Financial Analyst – Indianapolis Health

Overview

Milliman's Indianapolis Health practice is seeking a Financial Analyst to support our consulting work with Medicaid state agencies. As a Financial Analyst, you will have an opportunity to work with a multi-disciplinary team to analyze cost/expense reporting for healthcare and human service entities, including state Medicaid agencies, managed care organizations, healthcare providers, and child welfare organizations. Analysis will involve comparing utilization, service expense, revenue, and administrative expenses across types of services, lines of business, and rate cohorts. This role will focus on cost reporting and rate setting projects; however, duties include supporting projects with a wide range of quantitative and qualitative analysis, including program research and design. Successful financial analysts will be able to understand and glean insight from the financial data that will help Medicaid state agencies in managing their programs efficiently and making informed policy and program decisions. They should also be able to communicate insights in a clear and professional manner. This role is part of a dynamic client delivery team and offers mentorship from experienced colleagues.

Responsibilities

In this role, you will:

• Collect, review, and provide feedback on cost and other financial reports submitted by third-party entities serving health and human service agencies
• Evaluate cost and other financial reports for compliance with provided instructions and applicable regulatory guidance
• Perform reconciliation of cost reports relative to a general ledger, encounter data, and/or audited financial statements
• Recognize and identify reporting errors and develop proposed solutions
• Communicate results to internal stakeholders, verbally and written, within all levels of our organization
• Perform ad-hoc reconciliations and work on special projects, as required
• Work both independently and collaboratively on projects
• Ensure quality assurance and peer review are completed on all client deliverables

Qualifications

• Foundational knowledge of accounting/financial statements and managerial/cost accounting for healthcare entities
• Understanding of insurance concepts such as reserving and premium rate setting
• Understanding of health economics concepts such as medical loss ratio, underwriting margin, cost and utilization metrics
• Experience with Microsoft Excel or other similar software in performing quantitative analysis
• Basic coding ability in one or more languages (e.g., SAS, R, SQL) with the desire to learn others
• Strong written and oral communication skills
• Ability to utilize critical thinking, exhibit problem solving capabilities, and demonstrate learning agility
• Organizational and time management skills, ability to prioritize and perform effectively in a fast-paced, deadline-driven environment
• Basic knowledge of Gen AI tools, how to utilize AI to enhance productivity, and potential ethical considerations or concerns

Required

• Bachelor's degree in accounting, finance, business management, or a related field of study
• Advanced proficiency in Visual Basic for Applications (VBA) with a demonstrated ability to write, debug, and optimize complex macros and automation scripts, particularly within Microsoft Excel

Preferred

• 1 to 3 years of full-time professional work or Internship experience in financial analytics, cost reporting, or related
• Master’s degree in accounting, finance, business management, or a related quantitative field
• Experience working within a health-related company, and/or consulting firm environment(s)

Individual(s) must be legally authorized to work in the United States without the need for immigration support or sponsorship from Milliman now or in the future.

The Team

The Indianapolis Health Practice is strategically structured to serve state Medicaid agencies and other health and human services agencies. The Financial Reporting team works in close collaboration with professionals from our core state Medicaid teams to best serve each of our state clients’ unique needs. As a new addition to our team, you will work in a matrix environment learning from seasoned consultants on a variety of data analysis projects. Our dynamic team of consultants, accounting professionals, software engineers, and analysts provide our clients with regulatory and contractual financial reporting support and insight

Location

The person hired for this role will work in a dynamic, hybrid environment, with 2 to 3 days per week of on-site work required in our Indianapolis office on a weekly basis.

Compensation

The overall salary range for this role is $65,200 - $126,200. A combination of factors will be considered, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, etc. In addition, we offer a performance-based bonus-plan, profit sharing, and generous benefits. 

• $65,200 - $104,200 if overall experience is less than 2 years; and
• $78,800 - $126,200 for experience greater than 2 years.

Benefits

We offer a comprehensive benefits package designed to support employees’ health, financial security, and well-being. Benefits include:

• Medical, Dental and Vision - Coverage for employees, dependents, and domestic partners
• Employee Assistance Program (EAP) - Confidential support for personal and work-related challenges
• 401(k) Plan - Includes a company matching program and profit-sharing contributions
• Discretionary Bonus Program – Recognizing employee contributions
• Flexible Spending Accounts (FSA) - Pre-tax savings for dependent care, transportation, and eligible medical expenses
• Paid Time Off (PTO) – Begins accruing on the first day of work. Full-time employees accrue 15 days per year, and employees working less than full-time accrue PTO on a prorated basis.
• Holidays - A minimum of 10 observed holidays per year
• Family Building Benefits including Adoption and fertility assistance
• Paid Parental Leave - Up to 12 weeks of paid leave for employees who meet eligibility criteria
• Life Insurance & AD&D - 100% of premiums covered by Milliman
• Short-Term and Long-Term Disability – Fully paid by Milliman

Who We Are

Independent for over 75 years, Milliman delivers market-leading services and solutions to clients worldwide. Today, we are helping companies take on some of the world’s most critical and complex issues, including retirement funding and healthcare financing, risk management and regulatory compliance, data analytics and business transformation.

Milliman invests in skills training and career development, and gives all employees access to a variety of learning and mentoring opportunities. Our growing number of Milliman Employee Resource Groups (ERG’s) are employee-led communities that influence policy decisions, develop future leaders, and amplify the voices of their constituents. We encourage our employees to give back to their varied professions, including leadership in professional organizations. Please visit our web site https://www.milliman.com/en/social-impact to learn more about Milliman’s commitments to our people, diversity and inclusion, social impact and sustainability.

Through a team of professionals ranging from actuaries to clinicians, technology specialists to plan administrators, we offer unparalleled expertise in employee benefits, investment consulting, healthcare, life insurance and financial services, and property and casualty insurance.

Equal Opportunity

All qualified applicants will receive consideration for employment, without regard to race, color, religion, sex, sexual orientation, national origin, disability, or status as a protected veteran.

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