medical consulting business plan

How to Start a Healthcare Consulting Business

Below you will learn the key steps to starting a healthcare consulting business.

Download the Ultimate Consulting Business Plan Template

10 Steps to Starting a Healthcare Consulting Business

1. conduct market research to determine demand.

An important step to starting a healthcare consulting business is conducting market research. To begin, you must learn what services your clients want and how much they are willing to pay for them. There are two ways you can go about conducting this research:

• Survey your target market . This can be done through online surveys, focus groups, or interviews with potential clients.
• Perform a competitive analysis . This involves studying your competition and understanding the consulting services they offer, as well as what prices they charge.

Once you have analyzed the survey data, determine which types of businesses are likely to hire you and how much they are willing to pay. Use this information to set your consulting prices.

2. Name Your Healthcare Consulting Firm

Once you have analyzed your market and determined what services clients want, it’s time to name your business. While naming a business can be difficult, there are a few rules of thumb to keep in mind:

• Keep it Short : Your business name needs to be short enough for clients to remember and say.  
• Keep it Relevant : Your business name should be relevant to the healthcare consulting services you offer and your ideal client’s needs.
• Keep it Memorable : Using clever ideas and words, help your audience connect with your business.
• Focus on Your Target Audience :  Make sure that whoever sees or hears your company name understands who you are targeting as clients.

Read our article about choosing the right business name .

3. Choose Your Business Structure and Set-Up Your Company’s Legal Entity

As with any business, the type of legal entity you set up is critical.  After all, you want your company to be treated as a separate entity, not just an extension of yourself.  There are several types of structures in which you can start your healthcare consulting company. Three popular options are sole proprietorship, S-corporation and LLC (limited liability company).

• Sole Proprietorship :  A sole proprietorship is one in which the business and the owner are considered to be one entity. Therefore, you are personally responsible for all debts and liabilities your healthcare consulting firm may incur. One benefit of this type of structure is that it’s easy to set up and there are no formal filings required.
• S-Corporation : An S corporation is a type of C Corporation that was designed by the IRS to help small corporations minimize their paperwork while still gaining many of the tax benefits of incorporating. It also offers protection for business owners in case of lawsuits and other liabilities.
• Limited Liability Company (LLC) :  An LLC is a structure in which the company is considered a separate legal entity from its owners. This means that the company is responsible for its own debts and liabilities. This type of structure offers protection for business owners in case of lawsuits.

Read our article comparing the most common consulting business structures .

4. Write a Healthcare Consulting Business Plan

A business plan is a document that outlines your business goals, strategies, and how you plan to achieve them. For a healthcare consulting company, your business plan should include the following:

• Business Description : Describe what your company does, who your target market is, and how you will differentiate yourself from the competition.
• Industry & Market Analysis : Detail your research on the healthcare industry and what consulting services clients are most likely to want.
• Financial Plan : Outline your estimated income and expenses for the next three to five years.

Other sections of your plan will answer other key questions such as the following:

• What are your areas of expertise?
• What services can you offer your clients?
• Who is your target audience?
• How will you differentiate yourself from the competition?

Your business plan should also include several sections that detail your company’s history, current financial situation, and future goals. These sections will allow an investor to learn more about your company before they commit to investing in it.

Read our article about how to write a consulting business plan .

5. Apply for a Business License and Necessary Health Licenses

You must register your healthcare consulting company as a legal entity with the state in which you plan to do business.

To file your business with the state, obtain the necessary forms from the Secretary of State’s website or local County Clerk’s office. You will be required to pay a small fee for filing your business with the state.

Registering with the federal government may or may not be required. You can register your business on the federal level by obtaining an Employer Identification Number (EIN) from the IRS.

Read our article about obtaining the proper consulting business licenses .

6. Determine Your Budget & Apply for Funding as Needed

As with any business, you will need to use your own capital to finance the initial stages of your health consulting business.  Your budget may also include several other costs including marketing expenses and the salary you wish to pay yourself.  

After determining how much money you will invest in starting your business, review some options for financing your business.  Here are several financing options that may be available to you:

• SBA Loans : The Small Business Administration (SBA) is a government agency that provides financial assistance to small businesses in the U.S.  
• Bank Loans : Many small business owners are able to secure loans from their local banks. Often, you can borrow money for any purpose that relates to the growth of your company.
• Friends and Family : You can consider getting loans and/or equity investments from friends and family members..
• Angel investors : Angel investors may provide debt or equity funding to you.

Read our article about the costs associated with starting a consulting business to help you determine if funding is needed.

7. Get the Technology & Software Needed to Run Your Healthcare Consulting Company Efficiently

As a healthcare consulting firm, you will need different types of technology to complete projects and keep track of your company’s operations. To simplify the process of starting a consulting business, we’ve provided a list below detailing some items that you’ll need:

Computers : Even if most of your work is done remotely with clients on the other side of the country or world, you will need at least one computer that is dedicated to your healthcare consulting company.

Software : Software is an essential component of any consulting business. The right software can help you manage projects, track expenses, and communicate with clients more effectively.

Here are some popular software platforms that may be beneficial to your business:

• Microsoft Office : This software suite includes a variety of applications that can help you manage your company, including Word, Excel, and PowerPoint.
• QuickBooks : This software is designed for small businesses and can help you track income and expenses, create invoices, and manage payroll.
• Basecamp : This project management software can help you manage multiple projects simultaneously and keep track of deadlines and milestones.
• Gmail : Google’s email platform offers several features that can be helpful for consulting firms, including the ability to access the same email from multiple devices.
• CRM : Customer relationship management software can help you track customer communication, manage leads, and create reports that detail your sales activities.

Additional software specific to healthcare consulting may include:

• EHR software : This software is used by healthcare providers to manage patient data.
• HIPAA compliance software : This software helps organizations comply with the Health Insurance Portability and Accountability Act (HIPAA).
• EMR software : This software is used by healthcare providers to manage patient information and track medical appointments.

Read our article about the technology and software you need to run a consulting business .

8.  Market Your Healthcare Consulting Firm to Potential Clients

Once you’ve established your healthcare consulting company, the next step is to market it to potential clients.

Here are some common marketing strategies used for healthcare consulting firms:

• Website : A website is an essential component of any marketing strategy. It provides potential clients with information about your company, including the consulting services you offer and the team of professionals who work for you.
• Online marketing : Marketing your business online, such as through a business website and pay-per-click and/or social media marketing, can help you reach a larger audience looking for your services.
• Direct Mail : Direct mail is a traditional marketing strategy that can be used to reach potential clients. You can send flyers, brochures, or letters to potential clients that provide information about your company and the services you offer.
• Trade Shows : Trade shows are a great way to connect with potential clients in person. You can exhibit at healthcare-focused trade shows or attend trade shows in other industries to reach potential clients who may need your services.
• Networking Events : Networking events are a great way to meet potential clients and connect with other professionals in your industry. Attending events such as Chamber of Commerce meetings or breakfast meetings can help you build relationships with potential clients.

