Source for Consulting recently released a review of the healthcare consulting market in 2015, discussing the trends we saw this year, and projections for the industry in 2016. I was honored to be included in the discussion, along with North Highland Healthcare Industry Expert, Fletcher Lance, who was quoted more than any other contributor, to share insights on how the consulting landscape will change alongside the ever-changing healthcare industry. Below is a recap of the main highlights from the report:
- The global healthcare consulting market is expected to grow 12% in 2015 and 10% in 2016
- Some think the market-wide shift from fee-for-service payment model to value-based care will prove even more significant than ACA on the U.S. healthcare industry
- Acquisitions in the digital space are a proven and popular strategy among the largest consulting firms in the U.S. for continued growth.
- 90% of healthcare clients expect their consulting expenditure to at least stay the same or grow over the next 18 months with the largest spend projected to be in M&A work.
- 2016 growth projections indicate the greatest growth potential for consulting services in Financial Management and Risk, Operational Improvement, and Technology.
With the implementation of the Affordable Care Act and the value-based model, the 2015 consulting market was driven by helping organizations adapt to major shifts in the U.S. healthcare system. As Fletcher stated in the report, “Everyone’s trying to figure out what the value-based world is going to look like for them,” and this will be the recurring trend in 2016, as organizations restructure and strategize their business models to meet this transformation.
In a system with pressures to cut costs and deliver care more efficiently, sustainable solutions driven by patient satisfaction will be more important than ever in 2016. “The sheer volume of work has probably been trebled by the ACA, and that causes clients to feel constrained because funding for consulting is difficult to procure. So there’s tension there,” says Lance. Digitization is also set to play a larger role as customer experience and data efficiency come to the forefront, which presents an excellent opportunity for organizations to determine the best strategy for their digital journey and provide better service to their clients. “Combining healthcare with what we’d normally think of as customer experience is really exciting to the global brands. It’s putting the peanut butter and the chocolate together, they love it,” shared Lance.
Although the healthcare landscape is ever-changing, our ability to deliver quality solutions to complex issues, and our deep industry expertise will allow us to support our clients in these times of business transformation and to better serve their patients.