Job Purpose
- Support the development, review, and implementation of hospital pricing and costing strategies through financial analysis, business simulations, profitability assessments, and market benchmarking.
- Provide data driven insights and recommendations to optimise pricing, improve profitability, and support business decision making.
- Collaborate with cross functional stakeholders to evaluate new services, pricing initiatives, and business opportunities, ensuring alignment with the hospital's financial and business objectives.
Job Scope:
A) Pricing Strategies & Cost structure
- Conduct regular reviews and analyses of pricing strategies and cost structures to ensure financial sustainability and market competitiveness.
- Gather, validate, and analyse cost data to determine the cost of individual episodes of patient care and support service costing initiatives.
- Monitor and evaluate the financial performance of packages and recommend pricing revisions where necessary to improve profitability and competitiveness.
- Perform pricing analysis, market research, and competitor benchmarking to support strategic pricing decisions.
- Develop, review, and maintain pricing policies, guidelines, and Standard Operating Procedures (SOPs) to ensure consistency and governance in pricing practices.
- Support pricing reviews for new services, procedures, consumables, medications, and medical technologies.
B) Financial & Business Analysis
- Prepare business simulations and feasibility study for new services, equipment, and strategic initiatives.
- Evaluate the financial impact of pricing changes, discount schemes, and promotional packages.
- Analyse revenue, utilisation, profitability, and cost trends to identify risks, opportunities, and areas for optimisation.
- Conduct variance analysis against budgets and forecasts, identify key drivers, and recommend improvement initiatives.
- Prepare management reports, dashboards, and presentations to support strategic and operational decision making.
- Ensure the accuracy, integrity, and consistency of pricing, costing, and financial data.
C) Market Benchmarking
- Conduct competitor pricing and market analysis.
- Benchmark hospital charges and identify opportunities to improve pricing strategies.
- Monitor healthcare industry trends and latest pricing trends.
D) Master Data Management
- Review, verify, and maintain pricing and master data in the Hospital Information System to ensure accuracy, consistency, and data integrity.
- Work closely with various stakeholders to resolve master data issues and improve data quality.
E) Inventory Management/Analysis
- Analyse inventory costing, consumption, stock movement, and inventory variances to support cost optimisation.
- Participate in stock take exercises, inventory reconciliation, and audit requirements.
- Recommend initiatives to improve inventory management and minimise wastage.
F) Process Improvement and automation; System Implementation
- Recommend and participate in process improvement, automation, and digitalization initiatives to enhance operational efficiency.
- Identify opportunities to replace manual processes with automated reporting and Business Intelligence solutions.
- Support system implementation and enhancement projects, including business requirement gathering, UAT, data validation, and post-implementation reviews.
- Develop and maintain process documentation, system workflows, user guides, and SOPs.
- Perform risk assessments and strengthen internal controls relating to pricing, costing, and master data management.
G) Any other adhoc tasks assigned by management
Job Requirements:
- Bachelor's Degree in Mathematics, Statistics, Economics, Finance or equivalent. Preferably with certification of ICAEW/ACCA/CPA/MIA/CIMA or equivalents.
- Minimum 5 years of relevant working experience, preferably with experience in data analytic and pricing strategy.
- Skills: Strong knowledge of costing and pricing, good understanding of statistical and data visualization techniques, and advanced skills in Microsoft Excel including expertise in functions like Power Query.
Hiring process:
- Average processing is around 2 to 4 weeks.
- Subsequently, our recruitment team will reach out to shortlisted candidates for interview arrangements.
