Healthcare consulting industry is evolving globally owing to the never ending regulations and needs of hospitals and smaller service providers. Government, medical device and insurance companies, also seek aid from consultants for strategic direction, compliance, technology adoption along with human resources issues. The healthcare consultancy industry comprises of a handful of global firms and huge array of small/boutique to medium size firms that specialize exclusively in this area focusing their efforts across the whole value chain from R&D to product launch whilst others may focus on a specific portion of the lifecycle. Stringent regulatory and legal issues have created a very competitive environment for these consulting firms forcing them to create a niche service market and customer base. According to the vault’s ranking of the global best consulting firms for health care consulting, McKinsey & Company tops the lists consecutively in 2016 & 2017.
McKinsey & Company
It’s a privately owned management consulting firm that provides national and regional health services to transform care delivery and make it more sustainable along with health insurance companies and other payers to improve the value of healthcare. The company also aids hospital chains to transform operational performance and academic medical centers to refocus strategy, operations, and governance. Furthermore, they also work towards integrated care organizations to improve healthcare delivery. The company also guides national governments as they set priorities to working with nurses to improve hospital ward operations. Healthcare Systems & Services team of the company includes more than 1,700 consultants worldwide, over 150 MDs with patient care or research experience, and at least 250 consultants with masters or doctoral degrees in the life sciences and medical fields. They are engaged in projects in over 70 countries. Global staffing model, professional services and development of the employee, great mentorship and unparallel business training kept the company holding grounds and maintain the top position in the second consecutive year in the vault’s list.
The Boston Consulting Group
Boston Consulting Group or BCG as it is commonly referred, was established in 1963 as a corporate management consulting firm and employs 12,000 people in 85 offices and 48 countries, making it one of the nation’s largest private companies. The firm works with payers and providers on issues such as managing healthcare costs and quality, value-based healthcare and creating consumer-centered business models. The company provides solutions to thrive in a health care market including (not restricting) increased complexity, tighter regulation, and breakthrough digital technologies. In 2015, BCG was ranked 3rd in the vault’s link of healthcare consulting ranking. It scaled a level up in the 2017th list due to great workforce, flexibility, exceptional client delivery and job sustainability.
Deloitte Consulting LLP
Deloitte Consulting provides value-based care while maintaining regulatory compliance to consumers for adapting towards a changing global landscape while driving innovation. The company guides health care and life science companies and new market entrants in navigating the complexities of the global health care system arising due to market, political, and legislative changes, thus helping the customers to develop innovative and practical solutions. For health care providers, Deloitte offers: technology enabled transformation, health care regulatory solutions, strategy and M&A, talent optimization, sustainable margin, value based care, physician enterprise and ambulatory services. According to the vault’s list the company lost its position as 2nd best healthcare consulting firm to BCG due to work pressure, maintain the disruptive culture, environmental changes and competition and barriers of accessibility to new roles/positions outside of practice area.
Bain & Company
Boston-based consulting firm works with pharmaceutical and medical technology companies, along with payers to meet regulatory requirements while evolving to meet changing consumer preferences. Bain works on the full spectrum of healthcare strategy, operations, organization and mergers and acquisitions with the aid of cross-sector teams bringing in diverse and deep experience and a collaborative approach. The company work alongside client teams at all levels of the organization to develop practical solutions delivering sustainable results in both developed and emerging markets. The company has hands-down experience in creating sustained growth strategies for developed and emerging markets to gain market leadership. The company has also helped healthcare companies significantly by improving their odds of successful M&A and developing cost-effective and efficient business models. Bain also creates go-to-market strategies and redesigns the organization towards improving product and service innovation. Furthermore, it also provides guidance for harnessing healthcare IT to lower costs, stay ahead of the innovation curve and enhance quality of care. The company was ranked 4th in 2017 as oppose to 5th in 2016 due to higher customer satisfaction, apprenticeship model of approach, professional development and friendly culture providing great opportunities.
Huron Consulting Group
Chicago based firm specializes in healthcare and life sciences consulting, partners with organizations mainly to adapt to new payment structures, navigate regulatory changes, manage the costs of care, and transition to a population health model. The company’s healthcare segment revenues were estimated to be around USD 429 million accounting for 53% of the overall revenues. The company provides strategic directions, clinical transformation, financial and operational excellence, technology implementation, and patient and care giver engagement services to consumers. The consumer base of the company varies from medical centers, community hospitals, healthcare organizations, medical groups, health systems and specialty hospitals and facilities. The company rose from 9th to 5th rank in the vault’s list owing to great culture and employment friendly environment and ample opportunities, defined benefits – compensatory and non compensatory.