Cost Allocation Leader

Job Description

Summary of Position

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• Execute administrative cost allocation processes for EmblemHealth and ACPNY, including monthly actuals, quarterly forecasts, annual planning, and financial analysis.
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• Oversee updates to allocation drivers to ensure accuracy and transparency with feedback from functional area leaders and product owners.
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• Responsible for key statutory reporting and regulatory filings, ensuring accurate reporting, including CAE allocations, MMCOR submissions, QIA submission, Sales & Marketing filings, pricing support, and annual allocation surveys.
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• Provide audit, compliance, and financial reporting support through intercompany analysis, allocation reconciliations, manual journal entries, regulatory and audit responses, data validation, and collaboration with Accounting, Actuarial, Systems, and external auditors.
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Principal Accountabilities

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• Design, implement, and test business logic updates for allocating administrative expenses across the P&L to ensure financial accuracy and integrity
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• Ensure accurate, timely planning for monthly GAAP and intercompany administrative expense allocations for EmblemHealth and ACPNY, including allocation review, issue resolution, and coordination with Accounting and Systems teams to ensure accurate financial reporting.
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• Oversee and partner with department leaders in executing time studies to support allocation methodologies, evaluating vendor contracts, and assisting in contract/SOW terms to support work being performed. Maintain support for external filings.
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• Develop Organizational Policies and Procedures to support allocation methodologies.
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• Responsible for partnering with leaders throughout the organization to educate and enhance their knowledge of regulatory requirements and ensure Policies are being followed.
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• Participate in monthly business leader calls to understand cost allocation drivers and changes in the business which influence allocations.
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• Partner with Actuarial leaders with analysis to enable appropriate pricing of customer bids and product offerings.
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• Manage Quality Improvement Activity (QIA) documentation; support actuarial analyses and regulatory reporting requirements.
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• Partner with functional leaders in conducting time studies to support allocation methodologies, evaluate vendor contract, and consult in contract/SOW terms to support Quality Initiatives performed.
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• Provide analyses for external Quality Initiative audits requested by the NYS Department of Financial Services and CMS.
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• Provide monthly administrative cost expense reporting to P&L leads that details performance and documents emerging risks and opportunities; identify trends for financial improvement and cost reductions.
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• Provide variance explanations and strategic insight to the business utilizing industry best practices to illustrate inconsistencies and provide recommendations on corrective actions or adjustments that are communicated to senior management.
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• Complete pricing support as needed based on fixed and variable allocation modeling by product.
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• Capture fixed/variable updates and indirect/direct costs while updating allocation model with input from functional area leaders.
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• Collect and maintain allocation drivers and business rules in Oracle PCM to ensure accurate cost allocations.
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• Support audit, regulatory, and ad hoc requests from internal stakeholders, regulatory agencies, and external auditors, ensuring timely and accurate responses.
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• Support required financial analysis for executive leadership as needed.
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Qualifications

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Education, Training, Licenses, Certifications

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• Bachelor's Degree (Required)
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Relevant Work Experience, Knowledge, Skills, and Abilities

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• 8 – 10+ years of experience in financial reporting and data analysis. (Required)
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• 5+ years of relevant professional finance or accounting experience. (Required)
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• High proficiency with Oracle Profitability and Cost Management (PCM) application. (Required)
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• Health care finance experience. (Required)
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• Demonstrated ability to produce clear and concise financial reports and analyses. (Required)
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• Analytical ability sufficient to highlight and explain monthly variances, evaluate trends, understand causes. (Required)
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• Ability to prioritize work and meet deadlines under high pressure. (Required)
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• Skilled in performing financial, statistical, and comparative analyses of budgetary documentation and data and making sound conclusions and recommendations. (Required)
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• Demonstrated understanding of financial systems (PSoft/Oracle GL/Hyperion or equivalent). (Required)
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• Ability to develop, maintain, and enhance relationships, fostering respect and understanding with business partners. (Required)
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• Experience monitoring and reporting budget variances and performing accurate mathematical calculations. (Required)
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• Excellent communication skills (verbal, written, presentation, interpersonal) with all types/levels of audiences. (Required)
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• High proficiency with MS Office, particularly with Excel, Access, PowerPoint, Outlook. (Required)
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• Statutory financial reporting experience. (Preferred)
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