Director, Pharmacy Financial Operations

University of Miami; Illinois; On-site; USD 180,000 - 240,000; Full time

Benefits offered by this job

Medical insurance

Dental insurance

Tuition remission

Job summary

The Director, Pharmacy Financial Operations at University of Miami oversees the financial performance and revenue cycle across acute care pharmacy services, including inpatient, outpatient, infusion centers, ambulatory services, and related programs. This role partners with pharmacy leadership to guide budgets, capital planning, and annual pharmaceutical expenditures.

Onsite position reporting to the Chief Pharmacy Officer, the incumbent leads Revenue Cycle, Account Management, Reporting, and

Qualifications

• Bachelor’s degree required; MBA/Finance preferred.
• Minimum 8 years of relevant experience, including at least 3 in pharmacy financial management.
• Strong strategic, analytical, and leadership abilities.
• Knowledge of revenue cycle, budgeting, and regulatory requirements.

Responsibilities

• Oversee revenue cycle process for pharmacy services to maximize revenue.
• Implement and monitor billing practices for pharmacy services.
• Prepare monthly financial reports with department and Finance leadership.
• Forecast drug expenses for planning purposes.
• Ensure revenue recognition in coordination with Finance.
• Deliver reporting with KPIs and trends to senior management.
• Lead and develop the Pharmacy Financial Operations team.
• Manage accounts receivable and month-end close with accounting.

Skills

Strategic planning

Financial management

Team leadership

Analytics

Communication

Education

Bachelor's degree in a relevant field

Master's degree in Finance or MBA preferred

Job description

The Director, Pharmacy Financial Operations, is responsible for overseeing and optimizing the financial performance and revenue cycle processes across various acute care pharmacy services. Acute care areas of pharmacy include but not limited to inpatient, outpatient, infusion centers, ambulatory service centers (ASC), free standing emergency departments (FSED, clinics and 340B drug pricing programs where applicable. This role involves strategic planning, financial analysis, compliance oversight, and team leadership to ensure effective management of pharmacy revenue streams. The Director, Pharmacy Financial Operations works closely with the Director, Pharmacy Contract Management, Chief Pharmacy Officer, other Directors, and pharmacy leadership on capital budgets, operating budgets, and annual pharmaceutical budget. Position requires onsite presence for business activities and will report to the Chief Pharmacy Officer.

Revenue Cycle Management

• Overseeing the revenue cycle process for the pharmacy services, ensuring maximization of revenue and minimization of losses.
• Implementing and monitoring effective billing practices and procedures for various pharmacy services.
• Preparing and monitoring all pharmacy services monthly financial reports in consultation with department leadership and Finance leadership.
• Forecasting drug expense for purposes of revenue and expense planning.
• Closely liaising with Finance to ensure proper revenue recognition/opportunities.
• Delivering comprehensive reporting to senior management that communicates relevant trends, KPIs, and analytical insight into performance.

Account Management

• Leading, mentoring, and inspiring the Pharmacy Financial Operations team, fostering a collaborative and results-driven environment.
• Ensuring that the team is well-equipped, motivated, and capable of achieving departmental goals.
• Developing and implementing effective strategies for timely and successful collections to maintain a healthy cash flow.
• Overseeing the resolution of any outstanding payment issues and overseeing collaboration with customers to facilitate prompt payments.
• Monitoring and reconciling accounts receivable transactions, resolving discrepancies promptly.
• Maintaining accurate records and collaborating with the accounting team to ensure smooth month-end and year-end closing processes.
• Routinely communicates any issues or concerns with pharmacy leadership.

Reporting

• Preparing regular reports and providing insights into financial metrics, aging reports, and cash flow projections.
• Using data-driven analysis to identify trends and implement strategic improvements.
• Continuously assessing the financial account processes and identifying areas for improvement.
• Implementing automation and technology-driven solutions to optimize efficiency and reduce manual interventions.
• Working in conjunction with pharmacy leadership and finance operations developing strategies to effectively manage department operating budgets and monitor expenses.
• Developing and implementing revenue cycle training programs for managers and staff within the department.
• Directing patient accounting activities to maintain accuracy as well as optimize and accelerate reimbursement for the services provided.

