RANKING & REVIEWS
BEST HEALTHCARE CONSULTING COMPANIES
Intro: Finding the Best Healthcare Consulting Companies & Firms
The healthcare industry is constantly changing, evolving, and subjected to growing regulations, compliance complications, and the need to reduce the cost of services while improving the quality of care.
It’s certainly a difficult industry, and, each year, new and more complex problems arise. To encourage success, healthcare consulting companies must possess the ability to proactively find solutions while keeping budgets reasonable while demand increases.
Below, we present a list of this year’s top healthcare consulting firms, including an overview of what to look for in a healthcare consultancy.
Each healthcare consultancy firm on our list includes a detailed review to demonstrate why they’ve been selected as the best healthcare consulting firms this year.
Award Emblem: Top 8 Best Healthcare Consulting Firms
Top 8 Best Healthcare Consulting Firms | Brief Comparison & Ranking
Top Healthcare Consulting Firms
|Alira Health||Interdisciplinary approach from strategists, doctors, bankers, & scientists|
|Deloitte||National and global outreach|
|FTI Consulting||Broad range of specialty healthcare consulting services|
|Health Advances, LLC||Specific focus & expertise on healthcare consulting|
|Huron Healthcare||Focus on building customer culture and patient experience|
|McKinsey & Company||Research-driven focus on global themes|
|Navigant||Helps clients build, manage, and protect their businesses|
|Putnam Associates||In-depth expertise in healthcare consulting strategies|
Table: Top 8 Best Healthcare Consulting Firms | Above list is sorted by rating
Understanding Healthcare Consulting Companies
In a general sense, a consultant is anyone who brings expertise or experience into an existing company or entity, to help them either achieve a specific goal or, perhaps, a set of goals or more general objectives.
Healthcare consulting companies deliver services on a temporary basis to healthcare-related organizations, which include everything from hospitals to pharmacies.
A healthcare consultancy may also work with anyone from care providers to the administration and financial team of an organization.
In the section below, we’ll discuss a few of the key qualities to look for when searching for the best healthcare consulting firms.
Best Healthcare Consulting Firms
What to Look for in a Healthcare Consultancy
There is a large, well-respected trade association connected with professionals in this industry who work for healthcare consulting firms, and that is the National Society of Certified Healthcare Business Consultants (NSCHBC).
As the largest trade association of its kind in the U.S., the top healthcare consulting firms will be affiliated with the NSCHBC.
Aside from credentials, there are a few core elements that should align with the top medical consulting firms. When selecting from the best healthcare consulting firms, consider the following criteria:
It’s always a good idea to look at healthcare consulting companies that are forward-thinking and focused on concepts of innovation and how to do things in new, but more effective ways.
When you’re hiring a firm of this type, you certainly don’t want a company that relies on outdated models, because this is such a constantly changing and fast-paced industry.
Instead, you want to look for a healthcare consulting firm that embraces not only new ideas, but also new methodologies and technology.
The best healthcare consulting firms are going to not only come in and offer their own expertise, but will listen to their clients to understand their inner workings, needs, and goals.
Hiring a healthcare consultancy should become a partnership, and the only way to do that is by having consultants who truly listen to their clients.
Of course, reputation and prestige factor heavily when choosing between healthcare consulting firms.
Look at healthcare consulting firms not just for offered services or industry specialties, but also for what clients have said about their services, and the type of impact they have on each area of healthcare consulting.
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Below, please find a detailed review of each firm on our list of healthcare consultancy firms. We have highlighted some of the factors that allowed these top healthcare consulting firms to score so high in our selection ranking.
Click any of the names below to go directly to the detailed review for that firm.
- Alira Health
- FTI Consulting
- Health Advances, LLC
- Huron Healthcare
- McKinsey & Company
- Putnam Associates
Click below for previous years’ rankings:
- 2016 Review: Top 6 Best Healthcare Consulting Firms
- 2017 Review: Top 6 Best Healthcare Consulting Firms
Alira Health Review
Previously known as CMC Consulting Group, Alira Health has a strong history in healthcare consulting.
