Principal Cost Analyst (Hybrid)

State-of-Connecticut; Clay Arsenal (CT); Hybrid; USD 90,000 - 130,000; Full time

Job summary

The State of Connecticut, Department of Social Services seeks a Principal Cost Analyst to lead cost analysis across Medicaid reimbursement programs and related departments, located at Hartford, CT. This full-time role involves supervising a team of cost analysts and delivering complex financial insights.

You will coordinate budget processes, prepare GAAP-compliant statements, and analyze cost trends to support policy decisions.

Qualifications

• Eight (8) years of experience in technical work in cost accounting or fiscal management.
• Special Experience indicating advanced professional capacity recommending cost funding policies in a medical, intergovernmental or quasi-public setting.

Responsibilities

• Plans unit workflow and determines priorities.
• Reviews accounts and records for budgetary control of expenses and revenues.
• Prepares periodic financial statements and reports.
• Acts as liaison with operating units and outside officials regarding unit policies and procedures.

Skills

Cost accounting

Budgeting

Financial analysis

Education

Bachelor's degree in accounting or finance

Job description

Introduction

The State of Connecticut, Department of Social Services (DSS) is recruiting for an anticipated role as a Principal Cost Analyst for the Division of Health Services in the Reimbursement & CON Unit, located at 55 Farmington Avenue, Hartford, CT 06105.

Position Highlights

• Full-time, 40 hours per week
• First (1st) shift
• Monday - Friday
• Flex Schedule available and hybrid work schedule (telework and in office)

About Us

DSS delivers and funds a wide range of programs and services as Connecticut’s multi-faceted health and human services agency. DSS serves about 1 million residents of all ages in all 169 Connecticut cities and towns. We support the basic needs of children, families, older and other adults, including persons with disabilities. Services are delivered through 12 field offices, central administration, and online and phone access options.

What’s In It For You

• Professional growth and paid professional development opportunities.
• A healthy work-life balance to all employees.
• State of Connecticut is an eligible Public Service Loan Forgiveness employer, meaning you may be eligible to have qualifying student loan forgiveness after 10 years of service. Click here for more information.

Discover the opportunity to

• Engage in a rewarding career
• Assist our employees so they can achieve success
• Make a difference in the public sector
• Work together in a collaborative team environment

Thinking Of Relocating

Connecticut offers you a blend of professional advancement and a high-quality lifestyle. As a state we are renowned for our top-tier medical facilities and ample opportunities for career growth and development. Beyond professional prospects, Connecticut boasts a high standard of living, featuring safe communities, excellent schools, and a diverse range of cultural and recreational activities. This combination of professional excellence and a well-rounded lifestyle make Connecticut an appealing destination for those who want to thrive both in their careers and personal lives.

Key Facts and Figures

• #4 in the U.S. for employees with advanced degrees
• #3 in the country for quality of K-12 education
• #5 for quality of life in the U.S.
• 2,000 miles of hiking/bike paths
• 618 miles of scenic coastline
• 21 world-class art museums
• Five Tony-Award winning regional theatres, and more!

Purpose of Job Class (Nature of Work)

In the Connecticut Lottery Corporation, Departments of Children and Families, Developmental Services, Mental Health and Addiction Services, Social Services and Office of the State Comptroller this class is accountable for acting as a working supervisor over a team of technical personnel engaged in cost analysis or for independently performing highly complex cost analysis work.

Examples of Duties

• Plans unit workflow and determines priorities;
• Schedules, assigns, oversees and reviews work;
• Establishes and maintains unit procedures;
• Provides staff training and assistance;
• Conducts or assists in conducting performance evaluations;
• Acts as liaison with operating units, agencies and outside officials regarding unit policies and procedures;
• May make recommendations on policies or standards;
• May prepare reports and correspondence;
• Performs related duties as required.

