A crisis will always be a window for opportunity. It’s uncertain where this old adagio comes from, but it certainly fits the bill of the healthcare consultancy industry. National health services of most countries try to provide the best service at lower costs, and government agencies have very little say on the matter unless we are talking about centralized social healthcare programs offered in countries like Canada. As sad as it seems, the health industry is an open market and hospitals have to deal with day to day costs no matter if they are a public service or a private clinic.
That’s where most of these consulting services come into play. Healthcare consulting firms are the ones that have the best insight of the market, and they can help a drug company with the launch of a product or a hospital to administer their monetary resources properly. The people working on these agencies are well versed in legal matters regarding the services a hospital can provide as well as the dealings they need to have in place with each insurance company in the country. This type of knowledge has a cost. That cost translates into quality services. Fortunately, IgeaHub has managed to keep track of the performance of most of these firms.
Based on the listings offered by IgeaHub in 2016 and 2017, we can try to place a few predictions about who will be the best Healthcare Consulting firm for 2020. Let’s take a look at the top spot first:
1. Bain & Company
This particular firm specializes in pharmacy products and medical tech. They are known for keeping their personnel updated with the latest info about the ever-changing preferences of the customer base of their clients. The company can manage a wide range of logistics when it comes to healthcare strategies. They have proven to be very efficient to handle mergers and acquisitions of crossing teams working on similar developments. They pride themselves on achieving significant levels of collaboration among their clients. They have helped a great deal of medical products earn their place in the market, and they have an eye for innovative products. According to IgeaHub the company ranked 5th place in 2016 and went up a scale, landing the 4th place in 2017. They have everything to earn the top spot in 2020.
The company formerly known as Quintiles IMS works every front of the healthcare industry and is the current holder of the top spot in 2018. Although they are going through a severe rebranding and restructure process, they still can offer high-quality services when it comes to handling anything in the medical industry. The company deals with new technological developments and promotes new clinical research. They are known to push the boundaries of investigation when a product shows the potential to be a winner. It also has one of the largest teams of employees in the list with nearly 55,000 agents across the world in any of the 100 countries where they have a base of operations.
3. McKinsey & Company
This particular consulting firm currently ranked at #2 has a different approach to the others in the list since they are based on establishing sustainable business models by working alongside insurance companies. They are known for having the best business partnerships with most of them as well as the hospitals that take their payments. The team working at McKinsey & Company also specializes in improving the operational performance of hospitals and clinics, be them small sized operations or big chain medical centers that are being poorly administered. A good portion of their advisors is medical professionals themselves, so most of them are aware of the needs of a medical facility.
4. Soriant Healthcare
This company is an up and coming consulting firm. They’re not as big as the others on this list, but this is a good thing. They excel at one-to-one healthcare consulting that makes an actual difference in your bottom-line. They use the Lean Six Sigma approach for healthcare, and it shows in their work. Soriant Healthcare never gives up an opportunity to use high level marketing strategy into real world advances and profit.
5. Huron Consulting Group
If you need to identify the skills of this consulting firm with a single word “overhaul” is what works best to explain what they do. The Huron group is known for having a great eye to restructure organizations with solvency problems. They are well versed in regulatory changes and always aim for actions that can turn a profit while delivering the best possible service. They had the biggest jump in the IgeaHuib list on 2017, by going from #9 to #5 based on their annual income report: the company managed to score a staggering 53% increase on revenue compared to their numbers of last year. They are also known as surgical strategists when it comes to administering the money and are pursuers of the latest FDA-approved technology to treat any illness. If they manage to score earnings on par with last year's levels, they might take the top spot easily by 2020.
So there you have it, a booming market full of players willing to organize an industry that is well known for being hard to navigate on every sense of the word. We did not even go into the many medical waste disposal companies in the industry. There are many sides to this discussion with many industries interlocked.
Where will it go next?