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Business associate hiring summary. Here are some key points about hiring business associates in the United States:
Here's a step-by-step business associate hiring guide:
Business associates are individuals who perform certain roles and duties that involve safeguarding protected health information on behalf of a covered entity. They perform several duties that include handling and managing claims administration and processing, data processing and analysis, and ensuring quality assurance. In addition, business associates conduct market research and identify prospective clients, and develop and implement client retention plans and sales strategies. They are also responsible for identifying new business partners and opportunities.
Before you start hiring a business associate, identify what type of worker you actually need. Certain positions might call for a full-time employee, while others can be done by a part-time worker or contractor.
A business associate's background is also an important factor in determining whether they'll be a good fit for the position. For example, business associates from different industries or fields will have radically different experiences and will bring different viewpoints to the role. You also need to consider the candidate's previous level of experience to make sure they'll be comfortable with the job's level of seniority.
This list presents business associate salaries for various positions.
| Type of Business Associate | Description | Hourly rate |
|---|---|---|
| Business Associate | $22-53 | |
| Coordinator | Coordinators are responsible for liaising between the department they are assigned to and any other external party. They oversee projects or agreements... Show more | $12-29 |
| Business Development Internship | A business development intern is responsible for supporting the organization's goals and objectives in providing the best services to clients and ensuring a smooth flow of operations with maximum productivity and efficiency. Business development interns observe the operational processes of the department and perform duties under the supervision of a direct manager or tenured staff... Show more | $12-20 |
Including a salary range in your business associate job description helps attract top candidates to the position. A business associate salary can be affected by several factors, such as geography, experience, seniority, certifications, and the prestige of the hiring company.
For example, the average salary for a business associate in Nebraska may be lower than in California, and an entry-level business associate usually earns less than a senior-level business associate. Additionally, a business associate with certifications may command a higher salary, and working for a well-known company or start-up may also impact an employee's pay.
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | California | $87,393 | $42 |
| 2 | New York | $82,325 | $40 |
| 3 | Delaware | $82,104 | $39 |
| 4 | Massachusetts | $82,012 | $39 |
| 5 | New Jersey | $81,225 | $39 |
| 6 | Connecticut | $76,598 | $37 |
| 7 | Washington | $73,817 | $35 |
| 8 | Ohio | $73,468 | $35 |
| 9 | Pennsylvania | $69,333 | $33 |
| 10 | Virginia | $68,027 | $33 |
| 11 | Illinois | $66,461 | $32 |
| 12 | North Carolina | $64,801 | $31 |
| 13 | Arizona | $64,193 | $31 |
| 14 | Maryland | $63,081 | $30 |
| 15 | District of Columbia | $62,491 | $30 |
| 16 | Texas | $61,646 | $30 |
| 17 | Michigan | $60,923 | $29 |
| 18 | Minnesota | $60,590 | $29 |
| 19 | Iowa | $60,036 | $29 |
| 20 | Missouri | $58,161 | $28 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | The Citadel | $122,643 | $58.96 | 6 |
| 2 | Two Sigma | $116,346 | $55.94 | |
| 3 | Crown Castle International | $110,843 | $53.29 | |
| 4 | BMO Capital Markets | $109,585 | $52.69 | 6 |
| 5 | Neuberger Berman | $109,302 | $52.55 | 3 |
| 6 | ORIX USA | $108,847 | $52.33 | |
| 7 | Cambridge Associates | $106,774 | $51.33 | |
| 8 | Better | $106,291 | $51.10 | |
| 9 | $105,898 | $50.91 | 9 | |
| 10 | Davidson Kempner | $105,381 | $50.66 | |
| 11 | Jump Trading | $105,276 | $50.61 | 1 |
| 12 | Meta | $105,198 | $50.58 | 112 |
| 13 | Dimensional Fund Advisors | $104,513 | $50.25 | 1 |
| 14 | Citi | $102,940 | $49.49 | 6 |
| 15 | Goldman Sachs | $101,568 | $48.83 | 7 |
| 16 | Morgan Stanley | $101,486 | $48.79 | 22 |
| 17 | Barclays | $100,685 | $48.41 | |
| 18 | MPG | $100,519 | $48.33 | |
| 19 | SoFi | $99,484 | $47.83 | 4 |
| 20 | $99,359 | $47.77 | 2 |
A business associate job description should include a summary of the role, required skills, and a list of responsibilities. It's also good to include a salary range and the first name of the hiring manager. Below, you can find an example of a business associate job description:
There are various strategies that you can use to find the right business associate for your business:
Your first interview with business associate candidates should focus on their interest in the role and background experience. As the hiring process goes on, you can learn more about how they'd fit into the company culture in later rounds of interviews.
It's also good to ask about candidates' unique skills and talents to see if they match your ideal candidate profile. If you think a candidate is good enough for the next step, you can move on to the technical interview.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you've found the business associate candidate you'd like to hire, it's time to write an offer letter. This should include an explicit job offer that includes the salary and the details of any other perks. Qualified candidates might be looking at multiple positions, so your offer must be competitive if you like the candidate. Also, be prepared for a negotiation stage, as candidates may way want to tweak the details of your initial offer. Once you've settled on these details, you can draft a contract to formalize your agreement.
It's also important to follow up with applicants who do not get the job with an email letting them know that the position is filled.
To prepare for the new employee's start date, you can create an onboarding schedule and complete any necessary paperwork, such as employee action forms and onboarding documents like I-9 forms, benefits enrollment, and federal and state tax forms. Human Resources should also ensure that a new employee file is created.
Hiring a business associate comes with both the one-time cost per hire and ongoing costs. The cost of recruiting business associates involves promoting the job and spending time conducting interviews. Ongoing costs include employee salary, training, benefits, insurance, and equipment. It is essential to consider the cost of business associate recruiting as well the ongoing costs of maintaining the new employee.
The median annual salary for business associates is $72,369 in the US. However, the cost of business associate hiring can vary a lot depending on location. Additionally, hiring a business associate for contract work or on a per-project basis typically costs between $22 and $53 an hour.