Capital Sourcing Analyst

​​Under direction, this position supports developing and executing sourcing strategies for Advocate Health (may include supplies, pharmaceuticals, services, or capital), leveraging best practices, identifying cost containment opportunities, and standardizing products. Ensuring purchasing strategies support Advocate Health’s strategic plan, mitigate risk, maximize efficiency, and achieve cost, quality, and service delivery goals. Supporting the functional team strategy to enterprise strategy. ​

MAJOR RESPONSIBILITIES

Strategy Development: supports strategic sourcing best practices for enterprise across assigned categories. Supports sourcing strategies such as analyzing market fundamentals, industry data, price benchmarks, cost drivers and trends, key cost variances, and economic forecasting in assigned categories. Categorizes and analyzes spend categories and assesses market and sourcing options to prioritizing areas for maximizing value and cost synergies.​ 

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Sourcing Process Management: assist with the end-to-end sourcing process, including supplier identification, qualification, selection, negotiation, and contracting. Ensure compliance with relevant policies, procedures, and regulations. ​Assist in strategies to bring non-contracted products and services under contract, assuring best contract coverage for assigned categories. ​Consults with Legal on contractual issues concerning proper legal terms and conditions. Ensuring all other relevant departments’ evaluations of contracts are triggered (IT, Data Security, etc.) which can vary by contract type​​. 

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Cost Optimization: Supports cost-saving opportunities through comprehensive analysis of utilization, pricing, and contracting. Aids in cost containment strategies, such as standardization, utilization controls, and value-based purchasing. Assists in the attainment of maximum savings in total delivered cost of supplies, pharmaceuticals, services, and equipment in assigned categories​.​​ 

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Supplier Relationship Management: Aid in monitoring supplier performance. Collaborate with cross-functional teams to address supplier-related issues and ensure timely resolution.​​ 

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Cross-functional Collaboration: Work closely with sourcing leaders and other relevant stakeholders to understand their needs and priorities. ​ 

Clinical Integration: Collaborate with sourcing leadership to ensure the seamless integration of value analysis. Support educational programs and materials to promote awareness and adoption of value-based approaches throughout enterprise. ​ 

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​​​Data Analysis and Reporting: Assist in production of metrics and performance indicators to measure the impact of strategic sourcing initiatives on cost savings, quality improvement, and patient outcomes. Assist in analyzing data to identify trends, monitor progress, and generate actionable insights. Prepare regular reports and presentations for leadership, highlighting key findings, achievements, and recommendations.​ 

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​​​Continuous Improvement: Stay updated on industry trends, emerging technologies, and best practices. Supports a culture of continuous improvement, leveraging data analytics, technology tools, and industry collaborations to enhance the strategic sourcing process and drive ongoing improvement in patient care delivery.​​ 

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Risk Management: Supports risk mitigation associated with the sourcing process, including supply chain disruptions, quality issues, regulatory compliance, and geopolitical factors related to assigned categories. Aids in contingency plans to minimize potential impact on the organization. 

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Assists in developing Requests for Proposal (RFP), Request for Information (RFI), and Invitations for Bid (IFB) in accordance with directives and program requirements. ​​​ 

Ensures contracting process engages end-users to define service and product attributes through facilitated pre-contracting initiatives.​​​ 

Supports a rolling three-year plan for supplies, implants, pharmaceuticals, purchased services and capital categories as assigned. ​ 

MINIMUM EDUCATION AND EXPERIENCE REQUIRED

License/Registration/Certification Required: ​None Required

Education Required: ​ ​Bachelor’s Degree in Supply Chain, Business or related field preferred.

Experience Required: Typically requires 2 years of demonstrated work experience in healthcare supply chain/procurement.

KNOWLEDGE, SKILLS, AND ABILITIES REQUIRED

​​Knowledge in system-wide purchasing strategies, processes, and programs which support a service focused, cost effective, and centralized model.​ 

​​Demonstrated successful contract negotiation skills and ability to establish and administer complex contracts for products and services.​ 

​​Sound knowledge of inventory management and related accounting processes.​ 

​​Interchange and internet-based procurement transaction processes knowledge with exposure to broader issues such as Continuous Replenishment Processes or Vendor Managed Inventories.​ 

​​Skills developing strategic and tactical plans to meet business objectives in a large healthcare system.​ 

​​Knowledge of contract law and related legal and financial policies. 

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​​Basic knowledge of analytical/mathematical/statistical methods, data analysis and presentation.​ 

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​​Excellent communication skills necessary to communicate effectively with senior administrators, department leaders, 
physicians, vendors, and clinical staff to support Advocate Health’s acquisition goals.​ 

​​Knowledge of healthcare accreditation standards (i.e., DNV, JCAHO), Occupational Safety and Health Administration, and National Fire Protection Organization requirements.​ 

​​Excellent analytical, quantitative, and qualitative skills. Ability to identify and solve problems creatively, to work within deadlines with a high attention to detail and to work independently in a fast paced, dynamic environment.​ 

​​Experience in working with and implementing large-scale automated systems.​ 

PHYSICAL REQUIREMENTS AND WORKING CONDITIONS

​​​This position requires limited regional and national travel, therefore, will be exposed to weather and road conditions. ​​ 

​​Operates all equipment necessary to perform the job.​ 

​​Exposed to a normal office environment.​ 

This job description indicates the general nature and level of work expected of the incumbent. It is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities required of the incumbent. Incumbent may be required to perform other related duties.