You should also consider ways to incentivize potential clients to choose you over another healthcare consulting firm. Some incentives that work well include:

• Lower rates : Many healthcare consulting firms offer lower rates on their consulting services to attract new clients.
• Discounts on services : Offering discounts on certain projects may help you win bids against other healthcare consulting firms.
• Free consultation : Providing potential clients with a free consultation can help them determine if your company is the best one for their needs.

Learn more about how to market your consulting business .

9.  Establish a Price Structure and Billing System

There are a few factors to consider when establishing your price structure:

• Hourly rates : Charging by the hour is a common way to price consulting services. This allows clients to budget for your services and gives you the flexibility to charge more for complex projects.
• Project rates : Charging a flat fee for a project can be beneficial for both the client and the consultant. It ensures that clients know what they are paying up front, and it allows healthcare consultants to charge more for more complex projects.
• Retainers : A retainer is a set amount of money that the client pays upfront for consulting services. This can be a good option for clients who need regular consulting services.

No matter which pricing structure you choose, be sure to clearly communicate it to your clients. Additionally, have a detailed invoice template that includes all the healthcare services you provided so the client knows exactly what they are paying for.

10.  Manage Client Relationships and Deliver Projects

After finding new clients and marketing your healthcare consulting business, you should begin delivering the projects and getting paid. This means managing client relationships and making sure that clients are happy with your work. Some of the ways to manage relationships with your healthcare clients include:

• Regular communication : Make sure to stay in touch with your clients, even if there is not a lot of work to be done. By keeping in touch regularly, you can ensure that they know you are available and that they will be the first ones you contact when new projects arise.
• Project updates : Keep your clients updated on the progress of each project. This can be done in a variety of ways, such as through emails, reports, or presentations.
• Frequent contact : In some cases, it may be necessary to contact your clients more often than usual. If there are major changes to the project, for example, or if you need additional information from them.

Delivering projects on time and within budget is essential for a healthcare consulting business. It can be beneficial to create a project management plan that outlines how each project will be completed. This will help ensure that all deadlines are met and that the client is happy with the final product.

Learn more about how to effectively manage client relationships .  

Starting a Healthcare Consulting Business FAQs

Why start a healthcare consulting business.

Healthcare consulting is a growing industry, and there are many reasons why starting a healthcare consulting business might be the right move for you. Some of the benefits of owning a healthcare consulting company include:

• You get to be your own boss
• The work is interesting and varied
• There is potential for high income
• You can help people 

What is Needed to Start a Healthcare Consulting Business?

There are a few things you will need in order to start a healthcare consulting company. These include:

• A clear understanding of the healthcare industry
• Marketing materials
• An office space or home office
• Healthcare consulting software

What are Some Tips for Starting a Healthcare Consulting Company?

The following tips can help you to start a healthcare consulting company:

• Do your research : Before you launch your business, be sure to do your research and understand the industry inside and out. This will help you to develop a strong strategy and provide valuable services to your clients.
• Establish relationships with healthcare professionals : One of the best ways to grow your business is to establish relationships with healthcare professionals. Attend conferences, meet-ups, and other events where you can network with these individuals.
• Offer a range of services : In order to be successful, it is important to offer a variety of services to your clients. This will help you to meet the needs of a wider range of clients.
• Keep up with industry changes : The healthcare industry is constantly evolving, so it is important to keep up with the latest changes. This will help you to stay ahead of the competition and provide valuable services to your clients.
• Market your business : Marketing is key when it comes to a successful healthcare consulting company. Be sure to create a strong marketing strategy and use a variety of marketing channels to reach your target audience.

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How to start a health care consulting business

Are you interested in becoming a healthcare consultant? Do you want to start your own healthcare consulting business?

Healthcare consulting is a fast-growing industry that requires individuals with strong analytical and problem-solving skills, healthcare expertise, and business acumen. In the US, there are over 35,000 healthcare consultants. As a healthcare consultant, you'll work with healthcare providers, insurance companies, government agencies, and other stakeholders. You’ll help them improve their operations, reduce costs, and provide better healthcare to patients.

This blog post will guide you on how to start your own healthcare consulting business. We’ll provide you with the guidance and resources you need to succeed in healthcare consulting. Let’s get started!

Starting a healthcare consulting business: an overview

Starting a healthcare consulting business can be a fulfilling and exciting career. But it can also be challenging. The healthcare industry is constantly evolving. And there’s always a need for experienced consultants who can help navigate the changes and provide valuable insights. 

Whether you are a recent graduate or an experienced healthcare professional looking for a new challenge, starting a healthcare consulting business is a viable option. With the high demand for healthcare consultants, the industry offers many opportunities for growth and career advancement. 

Understanding healthcare consulting

Healthcare consulting is a rapidly growing industry that helps healthcare organizations solve complex problems and improve their overall performance. 

What is healthcare consulting?

Healthcare consulting involves helping healthcare organizations improve their operations, financial performance, and patient care. Healthcare consultants work with hospitals, clinics, physician practices, insurance companies, and other healthcare organizations. They provide a wide range of services, including strategic planning, process improvement, revenue cycle management, and health information technology implementation.

Why healthcare consulting is a growing industry

Healthcare consulting is a growing industry due to the increasing complexity of the healthcare landscape. Healthcare organizations are facing unprecedented challenges, including rising costs, evolving regulations, and changing patient needs. Healthcare consultants help organizations navigate these challenges by providing expert advice and innovative solutions.

Benefits of being a healthcare consultant

There are many benefits to being a healthcare consultant. One of these is having a fulfilling career with opportunities for growth and advancement. Healthcare consultants can make a significant impact on the healthcare industry by helping organizations improve patient care and reduce costs. Additionally, healthcare consulting provides a rewarding work-life balance, with opportunities for remote work and flexible schedules. Finally, healthcare consulting offers competitive salaries and benefits packages, with opportunities for professional development and continuing education.

How to become a health care consultant

Becoming a healthcare consultant requires several qualifications, including education, experience, and essential skills. Below are the requirements and steps on how to become a healthcare consultant.

Education and certifications needed

One of the basic requirements for a healthcare consultant is a bachelor's degree in healthcare management or other related programs. A master’s degree in healthcare administration, health services administration, or business administration is preferred by many employers. However, a bachelor’s degree in a related field is also acceptable.

To advance your healthcare consultant career, certifications are important. Certifications like Certified Management Consultant (CMC) or Professional in Healthcare Risk Management (CPHRM) demonstrate your expertise and knowledge in the field.

