Fallon Health

  • Financial Accounting and Reporting Principal

    Location US-MA-Worcester
    Posted Date 2 weeks ago(11/5/2018 12:23 PM)
    Job ID
    # Positions
  • Overview

    About Fallon Health


    Founded in 1977, Fallon Health is a leading health care services organization that supports the diverse and changing needs of those we serve. In addition to offering innovative health insurance solutions and a variety of Medicaid and Medicare products, we excel in creating unique health care programs and services that provide coordinated, integrated care for seniors and individuals with complex health needs. Fallon has consistently ranked among the nation’s top health plans, and is accredited by the National Committee for Quality Assurance for its HMO, Medicare Advantage and Medicaid products. For more information, visit fallonhealth.org.

    Brief Summary of Purpose:

    The Financial Accounting and Reporting Principal (FARP) is a key strategic partner to management across the organization. The role requires demonstrated proficiency in the development, accumulation and evaluation of key elements necessary to properly report the financial position of the organization. The FARP is responsible to ensure the accuracy of the general ledger by creating, processing and/or recording complex transactions. They will work with senior members of the organization to gather all relevant data required as part of the premium, cost of benefit and SG&A build and to verify balance sheet account accuracy. The role requires a superior knowledge of accounting, reporting, financial modeling and analytics. The FARP will support corporate leadership and business segment senior management as Fallon Health continues to ensure the long term fiscal viability of its organization. In addition to preparing standard financial reports, the Principal will be required to prepare ad hoc management analysis or provider / vendor metric reports. The role requires the principal to research, understand, interpret and operationalize accounting concepts (revenue and expense recognition) and possess the ability to apply those concepts in matters specific to the health insurance industry. In order to ensure compliance with State and Federal statute, the FARP will oversee / prepare regulatory submissions and fully support the results upon audit. The Principal will be the primary liaison to both internal and external auditors and is responsible to ensure the timely and accurate completion of all Fallon Health audits. The FARP will develop policies and procedures that foster and maintain a strong control environment ensuring financial statements are free from material misstatement.    


    The Principal will employ specialized expertise in exercising their finance duties as they contribute to the execution and development of reporting and ensure the success of corporate strategic objectives. They will use creative means and their significant knowledge base to evaluate and solve complex problems, gather and analyze relevant data and exercise independent judgement in the development of appropriate recommendations and solutions. The Principal has significant latitude in planning and executing their workload and will operate independently within a broadly defined set of corporate policies and practices. It is expected that the Principal will provide guidance that could have substantial impact on the Organization and its resources, therefore, they will need to successfully interact with management and senior personnel on matters requiring coordination across organizational lines. The successful candidate will have extensive expertise and will be a key contributor on a high performing financial accounting and reporting team.


    • Work seamlessly within the general ledger system to record / approve transactions in order to appropriately report the financial activity of the organization
    • Perform complex internal account reconciliations with a high degree of accuracy
    • Prepare a statement of financial position, a statement of operations and change in net assets as well as other complex financial management and Board documents associated with the monthly, quarterly and annual financial statement close process
      • Has 6+ years of experience and can independently understand GAAP concepts, practices and procedures
      • Has 6+ years of experience and can execute the implementation of State specific accounting concepts, practices and procedures necessary for regulatory reporting (STAT)
      • Has 6+ years of experience and can demonstrate a full understanding of consolidation accounting concepts, practices and procedures
    • Extract data from internal and external systems and fully analyze financial results – is comfortable creating, modifying and executing data scripts and queries in order to ensure appropriate support for key financial figures
    • Report financial results to management and offer strategic insight relative to revenue maximization, cost containment (medical and SG&A) and general resource consumption
    • Develop and present actionable recommendations and solutions to management that will impact key results
    • Evaluate trends, costs, revenues, financial commitments and obligations incurred to predict and model future revenues and expenses
    • Analyze results and evaluate against underlying assumptions used to forecast and budget performance
    • Design and populate financial models that will assist management in strategic decision making
      • Has 6+ years of experience and can demonstrate a full understanding of specific business models and practices
      • Has 6+ years of experience and can demonstrate the ability to develop integrated revenue / expense analysis, projections, reports and presentations
    • Prepare, analyze and file cost reports and settlements as necessary to ensure compliance with State and Federal regulations
    • Research new accounting pronouncements and emerging guidance – make recommendations regarding company policy and practice
    • The primary liaison for both internal and external audit processes – ensure timely coordination and the delivery of all requirements, review financial statements to ensure they are free of material misstatement, aggregate and/or prepare appropriate supporting documentation, create required footnote disclosures and maintain an environment of strong internal controls



    Bachelor’s degree in accounting or finance



    MBA / CPA preferred but not required, relevant experience will be considered


    Demonstrated proficiency in performing accounting, reporting, financial modeling, and analytic assignments

    • At least 6+ years of experience in a managed care environment (will consider other relevant health care, social service, insurance or not-for-profit experience)
    • Experienced user of software applications necessary to achieve job requirements (ex. Oracle, Adaptive Insights, Business Objects, etc.)
    • Microsoft Office super-user
    • Strong knowledge of the following:
      • Medicare, Medicaid (ACO / MCO) and other government programs
      • Commercial and ASO Insurance programs
      • TPA services
      • GAAP and Statutory reporting requirements
      • Consolidation accounting and advanced accounting concepts
      • ACA reporting and expense requirements
      • Actuarial concepts such as IBNR claims and PDR
      • MAR, Independent Financial and SOC 1 audit requirements
      • Work flow and internal controls
      • Risk adjustment and encounter data
    • Working knowledge of the following:
      • ORSA and enterprise risk management practices
      • Tax preparation / filing requirements
      • Rolling forecast and budget practices



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