What are the responsibilities and job description for the Financial Analyst II position at Medica?
Medica is a nonprofit health plan with more than a million members that serves communities in Minnesota, Nebraska, Wisconsin, Missouri, and beyond. We deliver personalized health care experiences and partner closely with providers to ensure members are genuinely cared for.
We're a team that owns our work with accountability, makes data-driven decisions, embraces continuous learning, and celebrates collaboration — because success is a team sport. It's our mission to be there in the moments that matter most for our members and employees. Join us in creating a community of connected care, where coordinated, quality service is the norm and every member feels valued.
The Financial Analyst II performs intermediate-level financial analysis, reporting, and accounting functions supporting month-end close, regulatory compliance, and operational finance. This role prepares journal entries, reconciliations, and financial submissions while collaborating with cross-functional teams to ensure accurate and timely financial reporting. Performs other duties as assigned.
Key Accountabilities
The full salary grade for this position is $56,600 - $97,000. While the full salary grade is provided, the typical hiring salary range for this role is expected to be between $56,600 - $84,840. Annual salary range placement will depend on a variety of factors including, but not limited to, education, work experience, applicable certifications and/or licensure, the position's scope and responsibility, internal pay equity and external market salary data. In addition to compensation, Medica offers a generous total rewards package that includes competitive medical, dental, vision, PTO, Holidays, paid volunteer time off, 401K contributions, caregiver services and many other benefits to support our employees.
The compensation and benefits information is provided as of the date of this posting. Medica’s compensation and benefits are subject to change at any time, with or without notice, subject to applicable law.
Eligibility to work in the US: Medica does not offer work visa sponsorship for this role. All candidates must be legally authorized to work in the United States at the time of application. Employment is contingent on verification of identity and eligibility to work in the United States.
We are an Equal Opportunity employer, where all qualified candidates receive consideration for employment indiscriminate of race, religion, ethnicity, national origin, citizenship, gender, gender identity, sexual orientation, age, veteran status, disability, genetic information, or any other protected characteristic.
We're a team that owns our work with accountability, makes data-driven decisions, embraces continuous learning, and celebrates collaboration — because success is a team sport. It's our mission to be there in the moments that matter most for our members and employees. Join us in creating a community of connected care, where coordinated, quality service is the norm and every member feels valued.
The Financial Analyst II performs intermediate-level financial analysis, reporting, and accounting functions supporting month-end close, regulatory compliance, and operational finance. This role prepares journal entries, reconciliations, and financial submissions while collaborating with cross-functional teams to ensure accurate and timely financial reporting. Performs other duties as assigned.
Key Accountabilities
- Month-End Close & Journal Entries
- Prepare and post monthly journal entries for paid claims, IBNR estimates, revenue, and membership
- Calculate and record interest, reinsurance, and reserve adjustments
- Process vendor payments and administrative fee entries
- Ensure timely completion of month-end close activities within established deadlines
- Reconciliations & Analysis
- Perform cash-to-claims reconciliations and variance analysis
- Prepare account reconciliations and investigate discrepancies
- Maintain and update financial databases and tracking files
- Analyze high-dollar claims and identify trends or anomalies
- Regulatory Reporting & Compliance
- Prepare and submit regulatory data submissions (quarterly/annual) to government agencies
- Support cost report preparation and filings (Medicare, Medicaid)
- Complete attestations and compliance documentation as required
- Maintain audit-ready documentation and support internal/external audits
- Revenue & Membership Accounting
- Record revenue entries and reconcile to source systems
- Process membership data and ensure accurate reporting to partners
- Calculate and record risk adjustment, PCORI fees, and premium taxes
- Reconcile state payment files and withhold estimates
- Invoice Processing & Vendor Management
- Review invoices for reasonability and process for approval
- Coordinate vendor payments and track payment cycles
- Prepare administrative invoices for client groups
- Process Improvement & Documentation
- Maintain and update process documentation and standard operating procedures
- Support system migrations and platform transitions
- Bachelor's degree in Finance, Accounting, Business Administration, or related field
- 3 years of experience in financial analysis, accounting, or related role
- Strong proficiency in Microsoft Excel (pivot tables, VLOOKUP, complex formulas)
- Experience with financial systems and ERP platforms (e.g., PeopleSoft, FNDS, TM1)
- Understanding of accounting principles and month-end close processes
- Strong analytical and problem-solving skills
- Excellent attention to detail and accuracy
- Ability to work independently and meet deadlines in a fast-paced environment
- Experience in healthcare or insurance industry financial operations
- Knowledge of Medicare/Medicaid regulatory reporting requirements
- Experience with data analysis tools (Access, SQL, QlikSense, Power BI)
- Familiarity with claims processing and IBNR estimation
- Experience with government data submissions (DHS, CMS)
- Process improvement or automation experience
The full salary grade for this position is $56,600 - $97,000. While the full salary grade is provided, the typical hiring salary range for this role is expected to be between $56,600 - $84,840. Annual salary range placement will depend on a variety of factors including, but not limited to, education, work experience, applicable certifications and/or licensure, the position's scope and responsibility, internal pay equity and external market salary data. In addition to compensation, Medica offers a generous total rewards package that includes competitive medical, dental, vision, PTO, Holidays, paid volunteer time off, 401K contributions, caregiver services and many other benefits to support our employees.
The compensation and benefits information is provided as of the date of this posting. Medica’s compensation and benefits are subject to change at any time, with or without notice, subject to applicable law.
Eligibility to work in the US: Medica does not offer work visa sponsorship for this role. All candidates must be legally authorized to work in the United States at the time of application. Employment is contingent on verification of identity and eligibility to work in the United States.
We are an Equal Opportunity employer, where all qualified candidates receive consideration for employment indiscriminate of race, religion, ethnicity, national origin, citizenship, gender, gender identity, sexual orientation, age, veteran status, disability, genetic information, or any other protected characteristic.
Salary : $56,600 - $97,000