“Our teams focus their work not just on creating greater efficiency and affordability, but also on how we treat each other- with respect and integrity. When we work better together behind the scenes at Partners it allows the patients at our hospitals to be the first priority.”
-- Peter Markell, Executive Vice-President of Administration and Finance, Chief Financial Officer and Treasurer
There are approximately 1,100 finance employees, mainly located at the Schrafft’s Center in Charlestown or at various Partners HealthCare System entity locations, providing transactional and analytic services to entities and across the system.
Finance Initiatives tend to fall into two categories or some hybrid of the two:
- Immediate savings that compound over time
- Laying the foundation for mid to long term savings
Below are some of the functions within the Finance Department, to give you an idea of the range of work that we do in support of our integrated health network:
- Business Planning
- Financial Planning
- Government Revenue
- Institutional Finance and Budget offices and Budget offices
- Marketing Planning & Strategy
- Market Research
- Materials Management
- Payer Strategy and Contracting
- Revenue Cycle Operations
- Revenue Finance
- Strategic Operations
- Finance Systems
- Investment and Fund Accounting
- Special Accounting
- Cash Accounting
- Benefits Accounting
- General Accounting/Capital Accounting
- Consolidation and Reporting
Business planning acts as an internal consulting group, providing key analyses and contributing to the development of recommendations for strategy projects across the System. These strategic planning projects are at the request of a wide range of constituents, including operating unit heads, corporate-level business leaders, hospital CFOs, VPs, and physician chiefs.
Partners Financial Planning works on a broad range of strategic planning, financial modeling, and financial reporting analytics that support the Partners CFO and the Partners member institutions, and depends on leveraging/fine-tuned collaboration and communication efforts to achieve. It is the responsibility of this department to present the system-wide Partners annual and five year Financial Plan in accordance with system operating and performance targets and to generate a balanced Financial Framework capital capacity plan in conformity with Board guidelines.
The Government Revenue Department is responsible for the following functions pertaining to the Governmental Payers Revenue Stream: budgeting and forecasting; monitoring, analysis, education, implementation and updates to the various government payer payment systems; preparation and filing of Cost Reports and other government compliance reporting and the most successful resolution of contested issues / appeals; analysis and real-time reporting of the Government Payer P&L; guidance and support to Government Relations and Senior Management staff for Government Payer advocacy efforts.
Institutional Finance and Budget offices
The Finance and Budget offices support their local organizations senior leadership and departments, providing monthly financial data and analysis, developing business plans for capital and operating investments, and preparing the annual operating and capital budgets and forecasts that are included in system wide planning. The offices are also responsible for participating in the system wide Multi Year operating and capital planning process.
Marketing Planning & Strategy
Marketing Planning & Strategy manages the Partners HealthCare corporate brand including: use of logos, the corporate web site and web services for corporate departments. The group develops and manages corporate-level marketing initiatives, and coordinates mass media marketing efforts among the hospitals. They also support the hospitals and other Partners entities on a variety of online and traditional marketing projects as well as in the development of marketing and branding strategies.
Market Research provides the “market perspective” for business, strategic and marketing plans. Examples include: consumer and physician surveys, market share analyses, competitor profiles, demand forecasts, technology assessments, and future volume models. Market Research hosts the Market Data Warehouse, a collection of planning databases accessible from any Partners computer.
Materials Management (MM)
Materials Management takes pride in managing a complex and dynamic health care supply chain. MM is responsible for the management of safe and efficient shuttle and cargo services and the centralized management of the contracting, procurement and payment functions. The experienced staff manages thousands of supply chain agreements, approximately $1.4B in annual supply chain spend and over $2.7B in annual disbursements.
Areas of Materials Management:
- Vendor Management and Strategic Sourcing
- Value Analysis
- Client Services
- Accounts Payable
- Supply Chain Analytics
- Materials Management Information Systems (MMIS)
Payer Strategy and Contracting
Payer Strategy and Contracting is responsible for all financial aspects of negotiations with third party payers for the Partners HealthCare System. These include Tufts Health Plan, Blue Cross Blue Shield, and Harvard Pilgrim Health Plan for the Partners HealthCare System. The group also participates in all aspects of payer contracting on behalf of the academic medical centers, community hospitals, and physicians affiliated with Partners HealthCare and Partners Community Physicians Organization (PCPO).
Revenue Cycle Operations
Revenue Cycle operations is responsible for the revenue cycle functions for most Partners Hospitals, including acute hospitals, non acute hospitals, McLean Hospital and Partners Health at Home. The team covers all aspects of the revenue cycle, including outpatient patient access, coding, revenue integrity, billing, insurance follow up, cash posting, denial reporting, payer reimbursement, payer relations, system support, customer service, self pay collections, training and revenue analysis.
The Revenue Finance Department of Partners Corporate Finance performs the revenue valuation, reporting and budgeting functions for Brigham and Women’s Hospital, Massachusetts General Hospital, McLean Hospital and Spaulding Rehabilitation Hospital. Working closely with local CFOs and local budget offices, revenue finance managers and staff provide technical expertise for all aspects of Net Patient Service Revenue, and are responsible for ensuring that net revenue and reserve levels for the financial statements are properly stated.
The Department of Strategic Operations Management supports a committee of physician and administrative leaders, charged with identifying cost and efficiency opportunities across Partners. In addition, this department will support other Finance areas such as service line analysis; unit cost analysis, benchmark reporting and TSI cost refinements.
Work at Partners
There are career opportunities in finance, I.T., administration, research and clinical support areas at Partners HealthCare and across the Partners system.