Director of Vendor Management- Patient Financial Services -Corporate 42nd Street- Full-Time-Days

Director of Vendor Management- Patient Financial Services -Corporate 42nd Street- Full-Time-Days 

The Director of Vendor Management for the Mount Sinai Health System (MSHS) and the Icahn School of Medicine at Mount Sinai (ISMMS) (which includes the MSHS and the Faculty Practice Plan) is responsible for the strategic oversight, governance, and performance optimization of all external vendors supporting Mount Sinai Health System’s front-end, mid-cycle, and back-end RCM operations. This role will develop and execute best-in-class vendor performance management frameworks, negotiate and manage contractual agreements, drive accountability for KPIs and SLAs, and ensure vendors align with Mount Sinai’s operational, financial, and patient experience goals.

The Director will partner cross-functionally with internal RCM leaders, IT, Finance, Legal, and external partners to ensure vendor-delivered services meet or exceed contractual obligations and support enterprise revenue cycle transformation initiatives.

The Director will report to the System Vice President of RCM.

Vendor Strategy & Governance

1. Develop and lead the enterprise-wide RCM vendor management strategy covering front-end, mid-cycle, and back-end functions (e.g., patient access, coding, clinical documentation integrity, billing, collections, denials management).
2. Establish a governance framework for vendor selection, onboarding, performance monitoring, renewal, and termination.
3. Ensure all vendors comply with HIPAA, data security standards, and Mount Sinai policies.

Performance Management

1. Define and manage KPIs, SLAs, and contractual performance metrics for all vendors; ensure timely corrective action plans where needed.
2. Lead monthly/quarterly business reviews with vendors to assess operational performance, quality, compliance, and financial impact.
3. Utilize data analytics to identify performance trends, cost reduction opportunities, and process improvement initiatives.

Contract Negotiation & Financial Oversight

1. Negotiate new and renewal vendor contracts, optimizing cost-to-collect and return on investment.
2. Partner with Finance to ensure accurate invoicing, validate vendor-reported metrics, and monitor cost control.
3. Develop business cases for vendor-related investments and service changes.

Operational Integration

1. Collaborate with RCM leadership to ensure vendor services integrate seamlessly with internal workflows and technology platforms.
2. Partner with IT on technology-enabled vendor solutions, automation initiatives, and interoperability requirements.
3. Serve as escalation point for vendor-related operational issues, ensuring rapid resolution and minimal disruption to revenue cycle operations.

Continuous Improvement & Innovation

1. Benchmark vendor performance against industry standards and peer health systems.
2. Identify opportunities for automation, AI/ML solutions, and advanced analytics to enhance vendor-delivered services.
3. Drive pilot programs with new or emerging vendors to evaluate innovative solutions.
4. Source new best-in-class vendors/partners for RCM.

Vendor & Invoice Management

1. Direct all vendor invoicing processes, ensuring accuracy, timeliness, and alignment with contractual terms and service-level agreements.
2. Partner with Procurement, Finance, and Legal to negotiate favorable vendor agreements that support cost efficiency and operational performance.
3. Monitor vendor performance and compliance with contractual obligations.

Performance Metrics for Role Success

1. Reduction in vendor-related cost-to-collect.
2. Vendor performance meeting or exceeding 95% SLA adherence.
3. Timely resolution of vendor-related operational issues.
4. Measurable improvement in cash acceleration, denial overturns, days in AR and, clean claim rates attributable to vendor performance.

Essential Functions of Position

1. Maintain strong understanding of revenue cycle metrics and build processes to enhance analytical capabilities, process improvement identification, and technology enhancements.
2. Maintain st