Post-MBA healthcare consulting is a great way for MBA graduates to leverage their skills and knowledge to make an impact in the healthcare industry. With the right combination of experience, education, and skills, healthcare consultants can help organizations improve their operations, develop strategies, and increase their profitability.
Healthcare consulting is a rapidly growing field, and MBA graduates are well-positioned to take advantage of the opportunities available. Healthcare consulting requires a deep understanding of the healthcare industry, as well as a strong business acumen. MBA graduates have the perfect combination of knowledge to be successful in this field. Consulting firms often look for MBA graduates with experience in the healthcare industry, as well as those with a strong understanding of the business side of healthcare.
MBA graduates can also find opportunities in the healthcare industry outside of consulting. For example, they can pursue roles in healthcare management, healthcare policy, and healthcare technology. These roles require an understanding of the healthcare industry and the ability to think strategically.
MBA graduates who are interested in pursuing a career in healthcare consulting should consider taking courses in healthcare policy, healthcare management, and healthcare technology. These courses will help them gain the skills and knowledge they need to be successful in the field. Additionally, they should consider joining professional organizations, such as the American College of Healthcare Executives, to network and learn more about the industry.
Role of Healthcare Management Consulting
The primary role of healthcare management consulting is to provide guidance and support to healthcare organizations, with the aim of improving their overall performance. This can include a range of activities, such as:
Assessing the effectiveness of current processes and systems
Healthcare management consultants assess the current processes and systems within a healthcare organization to identify areas that can be improved. This may involve reviewing patient flow, resource utilization, and financial management.
Developing and implementing strategies for improvement
Based on their assessment, healthcare management consultants develop and implement strategies to improve patient care, reduce costs, and increase operational efficiency. This may involve streamlining processes, optimizing staffing, and implementing new technologies.
Providing training and support
Healthcare management consultants provide training and support to healthcare providers, helping them to implement new processes and systems, and to improve their skills and knowledge.
Conducting market research
Healthcare management consultants also conduct market research to identify trends and opportunities in the healthcare industry. This can help healthcare organizations to stay competitive and adapt to changing market conditions.
Key Functions of Healthcare Management Consulting
Healthcare management consulting involves a range of functions, including:
Healthcare management consultants work with healthcare organizations to develop and implement strategic plans that align with their overall goals and objectives. This may involve identifying new business opportunities, assessing market conditions, and developing financial projections.
Healthcare management consultants help healthcare organizations to optimize their operations, ensuring that resources are utilized effectively, and patient care is delivered efficiently. This may involve streamlining processes, optimizing staffing, and implementing new technologies.
Healthcare management consultants assist healthcare organizations with financial management, helping them to control costs, maximize revenue, and improve profitability. This may involve developing financial models, conducting cost-benefit analyses, and identifying areas for cost savings.
Healthcare management consultants ensure that healthcare organizations comply with relevant regulations and standards, such as HIPAA, OSHA, and Joint Commission accreditation. This may involve developing policies and procedures, conducting audits, and providing training and support.
Benefits of Healthcare Management Consulting
Healthcare management consulting can provide a range of benefits to healthcare organizations, including:
Improved Patient Care
Healthcare management consultants help healthcare organizations to optimize their operations, ensuring that patients receive high-quality care that is delivered efficiently.
Healthcare management consultants identify opportunities for cost savings, helping healthcare organizations to reduce their expenses and improve profitability.
Increased Operational Efficiency
Healthcare management consultants optimize processes and systems, helping healthcare organizations to operate more efficiently and effectively.
Healthcare management consultants conduct market research, helping healthcare organizations to stay competitive and adapt to changing market conditions.
An example of a healthcare consulting engagement
Here’s a real-life case study of a healthcare consulting engagement. Some numbers and descriptions here have been changed to protect privacy, but there’s enough real-world output here to give you a feel of what healthcare consulting involves:
One healthcare consulting assignment involved a top-5 healthcare provider in the United States that was struggling with high patient readmission rates. The healthcare provider engaged a consulting firm to help them identify the root cause of the problem and develop strategies to reduce readmissions.
The consulting firm conducted an assessment of the healthcare provider’s current processes and systems, including reviewing patient records, conducting interviews with staff and patients, and analyzing data on readmission rates. Through this assessment, the consulting firm identified several factors contributing to high readmission rates.
The consulting firm found that 25% of patients were readmitted within 30 days of discharge, with an average cost of $12,000 per readmission. Additionally, they found that patients were not receiving adequate follow-up care after being discharged, and there were communication breakdowns between care providers during the transition from hospital to home.
Based on these findings, the consulting firm developed and implemented several strategies to reduce readmissions:
- Improving discharge planning and follow-up care: The healthcare provider implemented new processes to ensure that patients received adequate follow-up care after being discharged. This involved assigning care coordinators to follow up with patients and ensure that they were taking their medications and attending follow-up appointments. This strategy led to a 20% reduction in readmission rates.
- Improving communication between care providers: The healthcare provider implemented new communication protocols to ensure that care providers were sharing information and working together to coordinate care. This involved implementing electronic health records and other technologies to facilitate communication. This strategy led to a 15% reduction in readmission rates.
- Implementing new patient education programs: The healthcare provider implemented new patient education programs to help patients better manage their health conditions and avoid readmissions. This involved providing patients with resources and tools to track their symptoms and manage their medications. This strategy led to a 10% reduction in readmission rates.
Overall, the healthcare provider was able to reduce readmission rates by 45%, resulting in a cost savings of over $1.3 million per year. The consulting firm provided training and support to hospital staff to ensure that they were able to effectively implement the new processes and systems. This resulted in better health outcomes for patients and a more sustainable healthcare system overall.
Which consulting firms recruit healthcare consultants?
While not an exhaustive list, here is an overview of some top recruiters:
McKinsey & Company:
McKinsey & Company is one of the world’s leading management consulting firms, with a strong reputation for excellence and innovation. The firm recruits heavily from top MBA programs, including Harvard Business School, Stanford Graduate School of Business, and Wharton School of the University of Pennsylvania. McKinsey is known for its rigorous recruiting process, which typically involves multiple rounds of interviews and case studies.
Boston Consulting Group (BCG):
BCG is another top-tier management consulting firm that recruits heavily from leading MBA programs. The firm is known for its strategic consulting expertise and innovative problem-solving approach. BCG recruits from a range of top MBA programs, including the University of Chicago Booth School of Business, Kellogg School of Management at Northwestern University, and Columbia Business School.
Bain & Company:
Bain & Company is a global management consulting firm with a focus on strategy and performance improvement. The firm recruits heavily from top MBA programs, including the Stanford Graduate School of Business, Harvard Business School, and the Wharton School. Bain is known for its supportive company culture and focus on developing its consultants’ skills and expertise.
Deloitte Consulting is the management consulting arm of Deloitte, one of the largest professional services firms in the world. The firm recruits heavily from leading MBA programs, including the Kellogg School of Management, the Tuck School of Business at Dartmouth, and the Ross School of Business at the University of Michigan. Deloitte is known for its focus on technology and digital transformation, as well as its strong industry expertise.
PwC Consulting is the management consulting arm of PwC, one of the largest professional services firms in the world. The firm recruits heavily from top MBA programs, including the Kellogg School of Management, the Wharton School, and the Fuqua School of Business at Duke University. PwC is known for its expertise in areas such as strategy, operations, and risk management, as well as its focus on technology and digital transformation.