Founded in 1999 and with six offices across the globe, Alira Health brings international expertise to help healthcare organizations thrive the unique clinical, scientific, and business-oriented challenges.
With an exclusive focus on life sciences and healthcare consulting services, Alira Health is one of the best healthcare consulting firms for domestic and international organizations alike.
Key Factors That Enabled Us to Include Alira Health on Our List of Top Healthcare Consulting Firms
Below, please find a list of the highlighted features that allowed us to include Alira Health on our top healthcare consulting firms list.
As a top healthcare consulting firm, Alira Health employs an interdisciplinary approach, looking at healthcare and life science challenges from multiple angles.
Healthcare consultants at Alira come from a diverse range of professional backgrounds, providing expertise as strategists, bankers, doctors, and scientists.
Clients can benefit greatly from multiple points of view from each of these disciplines, supporting success through every point of the business life cycle.
When comparing Alira Health to other top healthcare consulting firms, there are four key differentiators that set Alira apart:
- Strategic plans revolve around science and medicine, two key components for results-driven healthcare consulting
- Value stems from collaboration through strategy, execution, and innovation
- Healthcare consultants bring global insights and expertise as clinicians, scientists, and business experts
- Onsite Drug and Device Discovery Lab helps move innovative technologies from initial concept to market release
Alira Health stands out as one of the best healthcare consulting firms for their dedication to expert advisement in the life sciences and healthcare industries, employing an interdisciplinary approach to generate measurable results.
The firm also has an impressive global reach, proven not only by their office locations but also by their case studies, demonstrating work not only in the United States but in Spain, France, the Netherlands, and more.
With a strong focus on strategy, execution, innovation, and market expertise, Alira Health earns a 5-star rating, placing them among the top healthcare consulting firms this year.
Deloitte is perhaps one of the most well-known and respected consulting firms in the U.S. and in the world. As one of the top consulting firms, healthcare consulting services are some of their primary areas of focus.
With over 150 years of experience and commitment, Deloitte has become a global organization, employing approximately 245,000 people across 150 countries and territories.
Key Factors That Enabled Us to Include Deloitte on Our List of Top Healthcare Consulting Firms
Below, please find a list of the highlighted features that allowed us to include Deloitte on our top healthcare consulting firms list.
The team at Deloitte guides professionals and companies, as well as those entities entering the new market, through complex situations faced by both the U.S. and international healthcare system, with a focus on political and legislative issues.
As it pertains to being one of the top healthcare consulting firms, Deloitte divides these services into subcategories for a greater sense of specialization, including:
Health Care Providers
For healthcare providers, Deloitte focuses on areas of government regulation and compliance, particularly within a value-based framework the framework of the value-based model that’s paired with the challenge of controlling costs.
Services for healthcare providers include:
- Technology Enabled Transformation
- Health Care Regulatory Solutions
- Strategy / M&A
- Talent Optimization
- Sustainable Margin
- Value Based Care
- Physician Enterprise & Ambulatory Services
Healthcare consulting specialists at Deloitte can help organizations create insightful objectives and uncover the value of Medicare and Medicaid.
Services pertaining to health plans include:
- Government programs
- Growth & scale
- Retail consumerism
- Risk & compliance
- Value-based care
As one of the world’s largest healthcare consulting firms, Deloitte can also help clients understand retail health and make the seamless move to value-based care.
Under the broader umbrella of healthcare consulting is Life Sciences. Deloitte brings to the table what’s necessary for life sciences companies to not only respond but remain competitive in the global community.
One prime reason why we have included Deloitte on our list of notable healthcare consulting firms comes from their global outreach.
While many of the names on our list of healthcare consulting firms have an excellent presence in the U.S., Deloitte is one of the few that can provide consulting to global companies.
Navigating the global healthcare market can be even more complex, and Deloitte has the tools, resources, and people to do that.
