The Company is a national organization that represents and serves all types of hospitals, health care networks, and their patients and communities. We are currently seeking a Vice President, Business Development for the Center for Health Innovation based in our Chicago Office.
The VP, Business Development is a key leader in the newly formed, COMPANY Center for Health Innovation (“the Center”). The Center has been created with the combined capacities and capabilities of the COMPANY’s Health Forum, Health Research and Educational Trust, Data Center and “Value Initiative.” The purpose of the Center is to help COMPANY members drive high impact innovation and transformation with market intelligence, key insights, targeted education, actionable data, and tools that address their unique context on their journey to advance health.
The VP, Business Development will play a key role in launching the Center and in ensuring long-term sustainability. The position will be responsible for developing strategic partnerships and opportunities that deliver valuable products, services and solutions to COMPANY members and the field. S/he will form partnerships that enable, extend, or amplify the COMPANY’s strategic goals in terms of new capabilities for its members, new channels for its offerings, and new audiences for its content.
The VP, Business Development will also ensure efficient and customer-focused operations for the Center’s commercial activities, including overseeing sales and marketing, while prioritizing the various business pipelines and will be a visible leader for the COMPANY’s commercial activities in the business community. This role will also oversee COMPANY’s participation in a new venture fund that invests in solutions that help members transform care delivery for the better.
Reporting to the Center’s Chief Operating Officer, the VP, Business Development will be a critical member of the Center’s leadership team, responsible for fostering a culture that emphasizes: operational excellence, enhanced member value, innovation and teaming. In partnership with other COMPANY leadership, s/he will also be an important brand ambassador to external audiences on behalf of the COMPANY and its membership.
Provide leadership and direction to the COO, board and resource development team in the effective execution of all business development activities. Collaborates regularly with other Center leaders to optimize business line visibility, awareness, and messaging as well as other COMPANY leaders to inform and communicate COMPANY business products, services and solutions among all stakeholders.
Develop a strategic and tactical plan to achieve the desired annual revenue-margin targets in collaboration with the Center’s senior management team. Defines and communicates a long-term vision and strategy to achieve desired outcomes. Sets the strategy, operating targets, budget, and key performance metrics for the assigned business line; which includes responsibility for the profit and loss of this line.
Meet regularly with the senior executives of current and prospective customers; identifies and confirms the goals and challenges these executives face; and constructs and presents our value propositions in the form of compelling business cases. Negotiates joint ventures, licensing arrangements and other partnerships in support of enhanced value for COMPANY members and success for clients.
Manage product development process leveraging market intelligence, business expertise, sourcing needs, and partner management for those teams developing the products and services for the Center. This includes coordinating closely with colleagues in Data Products and Legal to ensure high quality product development and strategic growth in new markets.
Evaluate and raise leadership awareness on new business opportunities, while developing a robust partnership strategy, pursuit process, and priority list that aligns business development activities to the COMPANY’s overall strategy. Manages and prioritizes all opportunities to enhance client relationships and accelerates the decision making process that will grow revenue. Leads in-house presentations and site visits to prepare for and conduct client, channels, and executive presentations.
Reinforce rigorous evaluation, business case, negotiation, and launch planning processes.
Foster relationships with leading industry, consumer, and technology leaders to identify valuable partnership opportunities. Establishes and maintains contacts within client organizations; interfaces and gains the trust of individuals at all levels.
Develops training strategy and tools to aid the team in nurturing consultative relationships; demonstrate service excellence and extend client service principles throughout team.
Lead the COMPANY’s cross-unit strategic opportunity assessment (i.e., SWAT) team.
Serve as the COMPANY’s lead representative in the venture fund it anchors, advise fund managers and serve on boards(s).
Educational and Experience Requirements
Years of experience may be substituted for education.
Desired fields of study:
Business Administration and/or related fields.
Desired area/fields(s) in which experience was obtained:
Senior management experience of an advisory services company and/or content and distribution business whose information products and services generate more than $20 million in annual revenue, and whose employee count is at least 100.
Minimum 10 years of experience supervising all typical operations of an information company, including editorial, production, distribution, fulfillment, sales and marketing and/or general administration. Extensive experience and familiarity with internet-based business development and product management, including emerging business models.
Consulting and/or experience with a healthcare information provider and/or media business strongly preferred.
To bring new partners or concepts into an organization, one needs a process. One rarely knows a good idea when one sees it. Instead, one must assess the strategies, the determination, and the resources within the organization to grapple with a good idea and refine it until it is viable.
One can waste much time meeting with random vendors, fussing over fine points before knowing the big picture, or revisiting previous decisions. To get things done, one must stick to the process and make sure others do, too.
. A history of closing multiple complex deals with creative or aggressive terms.
. Every business development project is different. One must identify who the deciders are at the outset of a project, and ensure they are on board at every point thereafter, to reduce the odds of failure.
. Business development involves more than just negotiations and operations. To win the interest, respect, and trust of a potential partner, one must have the diligence, enthusiasm, and curiosity to find and forge the right connections.
Buying & selling
. Different from a simple commercial transaction, in business development both sides are buyers and sellers. Each needs something from the other. Each offers something to the other. One must find the balance point where a potential partnership is a win for both sides.
Closing the open door
. There is an endless supply of opportunity. There is a limited supply of capacity. One must say “no” early and often and respectfully to people who don't meet the criteria for yes.
Casting a wide net
. One cannot limit potential partners to organizations one meets at a trade show. Proactive searching and soliciting requires making widely known what the organization needs. Start a blog. Speak at conferences. Publicize successful business development projects and what one is looking for next.
. The reason for business development deals is the power of their success. One must not let the diligence of dealing with all that could go wrong obscure the focus one needs on what must go right.
: Proficiency with client management/sales management software, such as Salesforce.com is required. Proficiency with Microsoft Office - Excel, Word, Outlook, PowerPoint is required.
Problem-solving skills, and exceptional skills in setting and addressing multiple, varied properties in a timely and efficient manner.
Ability to apply strong background in general management to sound business decision-making in all areas of company activity. Ability to set overall direction while also paying attention to detail in a number of areas, particularly in communications and in financial management. Ability to manage a diverse set of businesses and issues of a for profit limited liability company inside a 501(c)(6) trade association with a highly influential policy and advocacy orientation.
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