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Deputy Actuary

Somatus

Somatus

Accounting & Finance
Virginia, USA · McLean, VA, USA · United States
Posted on Sunday, June 23, 2024
Overview

More Lives, Better Lived®
As the largest and leading value-based kidney care company, Somatus is empowering patients across the country living with chronic kidney disease to experience more days out of the hospital and healthier at home.

It takes a village of passionate and tenacious innovators to revolutionize an industry and support individuals living with a chronic disease to fulfill our purpose of creating More Lives, Better Lived. Does this sound like you?

Showing Up Somatus Strong

We foster an inclusive work environment that promotes collaboration and innovation at every level. Our values bring our mission to life and serve as the DNA for every decision we make:

  • Authenticity: We believe in real dialogue. In any interaction, with patients, partners, vendors, or our teammates, we are true to who we are, say what we mean, and mean what we say.
  • Collaboration: We appreciate what every person at Somatus brings to the table and believe that together we can do and achieve more.
  • Empowerment: We make sure every voice gets heard and all ideas are considered, especially when it comes to our patients’ lives or our partners’ best interests.
  • Innovation: We relentlessly look for ways to improve upon the status quo to continuously deliver new solutions.
  • Tenacity: We see challenges as opportunities for growth and improvement — especially when new solutions will make a difference for our patients and partners.

Showing Up for You

We offer more than 25 Health, Growth, and Wealth Work Perks to help teammates learn, grow, and be the best version of themselves, including:

  • Subsidized, personal healthcare coverage (medical, dental vision)
  • Flexible Paid Time Off (PTO)
  • Professional Development, CEU, and Tuition Reimbursement
  • Curated Wellness Benefits supporting teammates physical and mental well-being
  • Community engagement opportunities
  • And more!

About the Role

The Deputy Actuary provides management and leadership actuarial reporting.


Responsibilities

Essential Duties and Responsibilities:

  • Analysis of Medicare Advantage and Accountable Care Organization data.
  • Medical economics reporting and ad-hoc analysis relating to cost of care management. Develop KPIs and measurement tools to understand how the company is doing. Create root cause analysis when KPIs indicate that results are not as expected.
  • Medicare Risk score projections and Premium estimation.
  • Design and implement an actuarially sound monthly reserving process for Total Medical Expense (TME) estimation.
  • Lead continuous evaluation of TME performance compared to plan expectations.
  • Coordinate with the finance team on future TME projections that are refreshed monthly and provided quarterly for forecasting and planning.
  • Support month end financial and accounting processes for relevant actuarial estimates. Leads the development/compilation of the risk premium, claims and shared savings forecasting models used in the corporate planning/reporting process.
  • Value based care contracting support and ongoing financial and risk analysis.
  • Support ongoing actuarial support for outside auditor review of financial estimates and results.
  • Design studies to monitor the suitability of the completion factor estimates.
  • Lead continuous evaluation of risk based funding and scoring performance compared to plan expectations.
  • Sets appropriate reporting metrics to manage/understand business. Collects, prepares, and presents all relevant data regarding production and performance. Analyzes information and identify relevant trends. Collaborates with the business areas and field teams to develop business strategies for regions and lines of businesses.
  • Consistently challenges, improves, and implements methodologies, procedures, and technology to maximize efficiency and effectiveness within the department. Maintains industry network to remain current with industry best practices.
  • Accountable for overall management and people leadership of the corporate actuarial unit, including but not limited to implementing best practices for: human capital management (employee selection, succession planning, performance management, compensation management, employee development and coaching in career development), and operational management (planning, execution, results assessment, continuous improvement, and compliance with actuarial standards of practice.) Promotes staff morale and motivation, and provides one-on-one meetings to review performance.
  • Accountable for prudent management of departmental expenses. Establishes department budget in accordance with corporate guidelines; manages the department expenses throughout the year and provides quarterly re-forecasts and variance explanations as needed.
  • Performs other related work as required.
  • Works closely with other support areas to develop and establish core business strategies, programs, and plans.
  • Educates leadership on risks and opportunities within each analysis.
  • Work within data provided and clearly outline data limitations and possible impact on profitability.
  • Works directly with customers to assess claims handling processes and impact on reserves.
  • Manages all settlement functions for the company, including shared savings estimates, risk account settlements, unit cost normalization, provider contracts, etc.
  • Participates as a key leader in the establishment of review of corporate risk tolerances, practices, and principles.

Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities, and activities may change at any time with or without notice.


Qualifications

Required Education and Experience:

  • 10+ years of progressive actuarial experience with a minimum of 5 years of experience in a senior leadership financial role at a publicly traded, muti-market insurer, value-based care provider, or consulting.
  • Bachelor’s degree in mathematics, Finance, Economics, or Business
  • Demonstrated ability in solving complex problems and transforming results and process through the application of Lean techniques.

Knowledge, Skills, and Abilities:

  • Proven to be effective driving outcomes in large, matrixed organizations – understands how to navigate geographies, cultures, relationships, etc. Can drive work around the world because they are accountable, trustworthy, credible, committed, and intellectually agile.
  • Change agent, able to make the case for lean and demonstrate immediate impact.
  • Highly collaborative person, comfortable with conflict and debate normally associated with change.
  • Critical thinker with the ability to bring others along, even those with conflicting priorities.
  • Impactful communicator at all levels of the business.


Other Duties

Our priority is the health and safety of our members, colleagues, partners, and community. Proof of COVID-19 Vaccination is required for employment. If you are unable to be vaccinated for medical reasons or sincerely held religious beliefs, we will consider requests for reasonable accommodations consistent with our policy, and where we are able to provide such accommodations without undue hardship to the company pursuant to applicable law. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. Somatus, Inc. provides equal employment opportunity to all individuals regardless of their race, color, creed, religion, gender, age, sexual orientation, national origin, disability, veteran status, or any other characteristic protected by state, federal, or local law. Further, the company takes affirmative action to ensure that applicants are employed, and employees are treated during employment without regard to any of these characteristics. Discrimination of any type will not be tolerated.