Resp & Qualifications
CareFirst is a leader in the healthcare industry serving over 3 million Members. As part of the Office of the CEO, Healthworx is the corporate venture, corporate development, and commercialization arm of CareFirst. In those capacities, Healthworx’s goals include developing a pipeline of access and insight into emerging technology and healthcare trends, aligning CareFirst innovative partners, and diversifying CareFirst’s revenue opportunities. Healthworx is currently building a portfolio of investments and strategic partnerships with companies that address the needs of CareFirst and its members today and whose solutions have the potential to make a substantial impact on CareFirst or in healthcare three to five years down the road.
Today, commercialization is a developing strategy for CareFirst and a nascent function on the Healthworx team. The development of new businesses allows CareFirst to solve unmet needs while creating solutions for the market, generate diverse revenue leading to greater sustainability for both CareFirst and Healthworx, and extend its footprint outside of the current service area creating exposure to new markets.
The Entrepreneur-in-Residence is a core member of the Healthworx commercialization team and is responsible for identifying, validating, and pursuing opportunities that will lead to the creation of new business opportunities under Healthworx and CareFirst. The Entrepreneur-in-Residence should bring entrepreneurial experience building early and growth stage businesses with a track record of success and creativity.
Healthworx and its respective functional teams operate as small, agile “startups” within CareFirst. All Healthworx team members are expected to wear multiple hats within their teams and have the capacity to operate autonomously within a dynamic work environment that may ask team members to dive into unfamiliar territory. An ideal Entrepreneur-in-Residence will embody the intellectual curiosity that allows them to translate pain points or challenges into innovative, out-of-the-box, solutions with rationalized, scalable business models.
Reporting to the Healthworx Director of Commercialization:
• The Entrepreneur-in-Residence is responsible for business development tasks associated with all commercialization opportunities including:
o Building and fostering relationships with thought leaders, industry experts, subject matter experts, startups, established healthcare businesses, and other stakeholders
o Identifying commercialization opportunities which solve unmet needs
o Driving a robust process for pressure testing new concepts, validating assumptions, and narrowing the pipeline of possible solutions to an optimal strategy
o Creating business models including “what,” “why,” and “how” Healthworx can pursue new ventures using the Business Model Canvas or other frameworks
o Collaborating with operational and technology resources to translate business requirements into product and/or service requirements
o Collaborating with other Healthworx teams including innovation, corporate venture, and corporate development functions to align opportunities and share insights
• The commercialization team pursues opportunities based on (1) existing CareFirst assets and (2) a unmet needs. In these pursuits, the Entrepreneur-in-Residence will:
o Understand, capture feedback, create hypotheses, and develop a point of view on potential commercialization strategies related to an opportunity
o Ideate, iterate, and develop rationale for one or more strategies related to an opportunity
o Create a business plan that aligns with product and/or service requirements and includes a timeline of inflection points tied to milestones, success metrics, and investment needs
• Following validation, the Entrepreneur-in-Residence is responsible for growing the team outlined in the business plan to commercialize the offering either through CareFirst or through a new entity
• The Entrepreneur-in-Residence is responsible for regular communication and presentation of updates, perspectives, and recommendations amongst Healthworx and CareFirst leadership and associates as well as external stakeholders
• Bachelor’s degree in a business or health-related discipline
• 5+ years of experience in the leadership role of an early stage or growth business that the candidate played a pivotal role in creating or founding
• Experience in or with venture capital, private equity, or commercialization
• Experience creating and iterating business plans in response to changing business objectives and market trends
• Experience presenting to and raising capital from accredited investors
• Experience working alongside technical and operational teams to translate business requirements into product requirements
• Evidence of a robust, accessible network of healthcare-specific subject matter experts, investors, thought leaders, startups, and established businesses
• Independent thinker and self-starter who can make decisions strategically and creatively to drive tactical execution and motivate productivity without constant supervision
• Excellent planning, coordination, and management skills including experience with coordinating teams with diverse skillsets i.e. technical, marketing, sales, support resources
• Excellent interpersonal skills and ability to drive projects cross-functionally with both internal and external stakeholders
• Graduate degree (MBA, Master’s, PhD) in a business or health-related discipline
• Former founder and CEO or COO of an early stage or growth business
• Experience executing the sale or IPO of a business in which the candidate held a leadership role
• Industry experience from a top-tier healthcare consulting firm
• Experience building products with consideration for healthcare regulations and policies
• Experience recruiting and managing boards and advisory groups to support new ventures
• Proven, high-performing track record in positions of responsibility for business plan development and execution
Must be able to effectively work in a dynamic environment with frequently evolving priorities and manage high volume workloads efficiently to accomplish commercialization goals. Must be able to anticipate and plan for risks and challenges associated with pursuing new business opportunities and the evolving requirements of the venture as it progresses through phases of implementation, validation, and scale.
Department: Corporate Development / Healthworx / Office of the CEO
Equal Employment Opportunity
CareFirst BlueCross BlueShield is an Equal Opportunity (EEO) employer. It is the policy of the Company to provide equal employment opportunities to all qualified applicants without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, protected veteran or disabled status, or genetic information.
Hire Range Disclaimer
Actual salary will be based on relevant job experience and work history.
Where To Apply
Please visit our website to apply: www.carefirst.com/careers
Please apply before: 2/10/2021
Federal Disc/Physical Demand
Note: The incumbent is required to immediately disclose any debarment, exclusion, or other event that makes him/her ineligible to perform work directly or indirectly on Federal health care programs.
The associate is primarily seated while performing the duties of the position. Occasional walking or standing is required. The hands are regularly used to write, type, key and handle or feel small controls and objects. The associate must frequently talk and hear. Weights up to 25 pounds are occasionally lifted.