With a comprehensive umbrella of healthcare consulting services, Deloitte helps to solve even the most complex of business problems, keeping them moving forward with sustainable strategies.
Aside from this healthcare consultancy’s impressive global reach, we also like their significant focus on data and analytics in their approach to healthcare consulting, rating Deloitte in the highest tier of healthcare consulting firms.
FTI Consulting Review
As one of the top healthcare consulting firms, FTI Consulting works across many industries and brings together financial, forensic, economic, communications, and technological expertise.
The team of FTI healthcare consultants not only identifies challenges – perhaps before healthcare companies even see them arise – but finds the most innovative solutions to turn problems into advantages.
FTI Consulting is one of our top healthcare consulting companies that works at a global level to tackle the complexity of challenges created by tumultuous financial markets, constantly changing regulations, and globalization.
Key Factors That Enabled Us to Include FTI Consulting on Our List of Top Healthcare Consulting Firms
Below, please find a list of the highlighted features that allowed us to include FTI Consulting on our top healthcare consulting firms list.
Specific Healthcare Consultancy Services
Because healthcare providers are facing a mounting number of issues and challenges, FTI provides consulting services that allow them to not only address those challenges, but also create the most valuable short and long-term solutions and opportunities.
As one of the top healthcare consulting firms, FTI addressing challenges through specializing in various healthcare sectors. Below, we have listed a few that our review found particularly notable:
Performance Information & Transformation
Uniquely, FTI takes a distinctive approach to performance improvement by looking beyond the bottom line to include multiple aspects of operation, from revenue cycle to retention and employee morale.
The ultimate goal is to infuse hospitals with new energy and cultivate human capital, which will then lead to long-term financial success.
Accurate documentation is essential for hospital and medical settings, and partnering with FTI allows clients to put in place the best possible documentation procedures.
Operating rooms are a significant source of revenue for hospitals and other care centers, and keeping peak performance in the operating room is crucial to ensuring financial success.
Perioperative services from FTI include volume growth, capacity management, surgeon score cards, service evaluation, and more.
Strategy, Planning, & Revenue Growth
FTI implements scalable, flexible methodologies for academic medical centers and health systems that are both large and small. Results are measurable and supported by proprietary resources.
Some of the many services that fall into this category include portfolio asset evaluation, comprehensive due diligence, hospital-physician alignment, and governance support.
Revenue Cycle/Charge Capture
With an array of services to improve revenue management, FTI can help clients create a sequence that seamlessly integrates into an organization to lower operation costs and improve cash flow.
Supply Chain Management
FTI’s healthcare consultants work with clients to address the primary components of a supply chain which include pricing, standardization, and utilization.
We selected FTI Consulting as one of our top healthcare management consulting companies because of the level of comprehensive service it provides.
As a top healthcare consultancy, FTI covers every conceivable area of healthcare and ensures it has professionals with expertise in each of these areas, earning FTI consulting a 5-star rating among the top healthcare consulting firms.
Health Advances, LCC Review
While the previous two names on our list of healthcare consulting companies work in all areas of consulting, Health Advances is specifically aimed at providing service to the health industry.
Currently celebrating 25 years of operation, Health Advances is a strategically-driven healthcare consultancy staffed by professional scientists, clinicians, and financial and business leaders.
Health Advances has over 140 full-time staff members who work in three main offices. Client partnerships are forged with the goal of creating new growth opportunities while maintaining a view of the larger healthcare framework and ecosystem.
Key Factors That Enabled Us to Include Health Advances on Our List of Top Healthcare Consulting Firms
Below, please find a list of the highlighted features that allowed us to include Health Advances on our top healthcare consulting firms list.
Healthcare Consultancy Industries
One of the reasons we selected Health Advances as one of the best healthcare consulting firms is because it can begin working with clients and immediately start delivering results rather than having a long “breaking-in” period.
