintains a working relationship with the billing departments of the multiple law firms retained by MedStar in connection with its professional liability claims management program.
• Responsible for managing the electronic claims management notification system operated by CT Corp.
• Provides administrative support to claims managers and risk management team members; coordinates web-based electronic meeting agendas/reports loss prevention tracking and early intervention payments and tracking.
• Manages trial and mediation calendars provides administrative support including meeting material preparation for key claim management functions including MedStar Professional Liability Claims and Loss Prevention Committee; weekly reserve meetings; quarterly and semi-annual claims review meetings; and pretrial meetings with key stakeholders and defense counsel.
• Serves as timekeeper for the Corporate Risk Management department.
• Schedules and provides documentation and support for several monthly and quarterly meetings with corporate and hospital leadership.
• Coordinates meetings including organizing room reservations catering equipment invitations etc.
• Schedules conference calls meetings and training/educational sessions.
• Works directly with the Administrative Director Director of Insurance and Director Claims Operations on various departmental projects.
• Minimal Qualifications
  Education
  • Associate's degree in accounting or business administration or related field required or
  • Equivalent combination of education/training and experience will be considered required
  Experience
  • Administrative management experience required
  Licenses and Certifications
  • No special certification registration or licensure required
  Knowledge Skills and Abilities
  • Excellent written and verbal skills sound judgment and budgeting and accounting skills with the ability to effectively prioritize and multi-task in a fast-paced work environment.
  • Extremely honest and trustworthy individual of high moral character.
  • Significant aptitude in independent and proactive problem-solving and effective and efficient utilization of resources.
  • Service-oriented approach.
  • Proficient in Microsoft Excel Powerpoint Word Outlook and claims management program billing applications (Donegal and Harvard RMF CMAPS programs).
  This position has a hiring range of : USD $65,062.00 - USD $117,291.00 /Yr.