Financial Coordinator Risk Management

About the Job

Financial coordinator between Med Star's self-insured claims management program and Med Star's captive insurance company and in that role provides to Med Star'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 Med Star 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.

• 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 Med Star's professional medical liability program liaising with Harvard RMF Donegal and Med Star Accounts Payable to ensure a smooth process. Med Star'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.
• Med Star maintains a self-insured retention program for workers' compensation with over $1 million in transactions per month. Works with Med Star's outside third-party administrator (Gallagher Bassett) and Med Star'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 Med Star 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 Med Star'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 Med Star 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 Med Star 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.

• Associate's degree in accounting or business administration or related field required or
• Equivalent combination of education/training and experience…