Healthcare consulting services provided by Health Advances are divided into industry sectors, which include:
- Diagnostics & Life Sciences Tools
- Health IT & Digital Health
- Service Businesses
As an additional benefit, Health Advances provides a wealth of supplemental information to demonstrate expertise in each industry sector, making it easy for potential clients to determine whether this healthcare consultancy is right for them.
Depending on the industry sector, supplemental information may include specific healthcare consulting services, team members, core competencies, recent publications, and testimonials from firm and industry experts.
Specific Healthcare Consultancy Services
Services available from our pick for one of the best healthcare consulting firms include (but are not limited to):
- Clinical Development Strategy
- Due Diligence
- HIT & Digital Health Business Strategy
- Launch & Salesforce Strategy
- Lifecycle Management
- Market Assessment & Forecasting
- Product Positioning
- Reimbursement & Pricing Strategy
- Strategic & Business Planning
- Valuation & Financial Analysis
Within the realms of these services, Health Advances brings to the table new perspectives, knowledge, and insights that can easily be turned into strategy and action.
Personalized service is a big part of what Health Advances does, and it’s also why we selected this healthcare consultancy as one of the top healthcare consulting firms.
If you’re looking for healthcare consulting firms that focus a great deal of time and energy on your needs, Health Advances is a great healthcare consultancy to consider partnering with.
Because Health Advances focuses primarily on healthcare consulting, the firm is highly experienced, offering unique expertise within the industry. With a global office in Switzerland, the firm also has the capability to provide healthcare consulting services to European clients, earning the firm a 5-star rating overall.
Huron Consulting Group Review
Huron Consulting Group is one of the largest healthcare consulting firms in the U.S., dedicated to performance improvements for hospitals and health systems.
Huron Consulting Group works with clients across a range of industries, including healthcare, to improve the performance of its clients.
It also helps clients address regulatory issues, lower their costs, navigate disruptions, utilize technology most effectively, and jumpstart growth.
Key Factors That Enabled Us to Include Huron Consulting Group on Our List of Top Healthcare Consulting Firms
Below, please find a list of the highlighted features that allowed us to include Huron Consulting Group on our top healthcare consulting firms list.
Services & Expertise
For Huron, a key factor in healthcare consulting success is helping healthcare organizations successfully evolve and adapt as the healthcare industry continues to transform.
With this in mind, areas of healthcare consulting services are broken down into five core groups:
- Strategic Direction Setting
- Clinical Transformation
- Financial & Operational Performance Excellence
- Technology Implementation, Optimization, & Strategies
- Patient & Caregiver Engagement
Each group of healthcare consulting services contains multiple capabilities and service offerings, providing clients with a comprehensive array of options.
Services are offered to a range of organizations, with an emphasis on academic medical centers, children’s hospitals, community hospitals, and public hospitals.
Outreach Through Studer Group
The Huron Group also maintains Studer Group, which works with healthcare organizations not only in the U.S. but also in Canada and Australia.
The result of Studer Group’s efforts is to help institutions achieve—and sustain—exceptional clinical outcomes and financial results.
When healthcare companies partner with Studer Group, they work to create a culture highlighting accountability, innovation, and the best patient experience, along with quality. This is all based on an execution framework called Evidence-Based Leadership.
One of the many reasons Huron Consulting Group is on our list of healthcare consulting companies is because of Studer Group. This framework is a reliable methodology that can be used by diverse healthcare organizations to achieve valuable results.
Best Healthcare Management Consulting
With new rules and regulations appearing on a regular basis, the healthcare industry is under consistent pressure to reform, adapt, and thrive.
Huron demonstrates a keen awareness of the industry by providing services that are tailored to help organizations succeed amidst constant change, offering a valuable foundation for healthcare consulting.
A partnership with Huron (and The Studer Group) can give healthcare organizations the additional edge they need to succeed, earning the firm a 5-star rating among the best healthcare consulting firms.
McKinsey & Company Review
Founded in 1926, McKinsey & Company is a worldwide global healthcare consulting firm.
The firm boasts an impressive 14,000 consultants across more than 120 cities and over 60 countries, making McKinsey one of the best healthcare consulting firms for global companies to consider.