Essential skills for healthcare consultants

Healthcare consulting requires several skills to be successful in the industry. Some essential skills you should develop include communication skills, analytical skills, and problem-solving skills. Strong interpersonal and management skills are also important in this profession. The ability to work with different teams and clients is also necessary.

How to get into healthcare consulting

Getting into healthcare consulting requires several steps. You can work in healthcare first, gain experience, and develop your skills. You can also do internships, attend networking events, and take part in relevant programs or workshops. For those who already have experience in healthcare but want to switch to consulting, it is beneficial to obtain relevant certifications and qualifications.

Finding healthcare consultant jobs

Job opportunities for healthcare consultants can be found in various settings. These include hospitals, clinics, consulting firms, and health insurance companies. Networking, building your professional profile, and attending career fairs can help you find job opportunities. Online job search engines and professional association websites like the National Society of Certified Healthcare Business Consultants (NSCHBC) can also help you find job opportunities.

Starting your healthcare consulting business

Starting a healthcare consulting business requires careful planning and preparation. Here are the key steps to get your healthcare consulting business off the ground.

Creating a business plan

A business plan outlines your business goals, target audience, marketing strategies, and financial projections. Your business plan should also include a detailed analysis of your competition. It should include a plan for how you will differentiate your business from theirs. Developing a comprehensive plan will help you stay focused as you start your business.

Legal considerations

Before starting your healthcare consulting business, consider its legal aspects. This includes registering your business, obtaining any necessary licenses and permits, and getting liability insurance. You will also need to decide on a legal structure for your business. For instance, you could opt for a sole proprietorship, partnership, or limited liability corporation (LLC). Seeking the advice of a lawyer or accountant can help you navigate these important legal considerations.

Marketing your services

Marketing your healthcare consulting services is crucial for attracting potential clients. Your marketing strategy should include creating a website, networking with other healthcare professionals, attending events and conferences, and utilizing social media platforms. You should also consider creating a referral program and asking satisfied clients for testimonials. By promoting your business effectively, you can establish your credibility and attract more clients.

Finding your niche

As a healthcare consultant, you can focus on a specific area of expertise. For instance, healthcare technology, hospital management, or public health. By specializing in a particular niche, you can differentiate yourself from other competitors and target specific clients. However, you must conduct market research. You must ensure there’s a demand for your services in your chosen niche. By identifying your niche, you can tailor your services. This way, you can meet your target audience’s specific needs and challenges.

Growing your healthcare consulting business

Imagine your healthcare consulting business continues to expand. In that case, you must have a plan in place for growth. 

Expanding your services

One way to grow your healthcare consulting business is to expand your services. This can be done by offering new areas of expertise, or by branching out into new markets or geographies. Conduct market research to identify areas of potential growth, and invest in the necessary resources to develop new services.

Building your team

As your business grows, it may become necessary to build a team of consultants to handle increased demand. When hiring new talent, focus on finding individuals with the skills and experience needed to support your business goals. Develop a strong onboarding and training program. This is to ensure that new team members are fully integrated into the company culture.

Managing your finances

Have systems in place for tracking expenses, invoicing clients, and managing cash flow. Consider hiring a financial advisor or accountant. They’ll be able to help you manage your finances effectively.

Starting and growing a healthcare consulting business takes dedication, hard work, and a commitment to excellence. By understanding the industry, developing a unique niche, and focusing on delivering exceptional services, you can build a successful consulting practice. With the right strategies in place for growth and financial management, you can create a fulfilling career while helping others to improve their healthcare organizations.

Advancing your career in healthcare consulting

As a healthcare consultant, the career possibilities are endless. You can advance your career in several different directions. This all depends on your interests and expertise. 

Public health consulting

Public health plays an essential role in ensuring the overall health of communities and populations. As a public health consultant, you will work with organizations and government agencies. You will help them identify health problems and implement solutions to improve the health of the public. This can include initiatives such as disease prevention, health promotion, and policy development.

Physician consulting

Physician consulting involves working with healthcare providers to improve patient care and outcomes. This can involve identifying inefficiencies in healthcare systems and streamlining processes. This can also be implementing new technologies to improve patient care and their healthcare facilities. Physician consulting can also involve working with healthcare organizations to develop new models of care that can improve patient outcomes.

Healthcare IT consulting

Healthcare organizations are becoming increasingly reliant on technology to improve patient outcomes and streamline workflows. Health IT consulting involves working with healthcare organizations to implement new technologies. For instance, electronic health records, telemedicine, and patient monitoring systems. As a health IT consultant, you will use your expertise to help healthcare organizations leverage technology to improve patient care and outcomes.

Top healthcare certifications to have

Obtaining healthcare certifications can help you stand out in a crowded job market and demonstrate your expertise in a particular area. Some of the top healthcare certifications to have include the Project Management Professional (PMP) certification and Certified Health Education Specialist (CHES) certification. You may also go for the Certified Professional in Healthcare Information and Management Systems (CPHIMS) certification.

Advancing your career in healthcare consulting requires dedication and expertise. It requires a willingness to adapt to changing healthcare trends. By considering these different paths, obtaining relevant certifications, and gaining specialized knowledge, you can grow your career and become a leader in the field.

Promote your healthcare consulting business with a solid website 

Get your healthcare consulting business off the ground and make it more visible to potential clients with a solid online presence. Through a professional website, you can get your business in front of more customers, expanding your visibility and reach. 

With B12, you can create, design, and launch a professional website in 30 days or less. Our AI website builder enables you to generate your site and crucial web pages complete with your branding. Choose from a vast library of templates, colors, fonts, and images specifically geared for the industry you’re in. 

B12 is the all-in-one platform that helps professional service small businesses launch an online presence with tools like payments , scheduling, email marketing, and contracts. See your new site for free in 60 seconds to start winning, attracting, and serving clients in no time.

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How To Start A Consulting Business In 2024

Updated: Feb 11, 2024, 3:43pm

Table of Contents

1. outline your plan, 2. register your consulting business, 3. determine services and pricing, 4. build your website, 5. market your consulting business, frequently asked questions.

Those with a high degree of expertise in a particular field can leverage their knowledge to build a profitable consulting business. Whether you’re in between jobs or looking to make a change, learning how to start a consulting business is the first step to making great use of your skills. In return, you can create a lucrative business and can charge upwards of $300 per hour–all for sharing your expertise with others. Here’s everything you need to know.

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To get started, you’ll want to put together a strong business plan. While you don’t have to stick to every single thing, it’s a good idea to have guidance for your business.

The first choice to make is your business name. Since you’re starting an individual consulting business, your business name can be your personal name as a trade name or a business name . If you have a name that you want to use that feels more recognizable and eye-catching, make sure you factor the registration costs into your original budget.

