Assistant Finance Manager

Department Description

The Department of Family Medicine (“DFM”) has over 240 staff and 1,500 faculty distributed throughout thirteen teaching sites and surrounding communities, teaching 214 residents and over 650 other health professional learners annually, and, through its affiliated faculty members, serving over 1,000,000 patients within southern/south Central Ontario. It is a recognized leader in family medicine teaching, research, and practice nationally and internationally. It is one of only two academic Family Medicine departments in Canada that directly operates primary care clinics, operating two large clinical teaching units (“CTU”) as a joint venture with Hamilton Health Sciences and the McMaster Family Health Organization Association. The CTUs encompass forty physician practices serving over 45,000 patients and training over 70 family medicine residents annually, supported by more than 40 administrative staff in addition to physicians and a team of more than 20 other health professionals.

DFM's annual budget exceeds forty million dollars, with revenue sources encompassing university operating allocation, Alternative Funding Plan ("AFP") and Clinical Practice Plan ("CPP"), Family Health Team funding ("FHT"), a full spectrum of research funding (e.g. endowed Chairs, trusts, CIHR career awards, internal and external grants, etc.), program-specific education funding, real estate and commercialization proceeds, and clinical income from physician practices within the CTUs. Its Finance Team manages the full financial cycle and corresponding functions for all areas within the academic department as well as for the CTUs, the latter including patient care billings and physician remuneration.

Job Summary

The Assistant Finance Manager ("Manager") provides effective and efficient financial management of Alternate Funding Plan ("AFP") and operational funding for education and research under the direction and supervision of the department’s Finance Manager. The Manager will provide day-to- day management of the relevant budgets and accounts. The Manager will maintain decision-making authority in collaboration with the Finance Manager and the Director of Administration and will work collaboratively with the Finance Manager to ensure overall Department financial goals and strategic plans are attained and adherence to all related policies and procedures.

Accountabilities:

Financial Management/Budgeting

• Determines financial priorities, in conjunction with the Finance Manager, Director of Administration, Department Leadership and the Financial Management Committee(s).
• Develops, implements, and monitors the budgets for the AFP, Clinical Practice Plans and operating programs in conjunction with the Finance Manager
• Determines effective use and reconciliation of various systems of financial data within partner institutions, including Regional Medical Associates (RMA), Ministry of Health (MOH) and, as required, the University to ensure the accuracy of the Departments/Associations' financial statements.
• Reconcile and allocate AFP funds amongst Physician Associations.
• Updates projections for revenue and expenditures and revises the financial plan accordingly.
• Develops and maintains adequate financial controls in accordance with university and external funders' policies and procedures.
• Works collaboratively with the Finance Manager in the development of the Department’s Operating Budget.
• Supports the development of financial plans for new funding initiatives and business plans by providing accurate financial statements, forecasts and the status of the clinically driven finances (AFP’s, CPP and related external funding).
• Liaises with Financial Managers/Directors from partner institutions such as, but not limited to, Hamilton Health Sciences (HHS), St. Joseph’s Healthcare and Joseph Brant Hospital to manage financial transactions and ensure compliance with any contractual obligations.
• Develops, in collaboration with the Finance Manager, an annual financial budget calendar which is compliant with all internal and external reporting deadlines.
• Authorizes payroll expenditures on the above accounts.
• Reconciles RMA reports monthly.
• Maintains overall Department Financial knowledge in terms of funding, policies, and procedures in order to act as backup to the Finance Manager when required.

Compensation

• Implements physician compensation models, as developed by the Finance Manager, Director of Administration, the Physician Association and Department leadership.
• Maintains and monitors compliance with all physician and external contractual obligations.
• Monitors and adapts the compensation model in accordance with MOH, the Physician Associations and, as required, University and other external policies and procedures.
• Prepares and facilitates the physician miscellaneous payroll via RMA
• Acts as a liaison with the RMA with regard to the appropriate setup of physicians, accurate RMA payments to physicians and the reconciliation of funding which flows through the RMA
• Implements and monitors the physician merit system and any academic participation payments.
• Develops workflow models around the merit/academic payment systems to improve efficiency.
• Provides all relevant physician compensation information and projections to the Finance Manager to ensure the timely submission and accuracy of the Department’s Global Budget

Audit Preparation

• Manages large sets of financial data for audit purposes.
• Prepares all financial statements and detailed reports required for the external audit process related to AFP and specifically funded Ministry of Health accounts.
• Acts as the contact for external auditors and, during the audit, will support the day-to-day requests of the auditors as relevant.
• Assists the Finance Manager in any internal audit processes related to the University/Faculty of Health Sciences as required.

Reporting

• Manages large sets of financial data for internal and external reporting purposes.
• Prepares standard monthly and annual financial reports, which are compliant with multiple institutional policies, procedures and funding requirements, to support the governance entities in making informed financial decisions.
• Prepares quarterly variance reports providing updated projections for revenue and expenditures that will support the revision of the financial plans as necessary.
• Develops ad hoc management style reports for the Director of Administration, FMC and external stakeholders to support the development of business cases, strategic plans and initiatives.
• Delivers financial presentations at FMC meetings, Department meetings and Association governance meetings as required.
• Collaborates with the Finance Manager with regard to the preparation of overall Department, University and AFP reporting as required.

Policy, Procedures and Guidelines

• Provides strategic leadership as a member of the Department’s administrative team and works collaboratively with the other Department Managers, the Health Sciences Finance Office and members of partner hospital finance teams to develop policies, procedures and guidelines concerning the business related to the in-scope funding.
• Communicates newly developed policies, procedures and guidelines to relevant stakeholders.
• Actively ensures that they have all updated information regarding internal and external institutions’ policies and procedures.
• Ensures all financial transactions are compliant with all existing internal and external policies and procedures.

People Management/Supervision

• Responsible for the direct supervision of 3-4 accounting assistants and/or finance coordinators, and joint supervision with the Finance Manager of a Budget and Financial Analyst and indirect accountability of the broader accounting team.
• Provides guidance to medical administrative assistants who process activity within the AFP.
• Leads the hiring of the accounting staff members directly supervised and supports other hiring activity, as required, within the department.
• Lead labour relations issues that arise with direct report(s)
• Engage in performance management as required.
• Ensure effective and appropriate balance of workloads and oversee training needs.

Pay Transparency Statement

The posted hiring range represents McMaster's typical hiring range for this position. Actual starting salary will depend on factors such as relevant experience, qualifications, internal equity, and market conditions.

Individuals with extensive experience, deep specialized expertise, and/or those who can demonstrate exceptional past performance, as applicable, may be hired at a higher rate within the full range, in accordance with the University compensation policies.

How To Apply

To apply for this job, please submit your application online.