Connecticut Lottery Corporation

• Independently performs highly complex cost, revenue and financial analysis functions;
• Coordinates budget preparation process and develops recommendations as to budgeted levels for various revenue and expense categories and line items;
• Reviews accounts and records for budgetary control of corporate expenses and revenues;
• Performs complete general ledger accounting in accordance with Generally Accepted Accounting Principles (GAAP);
• Prepares periodic financial statements for various product groups and operating departments;
• Performs cost benefit and break-even analyses for lottery retailer incentive programs, marketing campaigns and consumer promotional programs;
• Makes recommendations regarding design and modification of incentive programs for entrepreneurial sales staff and monitors program results;
• Creates and applies meaningful expense and revenue allocation schemes using cost accounting principles;
• Provides financial, analytical and statistical feedback to assist in development of strategic sales and marketing plans;
• Analyzes prize liability and unclaimed prizes by game;
• Provides sales and cost analyses, using statistical methods, trends and curve extrapolations to assist management in formulation of corporate policy;
• Assists in compilation of financial data necessary for preparing detailed complex financial statements;
• Acts as liaison with operating units, other state lotteries and lottery associations;
• May lead staff as assigned;
• Performs related duties as required.

Department of Social Services

• Monitors a team of accountants engaged in cost analysis work of determining per diem rates of reimbursement for Medicaid supported patients or carries out such responsibilities directly;
• Consults with and advises administrators of facilities in preparation and presentation of financial and cost finding reports;
• Analyzes and interprets cost reports and recommended reimbursement rates to administrators;
• Attends and participates in appeals hearings for purpose of performing continuous evaluation of cost trends by analyzing facility expenditures and/or adjustments of expenditures in terms of need, policies, financial objectives and legal requirements and recommends appropriate action;
• Performs related duties as required.

Department of Children and Families

• Monitors a team of accountants engaged in any of the following tasks or carries out such responsibilities directly: cost analysis work of determining per diem rates of reimbursement for children in residential placement, group homes and fee for service rates;
• Consults with and advises administrators of facilities in preparation and presentation of financial and cost finding reports;
• Analyzes and interprets cost reports and recommended reimbursement rates to administrators;
• Attends and participates in appeal hearings for purpose of performing continuous evaluation of cost trends by analyzing facility expenditures and/or adjustments of expenditures in terms of need, policies, financial objectives and legal requirements and recommends appropriate action;
• Independently performs highly complex cost, revenue and financial analysis functions;
• Coordinates budget preparation process and develops recommendations as to budgeted levels for various revenue and expense categories and line items;
• Reviews accounts and records for budgetary control of expenses and revenues;
• Prepares periodic financial statements;
• Performs cost benefit and break-even analyses;
• Provides cost analyses using statistical methods, trends and extrapolations to assist management in formulation of financial and budgetary policy;
• Assists in compilation of financial data necessary for preparing detailed complex financial statements;
• Acts as liaison with operating units;
• Performs related duties as required.

Department of Developmental Services

• Leads team of professional technical staff engaged in cost analysis work of determining rates of reimbursement for agency services;
• Independently performs highly complex cost, revenue and financial analysis functions;
• Analyzes and interprets cost reports and recommended reimbursement rates to administrators;
• Performs cost benefit and break-even analyses for agency initiatives;
• Provides financial, analytical and statistical feedback to assist in development of agency programs;
• Acts as liaison with operating units, other state agencies and private providers;
• Performs related duties as required.

Department of Mental Health & Addiction Services

• Leads team of professional technical staff engaged in cost analysis work of determining rates of reimbursement for behavioral health services;
• Performs highly complex cost, revenue and fiscal analysis work in determining rates of reimbursement;
• Negotiates rates with providers;
• Consults with and advises agency facilities on financial and cost finding reports;
• Analyzes and interprets cost and revenue reports and recommends reimbursement rates;
• Provides financial, analytical and statistical information to assist in budgeting and rate setting;
• Using statistical methods, trends and forecast models provides information to management;
• Assists in development of highly complex financial reports;
• Coordinates budget preparation process and develops recommendation as to budgeted levels for various revenue and expense categories and facility fund levels;
• Reviews accounts and records for budgetary control of expenses and revenues;
• Prepares detailed complex financial statements;
• May attend and participate in appeals hearings;
• May act as a liaison with operating units;
• Performs related duties as required.

