What does Finance Do?

• General Accounting
  • Maintain all accounting ledgers for UMMS
  • Produce all actual expense data for department financial reporting
  • Provide external financial reporting and UMMS consolidated financial reporting
  • Responsible for  tax returns
• Grants and Contracts
  • Prepare/report financial data in compliance with federal, state, and private grants
  • Monitor financial compliance with contractual obligations, including split-funded salary reimbursement agreements
• Accounts Payable
  • Process vendor payment for UMMS
• Payroll
  • Process payroll for UMMS and maintain Kronos employee timekeeping system
• Budgeting
  • Prepare annual operating budget for UMMS and affiliate hospitals
  • Manage budget variances and flex processes
  • Prepare and post monthly budget adjustments
  • Provide general operations support and act as a primary point of contact for Finance
• Strategic Financial Planning
  
  • Maintain 5-year financial projections, which anticipate and analyze expected market forces including changes in volume, utlization and price
  • Analyze and evaluate corporate financing policy
• Capital Management and Planning
  • Report and analyze annual capital budget
  • Report and process capital projects funded through debt and state of Maryland capital grants
  • Serve as key financial contact for the feasibility, development and implementation of major programmatic and capital investments
• Finance for Clinical Trials
  • Special coding for clinical trials
  • Separate billing care unique to clinical trials from basic, routine care