If you need to design a logo, you can do that yourself or reach out to designers. The logo will help you start marketing to your target audience, whether that’s business owners or companies or individuals. If you want to consult in a certain industry, you should start building a list of contacts to reach out to when you’re ready to launch and take on new clients.

With all of this information ready to go, you can start on the administrative side of your business.

Before you start doing official business, you’ll need to register with your state’s Secretary of State as a sole proprietorship or as an LLC. You should also check to see if there are other legal requirements for small businesses in your state. If you are planning to grow the business, registering as an LLC will make it easier to track your business expenses for taxes. It can cost about $50 to $100 to register your business online, depending on the state.

If you’re starting a consulting business as a side hustle, it might be worth it to invest in a business to register your LLC for you.

Start an LLC Online Today With ZenBusiness

Click on the state below to get started.

Determining your rates also means determining what kind of services you want to offer. Consultants offer a variety of services. You can offer a wide range of support for a business, but do less of a deep dive. Alternatively, you can be hyper-specific in your expertise and go deep on a certain aspect of a company’s business. For example, if you’re an HR consultant, you can take a larger view of a company’s HR operations, or focus on their hiring practices for a specific department.

You should also consider if you want to take on short-term or long-term clients. Doing one-off consulting sessions is still a lot of work, even compared to long-term consulting. Your pricing strategy should reflect the amount of preparation you have to do. It also may depend on your industry to decide how you want to price your services: either a one-time payment, hourly rate or monthly retainer.

A consulting business needs a website so clients can find you easily. If a business is doing research into finding a consultant in your industry, you want your website to pop up for them. If you are familiar with SEO best practices , you can do this yourself, or hire someone to optimize your website.

Here are the best platforms for building a professional website:

• Squarespace: This platform is very user-friendly and has plenty of award-winning templates. In addition to great designs, it’s also affordable with all-inclusive plans starting at $16 per month. However, it does lack more robust customization options for more experienced coders.
• Wix: This all-in-one website builder offers a drag-and-drop site editor, making web design both easy and highly flexible. However, it’s a bit more expensive than Squarespace with plans starting at $16 per month.
• WordPress: The world’s most popular content management system, WordPress, is not the most user-friendly, though it is one of the most customizable and affordable options (as you only have to pay for web hosting for around $4 to $8 per month). It’s the best option for those who have very unique website needs or experience with the CMS.

Building a website can seem intimidating, but many of the best website builders make it easy for beginners to create a site without any experience or coding knowledge. However, keep in mind that websites do require ongoing maintenance, so you might want to hire a virtual assistant or work some time into your calendar to do regular website maintenance and updating.

Marketing a new business can be difficult, but being diligent about finding new marketing channels and leveraging connections will make it a lot easier. Try these simple and low-cost solutions to start marketing.

• Search engine optimization to rank on Google
• Online business directories, such as Google My Business, Yelp or Yellow Pages
• Pay-per-click advertising, such as Google Ads, Facebook Ads or YouTube Ads
• Subreddits for entrepreneurs or your industry
• Slack groups for freelancers
• Find local networking groups, such as local business associations
• Participate in industry networking events

Working on this yourself, in the beginning, will require a fair amount of time, but when your business grows, you might be able to hire a social media strategist or partner to work on finding business leads.

Where can a consulting business find government contracts to apply for?

You can look on this website that lists government agencies that take contractors and consultants .

How can a consulting business get clients using Fiverr?

Fiverr allows anyone to sign up and sell their services as a freelancer. A lot of companies looking for freelance writing, design or marketing work use Fiverr, so it would be a good place to do consulting for content strategy.

Is it possible to start a consulting business on the side?

If you are comfortable with working with a smaller number of clients and are realistic about your time, you can easily run a consulting business on the side. It’s important to be open with your clients about your time constraints to build trust.

What are some good fields to start a consulting business in?

The consulting business you start is going to be based on your strengths and skills, but some of the potential fields where you might enjoy some of the most success include public relations, publishing, human resources (HR) marketing, computer programming, career consulting, advertising and accounting.

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Julia is a writer in New York and started covering tech and business during the pandemic. She also covers books and the publishing industry.

Kelly Main is a Marketing Editor and Writer specializing in digital marketing, online advertising and web design and development. Before joining the team, she was a Content Producer at Fit Small Business where she served as an editor and strategist covering small business marketing content. She is a former Google Tech Entrepreneur and she holds an MSc in International Marketing from Edinburgh Napier University. Additionally, she is a Columnist at Inc. Magazine.

Expert business plan and financial models

Medical Clinic Business Plan Template & PDF Example

• September 4, 2024
• Business Plan

Creating a comprehensive business plan is crucial for launching and running a successful medical clinic. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your medical clinic’s identity, navigate the competitive market, and secure funding for growth.

This article not only breaks down the critical components of a medical clinic business plan but also provides an example of a business plan to help you craft your own.

Whether you’re an experienced entrepreneur or new to the healthcare industry, this guide, complete with a business plan example, lays the groundwork for turning your medical clinic concept into reality. Let’s dive in!

Our medical clinic business plan is carefully designed to cover all the important parts needed for a good strategy. It explains how the clinic will run, how we’ll take care of patients, how we’ll tell people about our services, what the healthcare situation is like, who our competitors are, who’s in charge, and how much money we expect to make.

• Executive Summary : Provides an overview of the Medical Clinic’s business concept, healthcare market analysis , management structure, and financial strategy.
• Facility & Location: Describes the clinic’s physical setup, including its architectural design, medical equipment, patient amenities, and the strategic choice of its location to maximize accessibility for its target patient base.
• Treatments & Pricing: Enumerates the healthcare services the clinic will provide, from general medical consultations to specialized treatments, alongside a transparent pricing model .
• Key Stats: Shares industry size , growth trends, and relevant statistics for the healthcare market.
• Key Trends : Highlights recent trends affecting the healthcare sector, such as technological advancements, patient care innovations, and regulatory changes.
• Key Competitors : Analyzes the main competitors in the vicinity and differentiates the clinic based on services, patient care quality, and operational efficiency.
• SWOT : Strengths, weaknesses, opportunities, and threats analysis tailored to the healthcare context.
• Marketing Plan : Strategies for attracting and retaining patients, including digital marketing, community health programs, and patient service excellence.
• Timeline : Key milestones and objectives from the clinic’s establishment through the first year of operation, including licensing, staff recruitment, and service launch.
• Management: Information on the healthcare professionals managing the medical clinic and their roles, emphasizing their medical expertise and healthcare management experience.
• Financial Plan: Projects the clinic’s 5-year financial performance, including revenue from medical services, operational costs, profits, and expected expenses, ensuring a sustainable and profitable healthcare service model.

Medical Clinic Business Plan

Fully editable 30+ slides Powerpoint presentation business plan template.