Office of the State Comptroller

• Monitors a team of accountants engaged in cost analysis, cost reporting or rate setting including preparation of cost allocation plans, determining reimbursement rates for fringe benefits on federal programs and preparing or advising on preparation and negotiation of indirect cost studies;
• Determines weekly per capita cost for patients in state institutions;
• Prepares Medicare cost reports or reviews and approves such cost reports for state hospitals;
• Coordinates Medicare reimbursement plans;
• Determines and negotiates interim Medicare billing rates and rates for Medicaid supported patients in state facilities;
• Maintains records;
• Performs continuing evaluation of cost trends, methods of cost determination and allocation, recommending action as required;
• Interprets constitutional and statutory provisions affecting state financial expenditures and revenues;
• Reviews accounts and records for budgetary control of state expenditures and revenues;
• Assists in compilation of financial data necessary for preparing detailed complex financial statements;
• Provides consultation to state agencies;
• Performs related duties as required.

Knowledge, Skill and Ability

• Considerable knowledge of principles and practices of business administration;
• principles and techniques of health care budgeting, budget control and cost accounting;
• Knowledge of research techniques and statistical principles and procedures;
• Considerable interpersonal skills; oral and written communication skills;
• Considerable ability to interpret costing and reporting regulations;
• Ability to utilize computer software;
• Supervisory ability.

Minimum Qualifications - General Experience

• Eight (8) years of experience in technical work in cost accounting or fiscal management.
• NOTE: Fiscal management is defined as professional accounting or auditing work with responsibility for the review and recommendation of financial policies and procedures of a business organization.

Minimum Qualifications - Special Experience

• One (1) year of the General Experience must have been in an advanced professional capacity recommending cost funding policies in a medical, intergovernmental or quasi-public setting.
• NOTE: For state employees experience in an advanced professional capacity is interpreted at the level of an Associate Accountant. Intergovernmental is defined as interactions between a state government and the federal government or within or between state government(s).

Minimum Qualifications - Substitutions Allowed

• College training may be substituted for the General Experience on the basis of fifteen (15) semester hours equalling one-half (1/2) year of experience to a maximum of four (4) years for a Bachelor's degree.
• A Master's degree in accounting, business administration or hospital administration may be substituted for one (1) additional year of the General Experience.
• Certification as a Certified Public Accountant may be substituted for one (1) additional year of the General Experience.

Preferred Qualifications

• Experience in evaluating complex real estate transactions and property ownership structures specifically those of investment entities or private equity investments into healthcare organizations.
• Experience in the analysis of complex real estate investment transactions including the buying, managing, or financing of property and healthcare organizations.
• Experience in distilling complex investment transactions into reports and recommends for policymakers regarding private equity firms ownership of Connecticut nursing homes.
• Experience in conducting market research, investment analysis, lender investment analysis, and financial modeling.
• Experience analyzing complex financial data and clearly and effectively conveying information both verbally and in writing, with strong active listening skills and the ability to draft regulations and statutes.

Special Requirements

CONNECTICUT LOTTERY CORPORATION: Incumbents must obtain an occupational license in accordance with Section 12-802a of the Connecticut General Statutes.

Conclusion

AN AFFIRMATIVE ACTION/EQUAL OPPORTUNITY EMPLOYER

The State of Connecticut is an equal opportunity/affirmative action employer and strongly encourages the applications of women, minorities, and persons with disabilities.

Acknowledgement

As defined by Sec. 5-196 of the Connecticut General Statutes, a job class is a position or group of positions that share general characteristics and are categorized under a single title for administrative purposes. As such, a job class is not meant to be all inclusive of every task and/or responsibility.