Senior Research Finance Analyst
Mass General Brigham(PHS)

Job Info

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About Us

As a not-for-profit organization, Mass General Brigham is committed to supporting patient care, research, teaching, and service to the community by leading innovation across our system. Founded by Brigham and Women's Hospital and Massachusetts General Hospital, Mass General Brigham supports a complete continuum of care including community and specialty hospitals, a managed care organization, a physician network, community health centers, home care and other health-related entities. Several of our hospitals are teaching affiliates of Harvard Medical School, and our system is a national leader in biomedical research.

We're focused on a people-first culture for our system's patients and our professional family. That's why we provide our employees with more ways to achieve their potential. Mass General Brigham is committed to aligning our employees' personal aspirations with projects that match their capabilities and creating a culture that empowers our managers to become trusted mentors. We support each member of our team to own their personal development-and we recognize success at every step.

Our employees use the Mass General Brigham values to govern decisions, actions and behaviors. These values guide how we get our work done: Patients, Affordability, Accountability & Service Commitment, Decisiveness, Innovation & Thoughtful Risk; and how we treat each other: Diversity & Inclusion, Integrity & Respect, Learning, Continuous Improvement & Personal Growth, Teamwork & Collaboration.

General Overview

Innovation is a 125 person business development unit of MGB HealthCare charged with the worldwide commercial application of the unique capabilities and discoveries of its 74,000 employees and faculty. It is responsible for revenue generation through industry collaborations, investing, international consulting, company creation, licensing, and innovation management. It supports the research requirements of its Harvard Medical School appointed faculty and its hospitals including its five core Harvard affiliates -- Brigham and Women's Hospital, Massachusetts General Hospital, Massachusetts Eye and Ear, McLean Hospital and Spaulding Rehabilitation Network.

The Senior Financial Analyst is responsible for supporting all financial reporting and analysis, providing analytical deliverables for commercialization activities. The role reports to Associate Director, Research Analytics.

Principal Duties and Responsibilities

Responsible for prescribed or ad hoc financial analyses, revenue forecasting, Institutional budgeting, financial modeling, development and preparation of monthly close packages and quarterly reports and analytical support for system wide commercialization efforts.

• Develop reporting using ad hoc data queries from various Innovation and research management databases using MS Excel, Access, SQL services, MicroStrategy, Business Intelligence tools, and enterprise reporting applications. Create specialized queries to facilitate the analysis of key Innovation financial data for the MGB entities.
• Monthly financial reporting to hospitals, including financial close reporting on institutional shares
• Design and prepare presentations for Innovation senior management to assess progress towards goals and operating priorities, as well as performance to budget.
• Drive monthly and quarterly reporting of performance metrics and key financial indicators.
• Prepare creative analysis of patent spending and expense recovery to support optimal coverage of important intellectual property, while prudently controlling costs.
• Design new routine and ad hoc financial reports that facilitate the reporting of key patent and license information throughout the MGB research community via MicroStrategy. This will involve combining data from a wide range of sources to monitor and analyze the performance of the patent application and prosecution processes.
• Work with detailed multi-year forecasts and growth models for license revenues, patent expenditures, and recoveries for all MGB entities. Perform scenario analysis with these models to support licensing staff and researchers in their interactions with various external commercial collaborations.
• Review and analyze financial and performance data from multiple sources (including the general ledger) in support of facilitate budget analysis and business planning.
• Perform internal financial audits as required. In addition, facilitate external licensee royalty audits with third party vendors.

Qualifications
Qualifications

• BS degree in Finance, Economics, Data Analytics, Engineering, or other quantitative field
• 3-5 years of relevant work experience
• Strong knowledge of Microsoft Office
• Experience with Corporate budgeting processes, Hyperion, PeopleSoft and Vision tools
• Excellent quantitative, analytical, and statistical skills
• Excellent communication skills and willingness to reach out and collaborate with others across the organization
• Knowledge of healthcare industry as well as familiarity with US and international patent process and or technology licensing process a plus

Skills, Abilities and Competencies

Functional:

