Resp & Qualifications
Through its subsidiaries, CareFirst provides coverage to over 600,000 members through the Office of Personnel Management’s (OPM’s) Federal Employee Health Benefits Program resulting in approximately $4 billion in reimbursed health benefits and administrative costs. The Federal Contract Reporting team must comply with guidance from the Federal Acquisition Regulations (FAR), Federal Employees Health Benefits Acquisition Regulations (FEHBAR), and the BlueCross BlueShield Association (BCBSA) for charging health benefits and administrative costs to the federal government for reimbursement. Additionally, the Federal Contract Reporting team provides oversight of accounting and administrative cost reimbursement performed within the FEP Operations Center (FEPOC) which services all Blues plans participating in the national FEP program.
Under the general supervision of the Manager of Federal Contract Reporting, the incumbent's accountabilities include, but are not limited to, the following:
Administrative cost analysis and audit support – Performs detailed analysis of administrative costs allocated to the federal programs including trending, evaluating allowability, and maximizing reimbursement. Develops and maintains rules and reports within the cost allocation system (Oracle Profitability and Cost Management Cloud Service) to make federal contract reporting adjustments for internal and external reporting. Supports multiple annual audits of the CareFirst federal programs performed by external auditors, the BCBSA, CareFirst internal audit, and OPM’s Office of the Inspector General (OIG).
Monthly close – Provides guidance to team members and reviews monthly close journal entries and reconciliations to ensure monthly activity is accurately recorded to the general ledger within internal deadlines. May be required to prepare some complex reconciliations. Provides oversight of FEPOC monthly reconciliations. Reviews the monthly results review package containing underwriting gain/loss results and actual vs budget administrative cost results for presentation to Leadership of the Government Programs market segment.
External reporting and audited financial statements – Leads process for coordinating the timely and accurate preparation, review and submission of the fiscal year (9/30) and calendar year cost submissions, which include health benefits and administrative costs charged for reimbursement. Reviews reconciliations between the cost allocation system and cost submissions. Provides oversight of FEPOC cost submission reconciliations. Assists with preparation of executive summaries and representation letters presented to CareFirst Leadership. Leads process to prepare FEPOC audited financial statements including analytics.
Budget and forecasts – Leads process to timely develop annual administrative cost budget for approximately $250 million for submission to BCBSA. Coordinates with business areas throughout CareFirst to identify and quantify factors impacting the budget. Prepares budget materials to be presented to Leadership of the Government Programs market segment and BCBSA. Coordinates timely quarterly cost submissions including projections for the contract year.
Process improvements and compliance – Challenge existing processes to identify and implement process improvements to improve efficiency and accuracy while maintaining a quality control environment and compliance with Federal and BCBSA financial regulations. Maximize utility of resources to improve workflow including Oracle general ledger reporting. Implement new regulations and interpret existing regulations as they apply to specific business transactions.
This position has no direct supervisory duties, but will provide guidance and support to less experienced staff members. The position will provide input on performance and assist with identifying developmental opportunities for less experienced staff members.
Required: Bachelor’s degree in Accounting and 5+ years of public accounting/6+ years of corporate accounting/financial experience. Good understanding of GAAP and Statutory accounting. CPA eligible.
Preferred: CPA Preferred. Health insurance industry experience. Strong knowledge of CareFirst organization, processes, and financial systems. In depth knowledge of Federal Acquisition Regulations (FAR) and Federal Employees Health Benefits Acquisition Regulations (FEHBAR).
Abilities/Skills: This position requires strong analytical skills, excellent communication skills (both written and verbal), strong PC and financial systems skills, strong problem solving skills, ability to work independently and as a team member, and ability to train team members.
Must be able to effectively work in a fast paced environment with frequently changing priorities, deadlines, and workloads that can be variable for long periods of time. Must be able to meet established deadlines and handle multiple customer service demands from internal and external customers, within set expectations for service excellence. Must be able to effectively communicate and provide positive customer service to every internal and external customer, including customers who may be demanding or otherwise challenging.
Equal Employment Opportunity
CareFirst BlueCross BlueShield is an Equal Opportunity (EEO) employer. It is the policy of the Company to provide equal employment opportunities to all qualified applicants without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, protected veteran or disabled status, or genetic information.
Hire Range Disclaimer
Actual salary will be based on relevant job experience and work history.
Where To Apply
Please visit our website to apply: www.carefirst.com/careers
Federal Disc/Physical Demand
Note: The incumbent is required to immediately disclose any debarment, exclusion, or other event that makes him/her ineligible to perform work directly or indirectly on Federal health care programs.
The associate is primarily seated while performing the duties of the position. Occasional walking or standing is required. The hands are regularly used to write, type, key and handle or feel small controls and objects. The associate must frequently talk and hear. Weights up to 25 pounds are occasionally lifted.
Sponsorship in US
Must be eligible to work in the U.S. without Sponsorship