Download an expert-built 30+ slides Powerpoint business plan template

Executive Summary

The Executive Summary introduces our medical clinic’s business plan, offering a concise overview of the clinic and its healthcare services. It details our market positioning, the comprehensive medical services we provide, its location, size, and an outline of our day-to-day operations. 

This section will also delve into how our clinic will integrate into the local healthcare market, including an assessment of the direct competitors in the area, identifying who they are, and highlighting our clinic’s unique selling points that set us apart. 

Additionally, it includes information about our management and co-founding team, outlining their roles and contributions to the clinic’s success. A summary of our financial projections, including expected revenue and profits over the next five years, will also be presented to offer a clear view of our clinic’s financial outlook.

Medical Clinic Business Plan Executive Summary Example

Business Overview

In the  business overview , you should clearly define your gym’s characteristics. This includes its name, location, facility details, membership plans, and the variety of classes offered. This part of the summary is critical for showcasing what makes your gym stand out in a competitive fitness industry .

Example: For instance, “FitFusion Gym,” situated in the city center, offers a 15,000 sq. ft. space with an open-plan design and state-of-the-art equipment. Its unique selling points include a comprehensive range of fitness classes, from HIIT to Yoga, and premium amenities like a wellness center. These features position FitFusion as a versatile and appealing fitness destination.

Market Overview

In this section, you should analyze the gym market, including its size, growth trends, and  key competitors . This gives context to where your gym fits within the industry and highlights how it can capitalize on current fitness trends.

Example: FitFusion Gym enters a robust U.S. market valued at $30.8 billion. It sets itself apart from the five main competitors in its vicinity by offering a blend of holistic wellness and cutting-edge fitness technology, tapping into the growing demand for integrated health and fitness experiences.

Management Team

Detailing the experience and roles of your management team is vital. This section should highlight their qualifications in gym and wellness management, underscoring their ability to drive the gym’s success.

Example: The CEO of FitFusion brings extensive experience in fitness management, guiding the gym’s strategic direction and operations. The CFO & Marketing Director, with a strong background in finance and marketing, plays a crucial role in managing the gym’s finances and developing effective  marketing strategies  to enhance customer engagement and retention.

Financial Plan

A clear presentation of financial goals and projections is key in this section. It should include targets for revenue and profit margins, offering insight into the gym’s financial health and growth prospects.

Example: With a target of $2.0 million in yearly revenue and a 22% profit margin by 2027, FitFusion Gym is positioned for significant growth. Its financial strategy is supported by an ambitious marketing approach and a focus on delivering exceptional customer experiences, aligning the gym for success in the competitive fitness market.

For a medical clinic, the Business Overview section can be concisely structured into 2 main components:

Facility & Location

Briefly describe the clinic’s facilities, highlighting the state-of-the-art medical equipment, patient-centric design, and a welcoming atmosphere that ensures comfort and privacy.

Mention the clinic’s strategic location, emphasizing its accessibility and conveniences such as proximity to main transit routes and ample parking. Explain how this location was selected to serve the clinic’s target patient demographics effectively.

Treatments & Pricing

Detail the comprehensive range of medical services provided, from routine health check-ups to specialized treatments in areas like cardiology, pediatrics, or orthopedics.

Describe your pricing model, ensuring it mirrors the high standard of care offered and is competitive within the healthcare market. Highlight any health plans, membership options, or loyalty programs designed to offer added value to patients, fostering long-term relationships and patient loyalty.

Industry size & growth

Start your medical clinic business plan by looking at how big the healthcare world is, especially for the services you provide like general health, special treatments (skincare, children’s health), or quick care. Think about how this area is growing and where you might find new chances to grow.

Key market trends

Then, talk about what’s new in healthcare, like how people want care that’s just for them, using tech to help patients (like video doctor visits or digital health records), and focusing on keeping people healthy before they get sick. Point out that people are looking for services that meet their specific health needs and that there’s a growing interest in clinics that care for the whole person.

Competitive Landscape

A  competitive analysis  is not just a tool for gauging the position of your medical clinic in the market; it’s also a fundamental component of your business plan.

This analysis helps in identifying your medical clinic’s unique selling points, essential for differentiating your business in a  competitive  market.

In addition, competitive analysis is integral in laying a solid foundation for your business plan. By examining various operational aspects of your competitors, you gain valuable information that ensures your business plan is robust, informed, and tailored to succeed in the current market environment.

Identifying Competitors in the Healthcare Sector

Begin by mapping out direct and indirect competitors in the healthcare industry. Direct competitors might include other medical clinics, specialized treatment centers, or hospitals offering similar services within your local area. 

Additionally, consider indirect competitors such as urgent care facilities, telemedicine services, or alternative medicine practitioners that might attract your target patients.

Utilize online tools and directories, such as Google Maps and healthcare-specific platforms like Healthgrades or Zocdoc, to gain insights into the distribution and offerings of competitors.

Patient reviews and ratings on these platforms offer valuable information about competitors’  strengths and weaknesses . For instance, glowing reviews highlighting short waiting times and personalized care at a rival clinic indicate a competitive advantage worth noting.

Medical Clinic’s Competitors’ Strategies

Analyzing competitors’ strategies involves evaluating several facets:

• Services Offered:  Assess the range of medical services and specialties offered by competitors. For instance, if a neighboring clinic specializes in integrative medicine or offers holistic approaches, it may attract a different patient demographic than a clinic focusing solely on traditional treatments.
• Treatment Approaches:  Consider the medical philosophies and approaches adopted by rival clinics. A clinic known for evidence-based treatments may appeal to a different patient base than one embracing alternative therapies or holistic healing methods.
• Pricing and Payment Models:  Compare pricing structures and payment models offered by competitors. Determine if your clinic’s pricing aligns with those of budget-friendly clinics or premium healthcare service providers in your area.
• Marketing and Patient Outreach:  Analyze competitors’  marketing strategies . Do they heavily invest in digital marketing, have a strong online presence, or engage in community health programs and events?
• Patient Experience:  Evaluate the patient experience at rival clinics. For instance, a competitor might be recognized for its friendly staff, minimal waiting times, or advanced appointment scheduling systems, contributing to an enhanced patient experience.
• Operational Efficiency and Technology Integration:  Observe if competitors leverage technology to streamline patient management and appointment scheduling or offer telemedicine services for remote consultations.

What’s Your Clinic’s Value Proposition?

Reflect on your clinic’s  unique value proposition . This could include specialized treatments, cutting-edge medical technology, a focus on personalized patient care, or convenient access to healthcare services.

Identify gaps in the market through patient feedback and healthcare trends. For example, if there’s an increasing demand for preventive care or a specific medical service in your area that competitors aren’t adequately addressing, this presents an opportunity for your clinic.

