Senior Cost Accountant
Primary Health Care Corporation
Total years of experience :24 years, 2 Months
Costing:
• Structure and integrate financial (ERP) and other transaction processing systems (HIS/Billing) to support costing.
• Implement Service Level Costing (Manual/ERP) Project across all Primary Healthcare Centers (27).
• Conduct studies, and standardize activities, processes, & clinical pathways for micro level standard costing (complexity, diagnosis, services group, and item/services/procedure level).
• Liaise with clinical/non-clinical SMEs to ensure validation & review of observed/standardized data for management reporting for greater acceptance and continuous information improvement.
• Watch over periodic cost patterns and behavior and report detailed variance analysis.
• Provide input data support for Activity Based Planning, Budgeting, and pricing.
• Conduct periodic checks on transaction processing system and GL to ensure that requisite data is accurately captured and reflected in financial systems (input to costing system).
• Create informatics for planning, resource allocation, cost control & performance management.
• Spot area requiring efficiency, capacity utilization, & cost management.
• Prepare cost analysis for billing and service reimbursement models e.g. capitation, fee for service, diagnosis based, per diem and other contracts bidding.
• Prepare project feasibilities and recommend management for best project preferences.
• Help services pricing based on cost analysis, benchmark comparisons, service utilization.
Patient Accounting:
• To ensure integration of billing, revenue, and receivable system for accurate accounting.
• To conduct periodic billing, revenue, and receipts reconciliation.
• To run periodic closing process for GL posting, and preparation of financial statements and supporting documents in a timely manner.
• To reconcile bank statements and liaise with bank for any disputed/unreconciled items.
• To coordinate with Auditors on all Audit activities and submit audit related requirements.
• To review Patient refund claims, adjustments.
• To prepare and present periodic billing, revenue, receipts, and aging reports to Ministry of Finance and PHCC management.
Insurance Activities:
• To review multiple reimbursement models and its appropriateness to business environment for adoption.
• To prepare cost analysis for billing and service reimbursement models e.g. capitation, fee for service, diagnosis based, per diem and other contracts bidding.
• To perform simulation of multiple reimbursement models on actual data, for impact analysis.
• To support establishment of pricing for each reimbursement model based on cost analytics, benchmarking etc.
Accounting & Reporting Activities:
• Review of financial transactions to ensure accurate recording and reporting.
• Review of periodic balances and reports to ensure integrity of ledger and financial reporting. Financial statements analysis to advise management for knowledge based critical decisions.
• Financial modeling to create scenario-based impact analysis for management decision and new business contracts, renewals, and other expansionary opportunities with insurance and non-insurance clients.
• Provide management with most relevant business and cost analytic for well-informed decisions.
• Provide business unit profitability analysis for monitoring efficiency and viability of the operations and effectiveness of strategies.
• Structure and development of management information system for decision support.
• Establish service level micro costing (Bottom-up) framework on ABC/TDABC to analyze cost of services and activities for cost management.
• Conduct field studies and workgroup sessions with clinical SMEs to record clinical pathways for providing services to patient and resources utilization for services to support micro costing.
• Support management and functional heads with procedures cost and contribution margin information for price setting and capacity utilization decisions.
• Staff and Equipment capacity analysis to improve to optimal utilization/diversion of resources. Establish effective cost allocation system based on ABC/TDABAC etc…
• Support finance department for preparation of Zero Based, Flexible Budgeting and Forecasting and implement budgetary controls.
• Expense Reduction Analysis (ERA) for cost containment, CVP analysis, and scenario analysis.
• Review store and fixed assets accounting process to ensure it is compatible for costing and management reporting purposes.
• Suggest management for any system improvements to ensure timely and accurate recording of data in financial systems and to ensure adequate internal controls exist over these systems.
• Support internal operational audit team with activities analytic.
• Help management for compensation evaluation and incentive policy design. To formulate financial strategies to achieve organization’s goals.
• Prepare financial feasibilities to assess CAPEX returns and analyze payback, NPV, IRR etc.
Business Development and Rejection Control Activities:
• Review patient charges and billing process to insurance co’s/direct clients/MoH etc. to ensure it comply with contracts and legal requirements.
• Rejection analysis by reasons, physicians, department, pharmacy etc… to spot major areas to respective functional heads for system improvement and avoidance.
• Contracts renewal and price/profile revisions with insurance/direct companies for the group. Group Vs competitor analysis to keep an eye on market movements and benchmark analysis.
• Analyze listed Insurance Co's financials to ensure that we make best deal with these companies according to their financial strength.
• Conduct weekly meetings with insurance companies for effective communication and clear any pending financial issues.
• Established finance function in the Region and shifted single entry to double entry accounting.
• Reviewed and re-engineered regional process of accounts maintenance and preparation of financial reports.
• Set up budgeting system at micro level for planning and variance analysis.
• Issue periodical budget grants to sub-divisions, check actual expenditures and re-appropriate budgets request for supplementary grants within Master Budget.
• Implemented fixed assets accounting and impairment as per IAS-16 and IAS-36.
• Supported corporate office for drafting financial policies and procedures in compliance with IAS/IFRS.
• Managed trade receivables and bad debts through continuous reconciliation and liaising with subscriber companies, aging analysis, timely and accurate billing etc.
• Realized and recovered bad debts of over 50 million rupees (annual) from governmental agencies.
• Placed inventory controls through introducing EoQ/JIT/Minimum-Maximum level models.
• Shifted inventory system from periodical to perpetual for more efficient, and real time inventory management and valuation.
• Created financial models for all CAPEX feasibility analysis and rationalized all projects considering payback, net present values, IRR etc.
• Monitored Oracle ERP implementation as subject specialist for finance area.
• Performed pre-audit of transactions, being cheque signatory of all regional payments.
• Performed project costing and operational costing to identify segmental Profit & Loss.
• Interacted with Government (Sales Tax/Income Tax/Telecomm Auditors) and External Auditors.
• Ensured compliance to SOPs and government rules & regulations related to taxes, payments, reporting, procurement etc.
• Identified and claimed 0.7 million rupee/month input sales taxes earlier skipped.
• Check all purchase and sales tax invoices, Debit/Credit Notes for Input/output sales tax.
• Ensure that all Input Tax is claimed/adjusted against output tax as per Sales Tax rules.
• Probed and included missing input claims and saved millions of precious earlier lost claims.
• Submit Sales tax Returns and ensure all mandatory reporting.
• Ensure keeping all sales tax record required under the law. Coordinate with sales tax auditor and respond to any audit queries. To finalize periodical sales tax adjustment and deferred claims.
• Generate sales tax reports.
• Ensure compliance to sales tax law.
• Conducted various in-house training programs and lectured to Finance/ Purchase/Sales etc... for regulatory sales tax compliance.
• Periodical filing of Sales Tax Returns and related documents.
• File appeals and appear before Sales Tax tribunals for any legal proceedings.
IMA® (Institute of Management Accountants) is the worldwide association of accountants and financial professionals in business. IMA is committed to empowering their 90,000+ members—and those throughout the rest of the profession—to strengthen on-the-job skills, better manage companies, and accelerate careers. https://www.imanet.org/about-ima I have completed both parts of CMA Program (Nov-2019) and applied for membership as Qualified CMA.
http://pipfa.org.pk/Institute_About-Us.aspx
All papers are cleared in A plus grades (Viz. Passing Marks plus 20% Marks).
Accounting 85% Marks Business Management 67% Marks Business Communication 62% Marks