Contract Analyst

4 months ago

Somerset, United States Terumo Medical Corporation Full time

Job Title: Contract Analyst

Job Summary

The Contract Analyst is responsible for administering specific assigned stages of the Terumo Medical Corporation (TMC) Sales Contract Lifecycle that may include any of the areas pertaining to drafting, reviewing, and analyzing the terms and conditions, pricing and performance of contracts that involve the sale of Terumo product, to ensure high quality contracts that are effective, equitable and compliant. The Contract Analyst will work closely with the Sales Organization, Corporate Account management as well as cross-functional departments such as Legal, Marketing, Customer Service and Finance to oversee one of the three pillars that encompass the administration and analytics of IDN, GPO, Hospital, and other sales contracts.

Job Details/Responsibilities

Contract Development and System Management

  1. Collaborate with the Sales Team to plan and develop customer purchase agreements in accordance with TMCs approved templates and business standards.
  2. Responsible for drafting and/or reviewing contract T&C’s in order to understand and revise to include business decision language and comments prior to Legal review.
  3. Capable of reading and understanding the terms and conditions of sales contracts to adjudicate accurate pricing, rebates, and fees deliverables.
  4. Effectively communicate with internal (and as needed, external) stakeholders regarding contract and pricing status and terms.
  5. Responsible for accurately completing and coordinating RFI’s, RFP’s, and contract submissions for the assigned regions, with the help of the Contracts Administrator.
  6. Monitor and analyze contract compliance with Terumo contracts processes and policies.
  7. Expertly understand TMCs national Group Purchasing Agreements to lead contractual administration obligations.
  8. Identify necessary agreement templates and/or template modifications to meet business needs and collaborate with the legal team to analyze and implement.

Price Management

  1. Review and execute contractually approved pricing and consignment contracts across all customers, upholding utmost accuracy.
  2. Review of customer pricing to eliminate discrepancies proactively.
  3. Effectively communicate with internal (and as needed, external) stakeholders regarding contract and pricing status and basic terms.
  4. Monitor and analyze contract compliance with Terumo contracts and pricing processes and policies.
  5. Responsible for administering TMCs national pricing including List Price, Intercompany Pricing setup and benchmark/discount level prices.
  6. Implement the product lifecycle (new, discontinuation) set up requirements in all contracts and price applicable systems.

Job Responsibilities (continued)

Contract Analytics

  1. Serve as a subject matter expert (SME) in contract performance to assigned sales regions, by retrieving and evaluating customer sales data, forecasting, and assisting in data-driven decisions.
  2. Own the following local and/or regional contractual fees and incentive rebate payment activities from point of full execution to expiration:
  3. Perform the calculation and processing of Administrative Fee and Incentive Rebates.
  4. Perform the calculation of monthly accruals for Administrative Fee and Incentive Rebates and ensure timely posting to the Finance team.
  5. Audit of the Administrative Fees and Incentive Rebates to ensure timely and accurate payment.
  6. Prepare monthly, quarterly, and annual sales reports for assigned contracts.
  7. Respond to fee and rebate related inquiries from both internal business partners and external customers.
  8. Run and analyze ad-hoc reports to support pricing and contract initiatives.
  9. Provide reports and analysis to department and senior management as requested.

The Contract Analyst will also own the following responsibilities that are critical to the Contract Lifecycle management continuum and TMC:

  1. Understand the impact of key financial indicators for applicable Terumo business units, competition, and the marketplace. Utilize this knowledge to the benefit of the business.
  2. Manage projects with minimal direction to help the business achieve objectives.
  3. Work closely with Contract Administrators to manage areas of the contract life cycle within assigned sales regions to ensure synergies in responsibilities.
  4. Continually evaluate relevant internal processes, procedures and systems and propose to management improvements.
  5. Serve and be an effective team member on multi-disciplinary teams to solve problems and to increase the overall effectiveness of the department.
  6. Demonstrate a commitment to patient safety and product quality by maintaining compliance with all TMC Quality Systems requirements. This includes but is not limited to the prompt recognition and forwarding of customer complaints (i.e. adverse events, product performance reports, etc.) to Quality Assurance (QA), and by ensuring all promotional messaging (i.e. branding strategies, product claims, etc.) and materials (i.e. literature) discussed or presented to customers are clinically accurate and adhere to AdvaMed guidelines and Terumo’s policy on Interactions with Healthcare Professionals.
  7. Perform other job-related duties as assigned.

Working Conditions/Physical Requirements

This position exists in an office environment. Approximately 10% overnight travel is required.

Knowledge, Skills and Abilities (KSA)

  • Working knowledge of medical device industry contracting, including knowledge of standard business practices.
  • Ability to quickly learn Terumo’s products, procedures, and systems.
  • Must have strong written, verbal, and interpersonal skills.
  • Well organized and skilled at time management. Must be able to manage multiple priorities and deadlines while working under minimal supervision in a fast paced, deadline driven environment.
  • Strong computer skills including Microsoft Office and ability to run recurring and ad-hoc reports. Proficiency in MS Word including track changes and doc compare is required.
  • Excellent analytical, organizational, and critical thinking skills.
  • Must be able to handle confidential information.
  • Must be detail orientated and thorough.
  • Initiative-taker and able to work independently as well as part of a team.
  • Strong level of ownership and drive for meeting and exceeding expectations is required.
  • Ability to form strong, trust-based relationships with Corporate Account Managers and Sales Team.

Qualifications/ Background Experiences

  • Bachelor’s Degree and a minimum of 3 years of contract analyst and/or contract administration experience, or equivalent combination of education, training and experience required.
  • Experience with sales teams, contracting needs is required.
  • Must have knowledge of GPO, IDN, Hospital/Institutional, and/or other sales-based contracts and contracting processes.
  • Medical device and/or pharmaceutical contracting experience preferred, including knowledge of standard business practices.
  • Experience with a contracting ERP system (SAP, etc.) preferred.
  • Intermediate proficiency in Microsoft Excel and Word required.

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