Business Development Director |
Career OverviewAs the name implies the business development director works to ensure that new markets are created within the healthcare facility and that services are provided to the widest range of patients possible. The business development director is also responsible for evaluating new ideas and developing new networking possibilities for the hospital or care facility and writing and ensuring collaborative working agreements with other similar agencies and facilities within the market area.
The business development director is responsible for making presentations to stakeholders and interested parties and investors in addition to making reports to the board of directors or management teams as requested. The business development director is responsible for developing both long and short term business plans and often works very closely with the business analyst and the accounting and financial departments.
A business development director needs to have excellent communication skills both in written and oral presentation, be comfortable with answering questions and speaking in public forums, as well as developing new business and income strategies in a team environment. Organizational skills and the ability to work on several tasks at one time are very important for this job.
A business development director should be up-to-date on various aspects of business management and trends in hospital and healthcare. A strong financial planning background is definitely an asset in this choice of careers.
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Career RequirementsThe job of a business development director in the healthcare field usually requires experience in financial planning, accounting, or business management. Usually a Masters degree in Business Administration or related field plus several years experience working as a business development team member is required to be considered for the position.
Experience and knowledge in preparing reports, making presentations as well as grant writing experience and training is also an asset for business development directors although it may not be a requirement for every job posting.
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Job OutlookAs hospitals and other healthcare facilities attempt to become more profitable and serve a wider range of patients and clients the demand for business development directors will increase at a higher than average rate for the next several years.
The United States Department of Labor indicates that business managers in hospital and healthcare facilities will continue to experience a higher than average vacancy rate in positions up to the year 2014. Those business development directors with experience, proven success in other healthcare management fields and excellent salesmanship and communication skills will be highly sought after within the large metropolitan areas.
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Career TrackIt is estimated that the average rate of self-employed business development directors is three times more than the average for other areas of employment. This is largely due to the contract-to-contract nature of the role of a business development director rather than as a full time employee.
Smaller hospitals and healthcare facilities may only hire a business development director on an as needed basis rather than as a full time employee. Many business development directors move into senior management positions within planning teams and financial teams within large healthcare organizations.
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CompensationA business development director is paid both on a contract and bonus basis. Most business development directors will earn between $100,000 to $122,000 plus bonuses for those business development directors with limited experience and up to $300,000 for those senior business development directors working as consultants or on a per contract basis.
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