In fact, McKinsey was recently named as 2018’s number one firm for healthcare consulting by Vault. They were also ranked number one in the Consulting 50 and the Most Prestigious Consulting Firms, reflecting the firm’s impressive growth and performance.
Key Factors That Enabled Us to Include McKinsey & Company on Our List of Top Healthcare Consulting Firms
Below, please find a list of the highlighted features that allowed us to include McKinsey & Company on our top healthcare consulting firms list.
Areas of Expertise
McKinsey is a global leader in healthcare consulting, helping to improve healthcare outcomes through the following areas of expertise:
- Clinical Operations Excellence—Uses a value-based approach to transform operations, improving quality while reducing costs
- Healthcare Value—Ensures affordable healthcare by enhancing value
- Integrated Care—Helps clients design and manage integrated delivery of primary and secondary care
- National Health Systems—Supports healthcare transformations across the world
- Organizational Excellence—Improves performance by boosting organizational health
- Payor Strategy—Improves quality and reduces costs for payor organizations
- Provider Performance—Implements strategies that create sustainable improvements in quality of care and cost effectiveness
- Technology and Information Strategy—Enhances analytic capabilities, operational transparency, and healthcare delivery
- Understanding the Consumer—Provides insight into consumer behaviors, beliefs, and needs
Awareness of Global Trends
As a top healthcare consulting firm, McKinsey aims to make a meaningful difference and a lasting impact when it comes to global issues.
For example, one such global theme is Women Matter, a research initiative which explores the importance of gender diversity—and its economic impact—on a global scale.
Powered by The McKinsey Global Institute, Women Matter is currently celebrating ten years of global research, outlining the definitive attributes of an inclusive organization and striving to promote diversity of all kinds.
In sync with their gender diversity research initiative, the McKinsey quarterly publication Five-Fifty recently published a serious of reports and articles exploring why women continue to be under-represented in management.
From research insights to perspectives provided by its own female employees, McKinsey is beginning to have a huge influence on the evolution towards a world where women experience greater fulfillment in their careers.
Healthcare Management Consulting
When it comes to healthcare consulting firms, McKinsey & Company is certainly one of the most well-known—and for good reason.
Not only does this healthcare consultancy bring decades of experience and expertise, but clients can also choose from a range of focused, value-driven services.
What makes McKinsey particularly compelling is their significant dedication to staying up-to-date with global trends. Healthcare consulting strategies are constantly shifting and changing, which means that a partnership with a research-driven firm can provide organizations with a competitive advantage.
It’s also worth noting that McKinsey provides a full spectrum of their services, research, and capabilities within a clean and easy to navigate format.
With a top-notch website and highly ranked healthcare consulting services, McKinsey is one of the best healthcare consulting firms to partner with this year.
As one of the top healthcare consulting companies, Navigant prides itself on helping all types of businesses navigate the toughest conditions and challenges.
Navigant has headquarters in Chicago but maintains a presence throughout the world, including North America, Europe, the Middle East, and Asia.
Key Factors That Enabled Us to Include Navigant on Our List of Top Healthcare Consulting Firms
Below, please find a list of the highlighted features that allowed us to include Navigant on our top healthcare consulting firms list.
Build, Manage, & Protect
Navigant partners with clients to help them build, manage, and protect their businesses in the following ways:
Navigant’s consultant team will partner with organizations to not just handle present challenges but anticipate what could come about in the future and then create value-enhancing solutions.
Some of the general services offered as part of the “build” phase of what Navigant does include strategy consulting, operations consulting, infrastructure consulting, and valuations and financial advisory.
Navigant works with clients to seamlessly move through complexity, with the ultimate goal of creating a greater sense of effectiveness and efficiency. This includes solutions to manage business processes and revenue cycles.
This area aims to manage essential issues and protect clients against future problems. It includes disputes and forensics, legal technology solutions, investigations, and compliance services.
