Blue Cross Blue Shield MA
CONTACT: Joel Kirk, firstname.lastname@example.org
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This director position reports to the VP of Treasury/Treasurer and oversees corporate cash inflows/outflows of approximately $27 billion, including all wire transfers and ACH payments to fund all claim payments, operating expenses and payroll. Position involves managing associates, determining borrowing needs, negotiating new credit agreements, analyzing, renewing and reporting compliance for multiple credit facilities totaling up to $250 million and reporting and compliance for intermediate term loans of $250 million. This includes making recommendations to senior management for changes to the total debt capacity and its impact on BCBSMA financials. This function will require oversight of a liquidity investment portfolio with intra-month values exceeding $300 million to ensure the Company has sufficient liquidity for its daily operating needs. Incumbent is responsible to oversee processes required to manage our borrowings, interest payments and compliance required for our Federal Home Loan Bank of Boston (FHLB) memberships for both BCBSMA & HMO Blue with access to an additional $300 million of borrowing capacity. Director will be responsible for the management and oversight of the banking needs of the BCBSMA Foundation, Zaffre Affiliated Services, Massachusetts Benefit Administrators (MBA), Indigo Insurance Services and Zaffre Investments and any additional subsidiaries established by our various companies. Incumbent will serve as a Treasury subject matter expert (SME) for various corporate-wide initiatives requiring Treasury expertise which have included projects with NASCO, PaySpan, BenefitFocus, our HURN system, claims migrations and billing changes. Incumbent will be required to monitor all changes to National Health Care Reform CAQH CORE Operating Rules and make changes necessary to meet the Government’s mandated standard transactions. Incumbent is responsible for quarterly and annual debt reporting included in the Company’s Statutory Statement filings with the Division of Insurance, annual Audited Financial reports and quarterly and annual presentation materials for the Investment Committee and Finance & Business Performance Committee. Incumbent will complete documents to the Division of Insurance necessary to obtain permission to pay principal and interest on a surplus note. Incumbent will recommend and implement banking solutions that will enhance business processes and oversee bank website platform conversions as a result of mergers or changes within the banking industry. This position is also responsible for reporting and oversight of numerous audits impacting the functions of the area.
- Ensure sufficient capital and credit to respond to operational needs by negotiating, implementing and managing credit facilities, term debt notes and all aspects of the companies’ memberships with FHLB of Boston.
- Quarterly and annual reporting of debt to in the Statutory Statements and annually in the Audited Financial Reports
- Quarterly and annual presentations of debt to various committees of the Boards of Directors
- Responsible for managing all investments in the Company’s Core Liquidity Portfolio.
- Manage corporate liquidity by providing oversight of the Company’s Cash Management and Banking functions, which include the banking functions for several subsidiaries.
- Demonstrate in-depth knowledge of Treasury Management services.
- Establish and maintain world-class treasury services in support of operational and strategic endeavors.
- Serve as Treasury Subject Matter Expert on various corporate-wide projects, strategic teams and workgroups.
- Ensure Cash Management Unit is trained and prepared to respond to declared events as part of the Company’s Tier 1 Disaster Readiness team.
- Communication with other functional areas of Treasury and Corporate Accounting to ensure the efficient management of corporate and subsidiary cash flows.
- Respond to requests for banking services and provide Treasury expertise to any new Limited Liability Companies which are established as part of our corporate strategic investment initiatives.
- Participate on several committees, including Privacy & Security, Fraud, Waste & Abuse and Risk
- Manage all audit requests received by the department including all Model Audit Rule annual updates to 8 cash management processes.
- Address daily operational cash management issues to ensure our internal and external (members and providers) customers continue to remain satisfied. BCBSMA customers (members and providers) shift from checks to electronic payments, be diligent in learning about the different types of fraudulent activity due to the increased electronic payment volumes.
- Ability to evaluate and implement the changes required to BCBSMA cash management processes due to bank system changes as a result of mergers and consolidations within the banking industry.
- Analyze the potential financial repercussions to the Company’s short-term corporate financing due to global market fluctuations.
- Assimilate government legislation that affects healthcare industry-related payment information to determine impact to Company.
- Manage Impacts to processes due to Government regulations (Dodd-Frank Act and ACA Core Operating Rules impacting standard health care payment transactions) as a result of these events.
- Manage multiple priorities including oversight of the daily cash management process while participating as a department representative on various corporate-wide initiatives.
- Review and analyze approach for determining long-term debt needs.
Decision Making Authority:
- Recommend utilization of the Company’s credit facilities to the department’s executive management in order to maintain sufficient levels of liquidity.
- Recommend treasury products and solutions to maintain world-class treasury services in support of Company’s operations.
- Provide administration for all banking platforms and an investment portal.
- Provide banking expertise to BCBSMA Foundation.
- As a participant on various corporate-wide initiatives, write Cash Management requirements necessary to ensure needs are met.
- Advise direct reports in the establishment of the cash position and all cash management functions.
- Continually challenge associates to research automated solutions to improve the daily operations.
- Provide performance and development coaching for direct reports.
- Stay educated on the latest advances within the banking/finance industries and communicate information to the Cash Management team so the entire department benefits.
- Continually monitor fraud trends affecting treasury functions and work to mitigate potential attacks and educate leaders and associates.
- Participate as a subject matter expert on various initiatives and determine impacts to Treasury and ensure leaders are informed.
- Provide oversight and recommendations for banking and cash management services for all foundations and subsidiaries.
- Demonstrated knowledge of short-term/liquidity investing and credit facility management.
- Month end accounting close experience required.
- ACH and NACHA Rules experience preferred.
- Possess strong written and oral communication skills and presentation skills.
- Bank relationship experience preferred.
- Management experience required.
- Knowledge of Federal Home Loan Bank membership rules and guidelines for borrowing and NAIC financial reporting disclosures.
- Knowledge of bank lending practices
- 10 years cash management and treasury experience. Healthcare industry cash management and large corporate experience a plus.
- Bachelor’s Degree is required.