Consider your clinic’s location and community demographics. Tailor your services to meet the needs of the local population-urban clinics might emphasize convenience and efficiency, while clinics in residential areas could focus on building stronger patient relationships and community engagement.

First, conduct a SWOT analysis for the medical clinic , identifying Strengths such as a team of expert medical professionals and a comprehensive suite of healthcare services. Weaknesses might include factors like high operational costs and the complexity of insurance processes. Opportunities can arise from the growing emphasis on health and wellness and the potential for telemedicine services. Threats could stem from increased competition and the impact of economic downturns on discretionary healthcare spending.

Marketing Plan

Next, develop a marketing strategy aimed at attracting and retaining patients. This strategy should focus on targeted advertising to reach specific demographics, offering promotional incentives for referrals, maintaining an active and engaging presence on social media, and fostering community ties through health education and events.

Marketing Channels

Deploy a diverse array of marketing channels to effectively reach potential patients and cultivate lasting relationships.

Digital Marketing

• Website and SEO:  Develop a comprehensive website housing detailed information about your services, healthcare professionals, patient testimonials, and educational resources. Optimize it for local SEO to enhance visibility and attract local patient traffic.
• Social Media:  Utilize various social media platforms – LinkedIn for professional networking and educational content, Facebook for community engagement and healthcare updates, and Instagram for visual storytelling and patient education.
• Content Marketing:  Regularly publish informative blog posts, articles, and videos addressing prevalent health concerns, treatment options, preventive care measures, and breakthroughs in the medical field. This content serves to establish your clinic’s expertise and attract patients seeking credible information.

Local Advertising

• Community Engagement:  Sponsor or participate in local health fairs, wellness events, or educational seminars aimed at fostering health awareness within the community. These events offer a platform to educate the public about prevalent health issues and position your clinic as a reliable source of healthcare information.
• Collaborations:  Forge partnerships with local gyms, wellness centers, corporate offices, or community organizations to offer healthcare screenings, educational workshops, or health campaigns. Collaborative efforts broaden your reach and establish your clinic as an integral part of the community’s well-being.

Promotional Activities

Engage potential patients through compelling offers and initiatives:

• Free Consultations:  Introduce a promotional campaign offering free initial consultations for new patients. This initiative provides an opportunity for patients to experience your clinic’s services and expertise firsthand.
• Referral Programs:  Create a structured referral program incentivizing existing patients to refer others to your clinic. Offer discounts, loyalty points, or small rewards for successful referrals, fostering a sense of community and trust.
• Seasonal Health Campaigns:  Launch health-related campaigns aligned with seasonal health concerns (e.g., flu vaccination drives and summer wellness check-ups) to draw attention to your clinic’s services and encourage visits during these periods.

Sales Channels

Efficient  sales channels  are vital for patient engagement and service delivery optimization.

Appointment Optimization

• Online Booking:  Implement a user-friendly online appointment scheduling system accessible through your website and social media channels. Simplifying the booking process enhances patient convenience and accessibility to your services.
• Telemedicine Services:  Introduce telemedicine services for non-emergency cases, providing patients with remote access to healthcare consultations and follow-ups. Telehealth services cater to the evolving needs of patients seeking convenient healthcare solutions.

Patient Retention Strategies

• Patient Experience Enhancement:  Focus on providing exceptional patient care, personalized attention, and consistent follow-up communication. Creating a positive patient experience fosters patient loyalty and encourages referrals, augmenting your clinic’s reputation.
• Membership Programs:  Develop membership plans offering regular check-ups, discounts on services, or additional perks for loyal patients. Membership programs instill a sense of exclusivity and reward patient loyalty, leading to increased patient retention rates.

Strategy Timeline

Finally, create a detailed timeline that marks essential milestones for the clinic. This includes the initial setup and opening phase, followed by the launch of marketing initiatives, efforts to expand the patient base, and strategies for broader service offerings, all designed to ensure the clinic progresses with a clear and defined purpose.

The management section focuses on the medical clinic’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the medical clinic toward its financial and operational goals.

For your medical clinic business plan, list the core team members, their specific responsibilities, and how their expertise supports the medical clinic’s mission.

The Financial Plan section is a comprehensive analysis of the medical clinic’s financial strategy, including projections for revenue, expenses, and profitability. It lays out the clinic’s approach to securing funding, managing cash flow, and achieving breakeven.

This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs and capital expenditures.

For your medical clinic business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your main assumptions (e.g. prices, customers, expenses, etc.).

Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds

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Medical and Health Business Plan Templates

Written by Dave Lavinsky

In the medical and healthcare industry, where the balance between patient care and operational efficiency is paramount, a comprehensive business plan stands as a critical element for success. It serves as a strategic guide, vital for navigating the sector’s regulatory complexities, technological advancements, and evolving patient needs.

Below you will find an extensive array of business plan examples for a variety of medical and healthcare businesses, including private clinics, medical device startups, telemedicine services, and healthcare consulting firms. Each plan is meticulously crafted to address crucial aspects such as market research, compliance with healthcare regulations, service delivery models, and financial management. These plans are invaluable for professionals and entrepreneurs in the healthcare sector, providing a structured approach to developing services that are not only medically effective but also financially viable and operationally sustainable. They underscore the importance of strategic planning in creating a healthcare business capable of delivering high-quality patient care while navigating the challenges of this highly regulated and competitive industry.

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How to Start an Online Healthcare Consultation Business?

Wondering why you might have to think about starting a healthcare consulting business ?

COVID-19 has taken a staggering toll affecting almost all industries, including healthcare. When we speak about healthcare, the industry is complex. Medical organizations have a lot to keep track of, consisting of hundreds of laws, regulations, a wide range of potential jobs, diagnoses, treatments, and medication. And all of these are absolutely critical to the success of the healthcare organization and the health of the patients. That is why medical consultants or healthcare consultants are valuable. 

According to Brand essence market research, the healthcare industry is expected to exceed $20 billion by 2025 . And indeed, now is the right time to switch from conventional medical consultation to an online medical consultation business through a powerful conversational marketplace. 

What does a medical consultation business do?

Before getting into how to start a healthcare consulting business , let’s understand more about the medical consultation business. Medical consulting is offering advice and guidance to medical institutions to make critical business decisions that influence their growth. 

Medical consultants are experts in the healthcare industry- they have the right educational qualification and background on medical laws and policies to help healthcare organizations and hospitals run their businesses the most effectively. Medical consultants advise pharmaceutical businesses, biotech start-ups, health insurance companies, and governments on the most efficient and effective healthcare delivery methods. 

Why Online healthcare consulting?

If you want to learn about how to start a healthcare consulting business , you must know more about healthcare consulting and why it is necessary. Creating a healthcare consulting business allows you to work closely with a wide range of medical institutions and organizations. Healthcare organizations, government agencies, hospitals, and pharmaceutical companies will always need industry expertise and advice. So you get to work with amazing clients from different industries. Every client has different needs, expectations, products, and services, so medical consultants can oversee projects of various types.