Strategy

• Providing support for business plans and financial modeling projects
• Partnering closely with Finance, Patient Care Services and Clinical Services and pharmacy procurement team to ensure achievement of pharmacy financial targets and business goals.
• Serving as the subject-matter expert (SME) on regulatory, compliance, and legal requirements associated with medical and prescription billing.
• Influencing all revenue cycle processes, including developing, revising, and enforcing policies, goals, and best practices to effectively manage the company receivables.

Leadership Duties

• Lead and inspire the team to achieve program goals and objectives.
• Promote a culture of accountability, collaboration, and excellence within the team.
• Provide strategic direction and leadership to managers and coordinators.
• Foster a collaborative and high-performing team environment.
• Conduct regular performance evaluations and provide mentorship and professional development opportunities.
• Build and maintain strong relationships with key stakeholders.
• Effectively communicate program successes, challenges, and opportunities.
• Serve as the primary liaison between the program and internal and external stakeholders.
• Communicate program goals, progress, and outcomes to senior leadership and other stakeholders.
• Represent the organization in relevant industry groups, conferences, and forums.

This list of duties and responsibilities is not intended to be all-inclusive and may be expanded to include other duties or responsibilities as necessary.

CORE QUALIFICATIONS

Education

Bachelor’s degree in relevant field required, Master's degree in Finance or MBA preferred.

Experience

Minimum 8 years of relevant experience required with a minimum of 3 years in pharmacy financial management.

Knowledge, Skills and Abilities

Strategic Alignment: Skilled in aligning departmental goals with enterprise-wide strategy and develops comprehensive strategic plans.

Financial Management: Ensures fiscal responsibility, and optimization of financial performance.

Resource Management: Ability to allocate resources and drive innovation and growth.

Adaptability: Proven ability to adjust to changes and leads/inspires transformational change.

Team Leadership: Ability to build and lead high-performing teams, manage complex projects, and ensure successful project delivery.

Technology & Analytics: Understanding of technology, data analytics, and performance measurement to drive strategic decisions and identify opportunities.

Communication: Ability to influence others, articulate strategic vision, and ensure clear and persuasive communication.

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Job Status: Full time Employee Type: Staff

Benefits

• The University of Miami offers competitive salaries and a comprehensive benefits package including medical, dental, tuition remission and more.

The University of Miami offers competitive salaries and a comprehensive benefits package including medical, dental, tuition remission and more.

UHealth-University of Miami Health System, South Florida's only university-based health system, provides leading-edge patient care powered by the ground breaking research and medical education at the Miller School of Medicine.

As an academic medical center, we are proud to serve South Florida, Latin America and the Caribbean.

Our physicians represent more than 100 specialties and sub-specialties, and have more than one million patient encounters each year.

Our tradition of excellence has earned worldwide recognition for outstanding teaching, research and patient care.

We're the challenge you've been looking for.

The University of Miami is an Equal Opportunity Employer.

Applicants and employees are protected from discrimination based on certain categories protected by Federal law.

Job Status: Full time Employee Type: Staff

The mission of the University of Miami is to transform lives through education, research, innovation, and service.

A vibrant and diverse academic and healthcare community, the University of Miami and the University of Miami Health System ("UHealth") have rapidly progressed to become one of the nation’s top research universities and academic medical centers in the nation.

The University comprises 12 schools and colleges serving undergraduate and graduate students in more than 350 majors and programs.

Visit welcome.miami.edu/about-um to learn more about our points of pride.

The University ranks No. 55 on U.S. News & World Report’s 2022 Best Colleges list and ranked No. 49 in the 2022 Wall Street Journal/Times Higher Education College Rankings.

Bascom Palmer Eye Institute is ranked the #1 eye hospital in the USA and offers some of the nation's premiere eye doctors to treat every eye condition for adults.

Sylvester Comprehensive Cancer, part of the Miller School of Medicine, received the prestigious National Cancer Institute designation in 2019.

The University of Miami and UHealth have also ranked among the Forbes Best Employers and Best Employers for Women on several occasions, most recently in 2022.

With more than 17,000 faculty and staff, the University strives for excellence, and is driven by a powerful mission to transform and impact the lives of its students, patients, members of the community, and people across the globe.

The University of Miami is an Equal Opportunity Employer.

Applicants and employees are protected from discrimination based on certain categories protected by Federal law.