Staying Ahead of Industry Trends
Navigant also maintains the Navigant Center for Healthcare Research and Policy Analysis, which is a research center that looks at trends and the issues most relevant to each of the major sectors within the healthcare industries.
What we like about Navigant that compelled us to include it on our list of the best healthcare consulting firms is their dedication to remaining ahead of trends and innovation in the industry.
An awareness of current industry trends and innovation within the field of healthcare consulting is critical when selecting the best healthcare consulting firms.
When it comes to healthcare consulting, Navigant has been a leading healthcare consultancy for nearly two decades.
Their capabilities cover a broad range of healthcare industries—in fact, their clients include 80 percent of the largest health systems in the country, attesting to the firm’s expertise.
With a research-driven focus on helping healthcare organizations build, manage, and protect their businesses, Navigant earns a 5-star rating, placing the firm among the top healthcare consulting firms in the industry.
Putnam Associates Review
Putnam Associates maintains an exclusive focus on clients in the life sciences industry, narrowing their expertise to those who can benefit from their services the most.
Founded in 1988, Putnam Associates has over 25 years of experience in maximizing the value of pharmaceutical, biotechnology, diagnostic, and device products.
With offices in Boston and Los Angeles, this top healthcare consulting firm can provide healthcare consulting services for clients across the country.
Key Factors That Enabled Us to Rank Putnam Associates Among the Top Healthcare Consulting Firms
Below, please find a list of the highlighted features that allowed us to include Putnam Associates on our top healthcare consulting firms list.
Putnam Associates provides a depth of intrinsic value for their clients through five core areas of expertise:
- Corporate Strategy
- Portfolio, Licensing, & Development Strategy
- New Product Strategy
- Established Product & Franchise Strategy
- Pricing, Reimbursement, & Market Access
Each of these strategies is applied with a keen focus on quantitative analytics, enabling the firm to effectively synthesis initiatives for patients, physicians, payers, healthcare institutions, and regulators.
For potential clients, Putnam Associates makes it easy to determine whether their healthcare consulting services are a good fit.
Each area of healthcare consulting expertise contains concrete examples of past successes and detailed case studies, supporting transparency between the firm and its clients.
As one of the best healthcare consulting firms, the consultants behind Putnam Associates and the firm itself all come highly qualified.
Putnam Associates serves 17 of the top 20 global biopharmaceutical companies, marking an impressive validation of their services.
Additionally, 77 percent of their projects come from clients that have stayed with the firm for over five years, speaking to their level of client satisfaction.
On the consultant level, Putnam Associates maintains an impressive array of talented team members. The average industry experience is 15 years—and uniquely, the team collectively speaks 22 languages.
Best Medical Consulting Firms
With an exclusive focus on healthcare consulting, Putnam Associates is a competitive choice among the top healthcare consulting firms.
Despite their comparatively smaller size, Putnam Associates provides an impressive range of professional qualifications, putting them beside globally-recognized healthcare consulting firms.
Although Putnam Associates does not have the same global reach as their competitors, the firm maintains a 5-star rating due to their comprehensive and strategical expertise in new products, established products and franchises, portfolio, licensing, and development.
However, it’s worth mentioning that the firm does lack the global outreach that other competing healthcare consulting firms can provide.
Although the firm provides comprehensive and strategic expertise in healthcare consulting, it’s unclear as to whether Putnam Associates can offer the same breadth of global services, earning the firm a 3-star rating overall.
Conclusion: Final Notes on the Top Medical Consulting Firms
AdvisoryHQ’s healthcare consulting firms list is by no means an exhaustive list of the healthcare consulting firms available.
Instead, it is intended to serve as a comprehensive guide to show you not only some of the top firms, but also to give you criteria to measure other companies against.
Our goal is that this list of the best healthcare consulting firms can provide you with a strong foundation to begin your search.
Whether you’re seeking small, highly-specialized healthcare consulting firms, or healthcare consulting companies with massive, multinational presences, this list of top healthcare consulting companies will provide expert guidance in your search.
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