Finance Analysis and Reporting

• Familiarity with financial management principles including accounting,
budgeting and discounted cashflows.
• Aware of impacts of operational decisions on financial outcomes.
• Effectively interprets complex data in order to "tell the story" of the underlying data.
• Coordination with other financial reporting specialties to synchronize efforts and constantly use best practices

Expense, revenue and investment Modeling

• Demonstrates ability to create analyses of spending and expense recovery as example patent expense
• Effectively combines data from a wide range of sources to monitor and analyze performance of patent application and prosecution processes.
• Able to report on key income statement and balance sheet metrics for the institutions and also prepare balance sheet analysis for cash receipts/distributions as well as accounts receivables analysis for outstanding Royalty revenues and patent expense reimbursements.
• Being able to communicate effectively with the institutions is essential
• Comprehensive review and reporting of patent budget for BWH, MGH, MEE and McL
o Projected Costs
o Reimbursement
o Budget Development/Reconciliation
o Forecast
o Review of legal bills
Data and analytics

• Demonstrates critical thinking skills and application of data mining principles, predictive analytics, data mapping and synthesis from multiple systems. Able to communicate these findings effectively is also essential.
• Ability to break cost components into appropriate buckets for monitoring the cost/benefit tradeoffs associated with keeping IP active, domestic versus international filings and ensuring legal expenses are appropriate and wthin targeted unit costs.

• Analysis of legal expenses to ensure contractual compliance and establish appropriate acruals and necessary follow up and auditing of invoicing to ensure maximum price/performance.

Deliverables for Business Decision Support:

• Consistently prioritizes competing responsibilities, manages timelines & deliverables that involve multiple stakeholders. Such deliverables may include revenue forecast, patent expense forecast and analytical presentations.
• Can support changes to audit supports (addressing finding/resolutions), assigned projects may include selection and implementation workflows.
• Success criteria will include reductions to overspending, now almost $2M per year and savings associated with vendor billing which is not receiving proper scrutiny.

Budgeting/Variance Analysis/Forecasting:
• Responsible for the monthly review and management of select Innovation cost centers including those that are corporate allocated and externally funded. Monthly tasks include position control alignment, identifying journals and variance reporting and analysis.
• Participate in annual planning and manage submission of the Innovation annual budget request in Hyperion.
• Participate in the ad hoc design and execution of budgets for new programs includes collaborating with Innovation leaders and the MGB budget office.
• As time allows, provide forecast and trend reporting for operating expenses and other budget elements.

Budget Management Key Tasks:
1. Monthly Review and Management, salary and non-salary (monthly)
a. Variance reporting and analysis
b. Aligning position control
c. Identify journals to complete and foward

2. Annual Budgeting Process, entry to Hyperion (annually)

3. New program budget design and execution - working with business leaders on designing and implementing new budget requests and submitting to the MGB budget office (ad hoc)

4. Forecasting and Trend Reporting of Operating Expenses

Tools/Process Use and Development:

• Exhibits emerging capabilities with enterprise platforms supporting Innovation, executing routine transactions as required, and designing and executing reporting capabilities within the platform and any data warehouse it populates

Market Research and Commercial Potential:

• Relevant to Senior Financial analyst roles with market and investment assignments, making sure that emerging technologies are addressed to better understand future pipeline potential.

Leadership:

• Manages self effectively, with guidance from supervisor and collaborates with other team members, taking advantage of skillsets across the spectrum to continuously improve analyses and work product.
• Demonstrates curiosity and openness to input, tenacity and resilience when facing complexity and shifting priorities. Works well autonomously and as a team member. Willingness to challenge self and other team members on a constructive basis.
• Can readily operate and contribute in a highly matrixed, cross functional environment
• Emerging presentation skills, demonstrating ability to provide data, metrics and/or recommendations to support financial and operational decisions

EEO Statement
Mass General Brigham is an Equal Opportunity Employer. By embracing diverse skills, perspectives and ideas, we choose to lead. All qualified applicants will receive consideration for employment without regard to race, color, religious creed, national origin, sex, age, gender identity, disability, sexual orientation, military service, genetic information, and/or other status protected under law. We will ensure that all individuals with a disability are provided a reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment.

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