Chief Business Officer - FT

UMC Health System; Richmond (VA); On-site; USD 180,000 - 260,000; Full time

Job summary

UMC Health System in Richmond, VA seeks a Chief Business Development Officer to lead managed care and business development, align payer strategy with organizational priorities, and drive market growth.

You will oversee the Director of Managed Care and a Business Development Specialist, prepare executive analyses, negotiate complex contracts, and present to the Executive Leadership Team and Board. This role requires strategic vision and strong collaboration across departments.

Qualifications

• Bachelor’s degree in a related field from an accredited college or university.
• Master’s degree preferred.
• 7+ years in healthcare business development or related fields.
• 5+ years in leadership roles overseeing teams.
• Experience with payer contracting and market development.

Responsibilities

• Provide leadership and strategic direction for managed care and business development.
• Oversee Director of Managed Care and Business Development Specialist; set priorities and KPIs.
• Oversee financial and strategic performance of managed care agreements and payer relationships.
• Prepare executive reports, financial analyses, and strategic recommendations for leadership.
• Provide guidance for significant payer negotiations and contracting activities.
• Identify and advance growth opportunities to increase patient volumes and net revenue.
• Develop relationships with payers, employers, brokers, consultants, and partners.
• Develop business cases, financial projections, and market assessments to support decisions.
• Monitor market conditions and reimbursement changes to identify opportunities and risks.
• Collaborate with executives to communicate and implement approved strategic initiatives.

Skills

Leadership

Strategic planning

Payer contracting

Financial analysis

Negotiation

Relationship management

Executive communication

Market analysis

Education

Bachelor’s degree in healthcare administration or related field

Master’s degree preferred

Tools

Microsoft Excel

PowerPoint

Contract management systems

Job description

We’ve learned that what is best for patients is also best for employees. Learn more about why we are one of the Best Companies to Work for in Texas.

The Chief Business Development Officer provides leadership for the health system’s managed care and business development functions under the direction of the Vice President of Business Development. The position is responsible for advancing payer strategy, reimbursement performance, employer and business relationships, market development opportunities, and strategic initiatives that support organizational growth and financial performance.

The Chief Business Development Officer provides direct leadership and oversight to the Director of Managed Care and Business Development Specialist and works collaboratively with executive, clinical, financial, and operational leaders to support organizational priorities. The position serves as a senior resource for managed care performance, payer relationships, business development opportunities, market trends, and strategic financial analysis.

The Chief Business Development Officer assists the Vice President of Business Development in evaluating and advancing significant strategic opportunities and prepares executive-level analyses, recommendations, and presentations for the Executive Leadership Team and Board of Directors.

Reports To: Vice President of Business Development

Job Specific Responsibilities

Daily assignments may include but are not limited to:

1. Under the direction of the Vice President of Business Development, provide leadership and strategic direction for the health system’s managed care, payer strategy, business development, employer relations, and assigned market growth activities in alignment with organizational priorities.
2. Provide leadership and oversight of the Director of Managed Care and Business Development Specialist, establishing departmental priorities, performance expectations, goals, and key performance indicators while fostering accountability, collaboration, professional development, and effective execution.
3. Oversee the financial and strategic performance of managed care agreements and payer relationships, working collaboratively with Managed Care, Finance, Revenue Cycle, and operational leadership to identify opportunities to improve reimbursement, net revenue, contribution margin, cash collections, and contract performance.
4. Prepare executive reports, financial analyses, strategic recommendations, and presentations regarding managed care performance, payer mix, reimbursement trends, contract opportunities, business development initiatives, market dynamics, and other strategic matters for the Vice President of Business Development, Executive Leadership Team, and Board of Directors leadership.
5. Provide executive oversight and strategic guidance for significant payer negotiations and contracting activities, including reimbursement strategies, complex agreements, employer arrangements, individual case agreements, transplant agreements, and other contracts with material financial or strategic impact to the health system.
6. Identify, evaluate, and advance business development and growth opportunities that support increased patient volumes, net revenue, market share, access to services, and utilization of health system programs, including employer partnerships, service-line opportunities, strategic affiliations, and other business relationships.
7. Develop and maintain strong relationships with key external stakeholders, including payers, employer groups, brokers, consultants, physicians, Texas Tech University Health Sciences Center, UMC Physicians, community organizations, and other strategic business partners, representing the health system as assigned by the Vice President of Business Development.
8. Develop and assist with business cases, financial projections, return-on-investment analyses, market assessments, and strategic recommendations for proposed contracts, partnerships, programs, services, and growth initiatives to support executive decision-making.
9. Monitor healthcare market conditions, competitive activity, payer strategies, employer needs, reimbursement changes, regulatory developments, and industry trends to identify emerging opportunities and risks and provide recommendations to the Vice President of Business Development and other organizational leadership.
10. Collaborate with executive, clinical, operational, financial, marketing, and physician leadership to advance approved strategic initiatives, ensuring managed care and business development strategies are effectively communicated, implemented, measured, and transitioned into ongoing operations.

