Offer summary

Qualifications:

Bachelor’s degree in business or a related discipline is required; Master’s degree preferred., Minimum of ten years of vendor contracting and management experience is required., Extensive experience in negotiating large external vendor contracts is essential., Advanced training in Six Sigma and Lean methodologies is preferred. .

Key responsibilities:

Develop and manage a comprehensive vendor management program, including vendor evaluation and contract negotiations.

Oversee vendor performance metrics and ensure compliance with contractual and regulatory standards.

Establish and maintain processes for tracking cost savings and optimizing vendor relationships.

Provide leadership and mentorship to team members, fostering a culture of excellence.

Job description

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 (hourly/salary):

Salary

Organization Level Competencies