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Contracts Manager |
Career OverviewA contracts manager is responsible for overseeing all aspects of contracts and contract proposals within the hospital or healthcare facility. This may included posting contract proposals, accepting and reviewing bids, determining the best contractor or vendor to use and overseeing and managing all contractual components.
A contracts manager usually works standard office hours although they may be required to be available for weekend or evening hours if there are problems or complications with vendors or contractors. Most contracts managers have a good understanding of the business model that the hospital or healthcare facility is using as well as having experience in purchasing and business management. Experience in overseeing contractors and working closely with vendors is also important.
A contracts manager must have excellent written and verbal skills. He or she will need to be able to organize, prioritize and set timelines and deadlines. A contracts manager will also need to be creative in solving problems and troubleshooting to keep projects within deadlines and one schedule. They do need to have a clear understanding of the overall future of the hospital or healthcare facility and are usually very involved in the development and management teams.
A contracts manager will use various computer programs including spreadsheets, data analysis and word processing programs. They should also be able to read and understand basic financial documents and prepare reports as needed by management teams.
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Career RequirementsA contracts manager usually requires a minimum of a Bachelors degree in finance, business management or healthcare management. In addition there is usually a requirement of several year experience working in contracting including contract writing, bid development, material specification and budget analysis.
Most contracts managers are very successful negotiators and have additional training in legal aspects of contract development and finalization.
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Job OutlookThe demand for contract managers will continue to increase at the average rate of employment over the next several years. As hospital and healthcare facilities continue to grow and expand due to increasing patient number there will be a steady demand for individuals that can organize and manage these projects and the huge number of contract that they generate.
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Career TrackContracts managers with experience often move into management positions within the various applicable departments. Often physical plant managers for hospitals and other care facilities have been promoted from contract manager positions.
Some contracts managers may choose to work on a consulting or project basis, especially those that work with large healthcare companies that manage hospitals across the country or around the world.
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CompensationCompensation for a contracts manager often depends on several factors including the overall cost of the contract, the size of the facility, and the amount of experience that the contracts manager has. An average salary for a contracts manager is approximately $90,000 per year, whereas the top 25% make over $105,000 per year plus bonuses.
Bonuses for contracts managers are usually given for effective handling of the contracts including early completion and staying within or under budget. These bonuses can range from 8-15% of the salary amount.
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