Working as an online medical consultant is a reputed career as it requires a certain level of academic qualification and expertise to be successful, which isn’t necessarily essential in other fields. You can offer insights and expertise regarding the business decisions of hospitals and medical institutions that directly impact patients, customers, and other stakeholders by launching an online consultation platform . 

Here are some advantages of becoming an online health consultant :

Gain a competitive edge

As the healthcare industry is one of the sectors to go digital last, you will have an opportunity to gain a competitive advantage over your competitors. When other healthcare consulting businesses are working on transforming their business, you can emerge as a pioneer in your niche, which would provide a substantial competitive edge. 

Flexibility in working hours

Becoming a medical consultant comes with the advantage of having the flexibility of creating your own schedule. With an online consulting website set up, consultant opportunities can be undertaken at your own pace. One of the main online consulting perks is creating a balance between your need between your consulting business and your personal life. 

Reduced travel 

As you can shift your medical consultation from offline to online, the travel requirements are eliminated, saving you more time and money. Through video conferencing tools, you can communicate and collaborate with medical professionals without having to travel to meet them. 

Easy and quick communication 

Considering the modern technology available today, customers expect incredible speed and quick response from healthcare consultants. With the fierce competition available in the industry, customers expect to receive value for the money they spent right away. With a healthcare consulting website for your consulting firm, you can quickly connect with customers. 

New channel to find new customers

Shifting your medical consulting services online provides consulting firms with new ways to find customers. With an online consulting platform in place, geographical restrictions don’t even exist. Moreover, by launching a medical consulting business , you will have a new client who prefers getting their consulting services online. And with each year passing by, the number of clients preferring online services is increasing considerably. 

Convenience and security

Work in either full-time or part-time positions for hospitals and medical organizations, or be self-employed. The traditional way of storing confidential information is not safe for both your clients and your consulting firm. 

To offer a safe environment for your customers, your consulting business must have a secure place to keep all the sensitive information. Typically, it’s the database that is linked to your medical consulting website. 

Building a successful online medical consultation business

With your expertise and experience in the field, you can start building a thriving online medical consultation business .

Now, let’s look into the steps to building a successful healthcare consulting business. 

1. Crafting a Healthcare consulting business plan

Preparing a healthcare consulting business plan involves creating a document that defines your services and how you intend to run your business. 

So here is a sample healthcare consulting business plan :

Executive summary : Give a clear description of your medical consulting business and a market analysis summary.

Company analysis : The company analysis section explains how your healthcare business would run, its current stage, legal structure, and related info. 

Industry analysis : Conduct industry analysis and elaborate on current trends and market projections that directly affect your niche. 

Customer analysis : In this section, understand who will your healthcare business service. Make sure you narrow down the demographics as well and find out the unique needs and how you can fulfill them.

Competitive analysis : When conducting a competitive analysis, include direct competitors whose businesses fulfill your needs and indirect competitors who target a different market.

Operations plan : The operation plans section elaborates on your methods of meeting the goals you have defined. Add both short-term goals and long-term goals, like expanding to a new market.

Management team : Define the team and backgrounds of key members of your team. Focus on your team’s ability to build and run a successful healthcare business.

Financial plan : The financial plan needs you to detail your individual revenue streams, cash flow statements, future income statements, balance sheets, etc.

2. Business models of online consulting business

The business model is an important aspect that plays a significant role in the success of any online consulting business. While medical consultants are usually hired for a one-time consultancy, medical consulting businesses can adopt several business models. You can build a consulting website which is basically a consulting platform that connects consultants with clients. 

Here are some of the business models you can adopt:

• Live one-one consulting

One-one consulting is one of the common business models which allows clients to have one-one sessions with you. You can offer personal consulting sessions to professionals in the medical field where you work with them individually. One-one coaching allows your customers to get individual consultations, and the session is catered to offer personalized solutions to customer problems. 

• Group Coaching

This is another popular business model where you deliver consultation sessions to a closed group that attends the sessions together. The medical consultants can offer support to several clients of the group at a time. As with any other type of consultation, it is carried out remotely through audio and video calls. By offering group classes, you can enhance productivity by spending your time with several customers at a single time. 

• Subscription model

In a subscription business model, you allow your clients to access your consulting, along with the supporting materials and tools for a monthly or yearly subscription fee. You can create subscription packages on your online medical consultation platform and allow customers to book private or group consulting sessions as long as they subscribe to your plan. 

3. Launch an online healthcare consultation website for your services

One of the significant benefits of running an online healthcare consultation business is that you can connect with your clients, virtually eliminating the need to meet them in person. This adds to the convenience, especially during the times of the COVID-19 pandemic, as social distancing has become a new norm. 

Setting up a consultation site allows your clients to communicate with you through the platform to avail your services. While building a consultation site is mandatory, you don’t have to spend a fortune right away. You can quickly start using professional tutoring software to set up your online consulting site the most rapidly and affordably perfectly for a single and multi-tutor consulting business. You can connect with your clients through video conferencing, live one-one consultations, webinars, group classes, and videos. 

4. Choose your preferred payment methods

If you ask about the main benefit of becoming a medical consultant and setting up your own consultation website, it is having complete control of your online consulting business. Having your own consultation platform offers you the flexibility to introduce the consultation fee according to your business requirements and goals. You can choose to charge upfront once the consultation is over or go for pre-billing consultations. However, you choose to charge your clients, integrate multiple payment gateways to offer the flexibility of selecting the preferred payment option for your clients. 

5. Set your unique selling propositions and core values

Online healthcare consultation has a lot to do with your profound expertise, inspiring ideas, and value. Clients approach you for your valid expertise, expert suggestions and advice you can offer them. That is why it is critical to establish your unique selling propositions. Make sure your core values align with that of your potential services so that you can offer the best service to them. 

6. Marketing strategies to adopt to promote your consulting business

Devising effective ways to promote your medical consultation business is as important as thinking about  how to get into medical consulting . Leverage online marketing to find ideal customers and reach out to them with your online healthcare consulting services. The best market strategy you can follow to grow a client base is to build a powerful presence on social platforms like Twitter, Linked In, Facebook, Instagram, etc. Though a traditional form of marketing, email marketing is also very powerful. It can be easy to start with if you already have an email list of potential clients ready for you. 

Online Medical consulting is an impactful and lucrative career choice. You can share your expertise and educate clients on improving their operations, work within the boundaries of healthcare laws and policies, and streamline company strategies. Moving your healthcare consultation business operations online and building your own healthcare consultation platform can facilitate smart and remote interaction. 

If you want expert assistance in starting a healthcare consulting business , we are always at your service. Please get in touch with us right away!