Education and Experience

• Bachelor’s Degree in Healthcare Administration, Business Administration, Finance, Public Health, Marketing, or a related field from an accredited college or university required.
• Master’s Degree in Healthcare Administration (MHA), Business Administration (MBA), Finance, Public Health, or related discipline preferred.
• Minimum of seven (7) years of progressively responsible experience in healthcare business development, managed care, payer relations, healthcare finance, strategy, operations, or a related field preferred.
• Minimum of five (5) years of leadership experience with responsibility for leading people, departments, significant organizational initiatives, or complex business processes.
• Demonstrated experience evaluating financial performance, developing strategic recommendations, and presenting findings to senior organizational leadership.
• Experience with hospital or health system payer contracting, reimbursement, employer relations, strategic partnerships, or market development strongly preferred.
• Experience negotiating or providing leadership oversight of complex healthcare contracts and business arrangements preferred.
• Experience working within an integrated delivery system, academic medical center, physician network, public hospital system, or similarly complex healthcare organization preferred.

Required Licensures/Certifications/Registrations

• None required.
• Fellow of the American College of Healthcare Executives (FACHE), Certified Healthcare Financial Professional (CHFP), or similar healthcare leadership, finance, or strategy certification preferred.

Knowledge, Skills, and Abilities

• Strong understanding of healthcare finance, managed care, payer contracting, reimbursement methodologies, revenue cycle, and healthcare market dynamics.
• Demonstrated ability to support and execute organizational growth and business development strategies.
• Strong financial acumen with the ability to interpret financial statements, reimbursement analyses, contract models, payer performance reports, market data, and business cases.
• Ability to translate complex financial, operational, payer, and market information into clear executive-level recommendations.
• Strong leadership presence with the ability to communicate effectively with executive leadership, physicians, Board members, payers, employers, and community leaders.
• Demonstrated negotiation, influence, relationship management, and conflict-resolution skills.
• Ability to identify opportunities, develop recommendations, establish priorities, and drive initiatives through implementation.
• Strong leadership skills with the ability to establish expectations, hold leaders and teams accountable, and develop high-performing staff.
• Advanced analytical, quantitative, problem-solving, and decision-making skills.
• Strong written communication and presentation skills, including development of executive summaries, Board materials, financial analyses, and strategic presentations.
• Ability to manage multiple complex initiatives and priorities in a fast-paced healthcare environment.
• Knowledge of commercial insurance, Medicare, Medicaid, Medicare Advantage, employer-sponsored health plans, value-based reimbursement, and evolving healthcare payment models.
• Understanding of healthcare regulatory and compliance considerations related to contracting, business development, provider relationships, and strategic partnerships.
• Proficiency with Microsoft Office Suite, particularly Excel and PowerPoint, and the ability to effectively utilize healthcare analytics, financial, contract management, and reporting platforms.
• Ability to travel locally and regionally and represent the organization at external meetings and events as required.

Interaction with Other Departments and Other Relationships

This position works closely with the Vice President of Business Development, Executive Leadership Team, Finance, Revenue Cycle, Patient Financial Services, Managed Care, Business Development, Marketing and Communications, Legal, Compliance, Information Technology, Case Management, Patient Access, Quality, Population Health, Physician Network Services, Medical Staff leadership, operational departments, and other health system leaders. The Chief Business Development Officer also develops and maintains relationships with Texas Tech University Health Sciences Center, UMC Physicians, commercial and government payers, employer groups, brokers, consultants, physician organizations, community organizations, business leaders, and other strategic partners.

Physical Capabilities

Occasionally exerts up to 25 pounds of force and/or frequently exerts a small amount of force to lift, carry, push, pull, and move objects. Work involves sitting for extended periods but may also involve walking and/or standing for meetings, presentations, community events, and facility visits. Position requires frequent computer and keyboard use and occasional travel between facilities and external meeting locations. Must be available during normal business hours and for occasional early morning, evening, or after-hours meetings as required. Must be available by telephone or other approved communication methods as necessary to support organizational responsibilities.

Environmental/Working Conditions

Work is primarily performed in a professional office and healthcare environment. The position may require travel to hospital facilities, physician offices, payer offices, employer locations, community meetings, professional conferences, and other business settings. Work environments and temperatures may vary based upon location.

Direct Reports

• Director, Managed Care
• Business Development Specialist

UMC Health Systemprovides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment on the basis ofrace, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.

*Request for accommodations in the hire process should be directed to UMC Human Resources.*