VP, Strategic Sourcing and Vendor Performance(Preferred Experience in Managed Care, Strategic Sourcing & Contract Negotiations)

Job Summary:

The Vice President, Strategic Sourcing and Vendor Performance is a pivotal leadership role responsible for the development and management of a comprehensive enterprise-wide vendor management program. This position encompasses the evaluation of potential vendors, ensuring data security, and leading contract negotiations, including terms and pricing. They will oversee vendor performance metrics, which include but are not limited to Service Level Agreements (SLAs), Key Performance Indicators (KPIs), and compliance with contractual, financial, and regulatory standards. Additionally, this role will assess the broader business impacts of vendor relationships, leading strategic initiatives that optimize operational efficiency and enable scalable growth to ensure long-term success.

Essential Functions:

• Formulate and implement a comprehensive vendor contracting strategy, overseeing the entire vendor selection process, including Requests for Proposals (RFPs), Requests for Information (RFIs), and market scans. Utilize benchmarking data, competitive pricing strategies, and financial comparative analyses to inform negotiations and drive optimal outcomes.
• Partner with Corporate Compliance, Vendor Risk Management, and Contract Business Owners to ensure adherence to regulatory compliance requirements for delegated vendors and entities
• Oversee the creation of a comprehensive inventory of contracts and delegated vendors and implement solutions for process automation
• Manage the vendor portfolio with a focus on strategic relationship management
• Establish and oversee initiatives for vendor selection process including economic inclusion, and promotion of equitable opportunities
• Monitor and oversee all delegated vendors while maintaining direct accountability for non-delegated vendors, including Enhanced Benefit Vendors and critical First Tier, Downstream, and Related Entities (FDR) vendors, ensuring compliance with contractual obligations and performance standards
• Oversee the development and management of vendor tier structures with associated criteria to assess vendors and provide the necessary classification to facilitate informed decision making
• Partner with business owners to cultivate effective relationship management strategies for critical vendors, aiming to establish mutually beneficial partnerships that drive shared success
• Ensure a schedule of periodic reviews of top tier vendors to create mutually beneficial business relationships and ensuring compliance with all contractual terms and regulatory requirements
• Establish and maintain processes for tracking cost savings associated with departmental negotiations and best practices, ensuring financial accountability and efficiency
• Provide optimization through reporting dashboards that reflect targeted best practice metrics, enabling data-driven decision making
• Provide visionary leadership, mentorship, and professional development for team members, fostering a culture of excellence
• Perform any other job duties as requested

Education and Experience:

• Bachelor's degree in business, a related discipline or equivalent years of relevant work experience is required
• Master's degree is preferred
• A minimum of ten (10) years of vendor contracting and vendor management experience is required
• A minimum of ten (10) years of senior leadership experience with responsibility for development and implementation of strategies and plans in support of an organization is required
• Extensive experience negotiating large external vendor contracts is required
• Healthcare, managed care and/or insurance experience is preferred
• Proven success with leading in a rapidly growing environment

Competencies, Knowledge and Skills:

• Advanced training and proficiency in Six Sigma (DMAIC/DMADV), Lean methodologies, and other continuous improvement methodologies
• Proven expertise in driving transformation and implementing methodologies for continuous improvement
• Extraordinary relationship-building capabilities, complemented by advanced communication and presentation skills that foster collaboration and trust among stakeholders
• Demonstrated proficiency in business collaboration and customer relationship management, effectively aligning organizational objectives with client needs to drive mutual success
• Exhibit strong analytical and problem-solving skills, enabling the identification of challenges and the development of innovative solutions that enhance operational efficiency
• Outstanding verbal and written communication abilities, ensuring clarity and effectiveness in conveying complex information to diverse audiences
• Effective negotiation and strategic sourcing skills, with a proven track record of securing favorable terms and optimizing vendor relationships
• In-depth knowledge of project management and vendor management practices, along with a keen awareness of industry trends that inform strategic decision-making
• Ability to manage, mentor, and lead a high-performing team, fostering a culture of excellence, accountability, and professional development
• Proven ability to cultivate effective relationships at all levels of the organization, facilitating collaboration and alignment across departments
• Capacity to learn and comprehend complex regulatory requirements, ensuring compliance and mitigating risks associated with vendor relationships
• Demonstrated strategic leadership capabilities, characterized by strong relationship-building skills that drive organizational success and stakeholder engagement
• Results-oriented mindset, with robust analytical, facilitation, and strategic planning skills that contribute to achieving organizational goals
• Strong financial acumen, analytical capabilities, and prioritization skills, enabling effective problem-solving and informed decision-making

Licensure and Certification:

• Certified Purchasing Manager (CPM) certification is preferred

Working Conditions:

• General office environment; may be required to sit or stand for extended periods of time

Compensation Range:
$150,000 - $300,000. CareSource takes into consideration a combination of a candidate's education, training, and experience as well as the position's scope and complexity, the discretion and latitude required for the role, and other external and internal data when establishing a salary level. In addition to base compensation, you may qualify for a bonus tied to company and individual performance. We are highly invested in every employee's total well-being and offer a substantial and comprehensive total rewards package.

Compensation Type:
Salary

Competencies:
- Create an Inclusive Environment
- Cultivate Partnerships
- Develop Self and Others
- Drive Execution
- Energize and Inspire the Organization
- Influence Others
- Pursue Personal Excellence
- Understand the Business

This job description is not all inclusive. CareSource reserves the right to amend this job description at any time. CareSource is an Equal Opportunity Employer. We are dedicated to fostering an inclusive environment that welcomes and supports individuals of all backgrounds.

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