Sr. Financial Analyst, Revenue Recognition & Analytics in Secaucus, NJ at Quest Diagnostics

Date Posted: 4/28/2022

Job Snapshot

Job Description

Sr. Financial Analyst, Revenue Recognition & Analytics 

 

Job Summary

Revenue Recognition & Analytics is a Center of Excellence in the corporate finance function at Quest Diagnostics. The department has ownership and responsibility for the accuracy and integrity of reported revenue, patient concessions, bad debt and associated accounts receivable reserves. Our mission is to provide value added insight, analysis and financial reporting to safeguard the company’s assets and maximize cash flow. Revenue Recognition and Accounts Receivable Reserve maintenance is one of the Company’s “significant accounting policies” as defined in the Company’s SEC filings, as it involves a high degree of judgment.

The Senior Financial Analyst - Revenue Recognition & Analytics (RR&A) directly supports one of Quest’s regions and/or other DIS businesses and is responsible for critical components of our Revenue Recognition Close Process. The individual must manage a complex workload in a rapidly changing, fast paced environment. They will interact regularly with their business partners who include regional and billing team members, as well as team members from other centralized corporate finance functions.

We strive for our Senior Financial Analysts to serve as an effective supplier and customer to other members of the RR&A team and their business partners by providing them with market specific insights, standard analytics, and consistent forecasting and budget assumptions, where appropriate

 

 A Senior Financial Analyst in Revenue Recognition & Analytics would:

•         Have full ownership and responsibility for the valuation and recording of all revenue and associated receivable reserves for all domestic Diagnostic Information Services (DIS) businesses (approx. $9B revenue and $4B reserves in 2020) and the related accuracy and integrity of the reported numbers, as well as ownership and responsibility for the analysis, forecasting and budgeting of revenues and volumes for the Domestic DIS businesses.  (Related revenue approximates $9.1B).

•         Be Responsible for revenue recognition, and the general ledger recording, reporting, calculation and analysis of receivables and related disallowance, patient price concessions & bad debt reserves for business units.  Revenue Recognition and Accounts Receivable Reserve maintenance is one of the Company’s “significant accounting policies” as defined in the Company’s SEC filings, as it involves a high degree of judgment.

•         Ensure an appropriate accounting control environment that produces “ no surprises”, tightly manages the internal control environment, meets the requirements of the Company’s Internal Control Assessment supporting requirements of Sarbanes-Oxley, ensure “clean” internal and external audit reviews, adherence to accounting policies and authorization practices, and overall integrity of the financial statements. 

•         Contribute to the Company’s establishment of a Revenue Analytics Center of Expertise with direct ownership and accountability for the analysis and explanation of significant trends, explaining monthly financial results, and the revenue and volume forecasting and budgeting process.   Participate in the centralization of revenue analytics, forecasting and budgeting processes (processes, SOP’s, checklists, system configuration and tools) to support efficient and effective analytics, forecasting and budgeting. 

•         Develop and maintain standardized best practices regarding the reporting and analysis of revenues, including the design of management reporting, analytical tools and related processes.  Drive continuous improvement to deliver the highest quality.  Continually reassess customer needs in light of business / market dynamics, proactively identifying trends and working with Business Partners to adjust deliverables accordingly. 

•         Integrate data from across various groups (Clinical Franchises, Pathology and Professional Lab Services, HealthPlans, Sales Operations, Government Affairs, Strategy, Pricing, Regional Finance) to construct an overall understanding of our Revenue Performance that delivers meaningful insights.

•         Contribute to monthly Revenue Analytics Reporting to Regional Leadership Teams (RFDs, General Managers, VP Commercial, VP Operations) 

•         Generate and review key reports in support of the revenue recognition and accounts receivable valuation process.  Reports include items such as disallowance, price concessions, bad debt, adjustments, rejects, cash and DSO.  Contribute to the Company’s Management Reporting to Senior Management (CFO, VP Controller) through contributions to the monthly “AR Package”.  

•         Serve as an effective business partner to Regional Revenue Services and Finance personnel.  Actively participate in monthly billing deck calls.  Review billing benchmarks for changes in trend.  Collaboratively drive initiatives and recommend solutions targeted at cash maximization and reduction of bad debt expense.  Recognizing that this centralized team serves many business partners, be agile, customer focused and performance oriented.  To the extent competing priorities are encountered, be transparent in communicating the prioritization and the underlying reasons. 

•         Review work performed by others in the group. 

•         Special projects, as needed. 

Qualifications:

  • Bachelor’s degree in Accounting or equivalent degree required
  • Minimum of 3 years of relevant experience in large public accounting firm or corporate accounting function
  • Strong computer and analytical skills 
  • Excellent verbal and written communication skills
  • CPA and/or MBA is a plus