Director, Financial Reporting

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 Reporting Director is responsible for the review, and delivery of audited GAAP and STAT financial statements for a health insurance organization. This role leads regulatory and statutory reporting for health plans, ensures compliance with NAIC and state department of insurance requirements, researches and implements new GAAP and STAT accounting guidance, and supports financial reporting design and execution within the Workday ERP environment. The position partners closely with actuarial, finance, and compliance teams and plays a key role in external audits and regulatory filings.

Financial & Statutory Reporting

• Prepare, review, and analyze monthly, quarterly, and annual GAAP and STAT financial statements for Medica Holding Company and subsidiaries
• Develop best practices and efficiencies in reporting
• Own the preparation and submission of quarterly and annual NAIC statutory filings (e.g., Health Annual Statement, quarterly blanks, MLR, and related schedules).
• Ensure compliance with GAAP, Statutory Accounting Principles (SSAPs), NAIC guidance, and state regulatory requirements.
• Optimize reporting processes and consistency across all entities Review balance sheet and income statement fluctuations, with particular focus on such as premiums, medical claims, IBNR, capitation, risk adjustment, and premium deficiency reserves.

Regulatory & Audit Support

• Serve as the primary finance contact for annual GAAP and STAT audits, managing audit schedules, requests, and responses.
• Coordinate with regulators, auditors, and internal stakeholders on filing requirements, adjustments, and interpretations.

Technical Accounting & Policy Research

• Monitor, interpret, and research new or amended GAAP and STAT accounting standards.
• Assess accounting implications related to health‑specific matters such as medical loss ratio (MLR), reinsurance, risk adjustment, premium recognition, and claim reserves.
• Draft and maintain technical accounting memoranda, policy documentation, and internal accounting guidance.

ERP & Reporting Systems (Workday)

• Partner with Accounting, IT, and project teams during Workday ERP implementation, enhancements, and reporting optimization.
• Ensure Workday financial outputs align with regulatory, statutory, and management reporting requirements.
• Identify opportunities for automation, standardization, and improved controls within the reporting process.

Cross‑Functional Collaboration & Leadership

• Partner closely with actuarial, financial planning and analysis, internal audit and compliance teams to ensure consistent and accurate reporting
• Lead, coach and develop team members
• Support special projects, regulatory initiatives, and ad hoc financial analyses.

Qualifications

• Bachelor’s degree in Accounting, Finance, or related field; CPA strongly preferred.
• 10+ years of progressive accounting and financial reporting experience, with health insurance and STAT reporting experience preferred
• 3-5 Years direct management experience
• Strong knowledge of US GAAP and Statutory Accounting Principles (SAP)
• Experience preparing and reviewing audited financial statements and statutory filings
• ERP experience required; Workday Financial Management experience preferred.
• Strong analytical skills, attention to detail, and ability to manage multiple deadlines.
• Excellent written and verbal communication skills, including the ability to explain complex accounting concepts to non‑accounting partners.

Preferred Attributes

• Experience supporting ERP implementations or major finance system transformations.
• Familiarity with health‑specific reporting concepts such as claims reserves, IBNR, MLR, and risk adjustment.
• Proactive, collaborative mindset with strong project management capabilities.

This position is an Office role, which requires an employee to work onsite at our Minnetonka, MN office, on average, 3 days per week.

The full salary grade for this position is $130,300 - $223,400. While the full salary grade is provided, the typical hiring salary range for this role is expected to be between $130,300 - $195,510. 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 base compensation, this position may be eligible for incentive plan compensation in addition to base salary. 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.

Internal Applicants: We’re excited about your interest in growing your career at Medica! To be eligible to apply for internal opportunities, employees must have been in their current role for at least one year.

Recruiter: Michael Benson

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.