A monitoring device includes an input terminal configured to receive an input signal from a battery system management (BSM); an output terminal configured to output cell parameters used to determine an open cell voltage associated with one of a plurality of cells within the battery stack connected to the monitoring circuit based on the input signal received from the BSM; a processor; and a memory storing executable instructions for causing the processor to: measure a cell voltage associated with the one of the plurality of cells within the battery stack; measure a voltage drop associated with a measured balancing current; calculate the open cell voltage by adjusting the measured cell voltage based on the measured voltage drop; and balance the battery stack based on the calculated open cell voltage, wherein balancing and calculating the open cell voltage are performed concurrently.