Description
Reporting to the designated Administrator, the Vendor Management Analyst is responsible for creation, execution, and maintenance of vendor and contract relationships. This role will own the Vendor Management relationship and contract process from initiation to termination. The Vendor Management Analyst will also be responsible for developing and maintaining business relationships with key vendor partners and responsible for collaborating with all areas of NJM, including IT/PMO, Law and Regulation, and Information Security to ensure that vendors are effectively managed, and contracts are fully leveraged. This position requires the Vendor Management Analyst to be responsible for managing Medical Services Administration (MSA) contracts, performing ongoing vendor due diligence, review of industry best practices and competitor offerings to include pricing alternatives.
To accomplish this, the Vendor Management Analyst will
Provide management and oversite of vendors' overall performance, contractual compliance adherence to service level agreements and report back to management. Utilizing the contract management system, create and maintain an inventory of all MSA vendors, which includes contract purpose, contract price, current contract owner and vendor's service level agreements. Work with Law and Regulation on the creation and renewal of existing contracts which includes tracking contract termination notification dates and terms for contracts and ensure that NJM is positioned to renegotiate contract terms or terminate.
Manage the evaluation, selection, transition, and monitoring of contractual agreements of vendors and coordinate contracts and other legal agreements for the department.
Be engaged on vendor assessments/selection for new products and service offerings. Work with MSA Leadership to negotiate service level agreements, performance/quality metrics and contractual obligations.
Perform ongoing vendor management activities which includes:
Resolve vendor problems related to quality, performance, and service level agreements. Escalate to management if SLAs are not met.
Coordinate status meetings between NJM and Vendor Partners including review of performance tracking measures and results and status of open issues.
Work with Information Security to perform an annual Risk Assessment for strategic vendor partners, this includes assessment of currency of escrowed software, review of SOC reports, Business Continuity and Disaster Recovery plan and testing results, incident response and data breach response reports, and written information security program.
Conduct verification of financial stability to include review of annual financial statements, cash flow statements and any open litigation. Verification of monthly invoices and submittal for payment.
Provide leadership and oversight into vendor project activities to minimize interference with business operations. This includes initial review of project management work products, including charter, project plan, schedule, milestones, risk assessment, change management and escalation process.
Position Requirements (Skills, Knowledge, Traits, Education & Experience)
Demonstrates comprehensive understanding of vendor management life cycle.
Ability to review and understand contracts and insurance requirements.
5-10 years of experience with vendor management, contracting, business process improvements, project management and analytical techniques and practices.
Proficient computer skills, Microsoft Office Suite (Word, PowerPoint, Outlook, and Excel).
Active listening, excellent verbal and written communication skills; strong presentation skills; influencing negotiations acumen.
Professional demeanor: demonstrate independent judgement, ability to communicate with all levels of management and relationship building skills to manage business relationships with vendors.
Demonstrates good critical thinking, ability to analyze problems and strategize for better solutions; detail-oriented and proactive.
Able to work independently with minimal supervision.
Strong project management skills with the ability to execute on multiple projects concurrently.
A bachelor's degree in business management, Vendor Relations or related field; insurance industry experience preferred; a comprehensive understanding of Medical Services Administration is a plus.
Some travel required.
Salary: $95,000 - 110,000. Salary is commensurate with experience and credentials.
Legal Disclaimer: NJM is proud to be an equal opportunity employer. We are committed to attracting, retaining and promoting a diverse and inclusive workforce that is fully representative of the diversity that exists in the communities in which we do business.
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