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How to Start a Healthcare Consulting Business

By: Author Tony Martins Ajaero

Home » Business ideas » Healthcare and Medical

Do you want to start a healthcare consulting firm? If YES, here is a complete guide to starting a healthcare consulting business with NO money and no experience .

It is no longer news that the healthcare sector sells like wild fire all over the world. This is one of the reasons why investors are willing to pump in a whole lot of money in order to be sure that they get good returns on their investments.

If you are a wishful entrepreneur with an experience in human resources and healthcare, one way you can launch your way into the business world is to start your own healthcare consulting firm.

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You can be rest assured that your services would always be in demand not only by small healthcare organizations, but also big healthcare corporations and related businesses.

Healthcare consulting firms are organizations that specialize in providing business consulting services (healthcare administration or healthcare management) to the healthcare industry in areas such as finance, accounting, marketing, insurance, efficient operational process and other related areas.

Just like most businesses, the healthcare consulting services industry is open to as many people that are interested in the industry as long as they have what it takes to run a healthcare consulting services firm. Opening a healthcare consulting firm is not too expensive except for the money required to rent and furnish an office space.

Running this type of business requires that you should be trained as a consultant and it is indeed a very lucrative business in the United States, Canada, Australia and the United Kingdom because of the desire for continuous growth in the healthcare industry.

If you have decided to start a healthcare consulting services firm, then you must make sure that you carry out thorough feasibility studies and also market survey.

This will enable you properly locate the business in a community or city with the right demography; a location that can readily accept your services.

So, if you have done the required feasibility studies and market research, then you might want to venture into this business. If you have been pondering on starting your own healthcare consulting services firm but do not know how to go about it, then you should consider going through this article; it will sure give you the needed guide and direction.

18 Steps to Starting a Healthcare Consulting Business

1. understand the industry.

Players in the healthcare consulting services industry provide specialist advice to businesses involved in healthcare fields such as hospitals, physicians, pharmaceutical companies, healthcare related organizations, health management organizations and healthcare insurance providers et al.

These services include advice related to financial management, human resources, information technology and other operations.

More than ever before, the demand for healthcare consulting services has increased as a result of technological advances in the healthcare sector and of course the ever – changing regulatory environment in the united states.

Besides, the 2010 Patient Protection and Affordable Care Act expanded access to healthcare to millions of Americans, driving growth in the overall healthcare sector and stimulating demand for the services of healthcare consulting firms.

Nevertheless, budgets remained tight for many industry customers due to the lingering effects of the recession. Going forward, the revenue generated by the healthcare consulting services industry is projected to continue on its upward flight.

The Healthcare Consulting services Industry is indeed a large industry and pretty much active in countries such as United States of America, United Kingdom, France, Germany, Italy, Holland, Switzerland, Australia and Canada et al.

Statistics has it that in the United States of America alone, there are about 17,521 registered and licensed healthcare consulting firms scattered all across the United States responsible for employing about 26,479 and the industry rakes in a whooping sum of $6 billion annually.

The industry is projected to grow at a 7.1 percent annual growth within 2011 and 2016. It is important to state that Accenture, Advisory Board Company, Deloitte, Huron Consulting Group Inc. and PwC have the largest available market share in the industry.

A recent report shows that healthcare consultants have benefited from many factors over the five years to 2017. The report states that healthcare reforms in the United States has driven hospitals and other care providers to realign their operations to accommodate millions of previously uninsured Americans and comply with new regulatory requirements.

The report also noted that declining Medicare and Medicaid reimbursement rate and the rising cost of care have pushed healthcare providers to look for cost savings and engage industry consultants, thereby boosting industry revenue over the five years to 2017.

Coupled with the recovering economy and the passage and implementation of healthcare reforms, demand for healthcare consultants is expected to boom over the period, with total industry revenue forecast to grow an annualized 7.1 percent.

The fact that healthcare consulting firms can easily be found in cities in the United States of America, does not in any way make the industry to be over saturated. The fact that there are people and organizations out there who would always need professional healthcare consulting services from time to time to sort out business related issue et al makes the business evergreen.

Some of the factors that encourage entrepreneurs to start their own healthcare consulting business despite the fact that the business is risky is that the business is highly thriving and profitable and can be started in any part of the world.

Over and above, starting a healthcare consulting firm requires professionalism and a good grasp of the healthcare industry. Besides, you would need to get the required certifications and license and also meet the standard for such business before you can be allowed to start a healthcare consulting firm in the United States.

One good thing about the healthcare consulting industry is that there is a readily available market for their services because individuals and even organizations naturally would want to improve and effectively manage their business. So, if you are well positioned and you know how to deliver results as a healthcare consultant, you will always smile to the bank.

2. Conduct Market Research and Feasibility Studies

• Demographics and Psychographics

The demographic and psychographic arrangement of persons who need the services of healthcare consulting firms cut across businesses involved in healthcare fields such as hospitals, physicians, pharmaceutical companies, healthcare related organizations, health management organizations and healthcare insurance providers et al who need advice and guidance to sort out business related issues.

If you are defining the demographics for your healthcare consulting business, then you should make it all encompassing.

It should include businesses involved in healthcare fields such as hospitals, physicians, pharmaceutical companies, healthcare related organizations, health management organizations and healthcare insurance providers et al within and outside the city you are operating in who have the capacity to pay for your services.

3. Decide Which Niche to Concentrate On

Most healthcare consulting services firms tend to operate general services that involve every business activities that a standard healthcare consulting firm is expected to offer. That is why it seems like there are no niche areas in the industry.

But on the other hand, some healthcare consulting firms may decide to major in some key or niche area such as;

• Strategic management consulting
• Financial management consulting
• Information technology consulting
• Human resource consulting
• Process and logistics consulting services
• Marketing consulting services

The Level of Competition in the Industry

The competitions that exist in the healthcare consulting line of business goes beyond competitions amongst healthcare consulting firms in your location; you are expected to compete with other consulting firms that have the capacity to consult and proffer business solutions to healthcare organizations. Thus, it will be right to say the competition in the healthcare consulting line of business is tough.

The reality is that no matter the level of competition in an industry, if you have done your due diligence and you brand and promote your services or business properly, you will always make headway in the industry. Just ensure you can proffer business solutions to your clients, you can deliver excellent customer care services, get testimonials from your clients and you know how to attract and reach out to your target market.

Above and beyond, there are several healthcare consulting firms and general consulting firms that have the capacity to consult for healthcare organizations scattered all around the United States. So, if you choose to start your own healthcare consulting business in the United States, you will definitely meet stiffer competitions amongst healthcare consulting firms and general consulting firms that have the capacity to consult for healthcare organizations. Besides, there are larger healthcare consulting firms – brands that determine the trends in the industry and you should be ready to compete with them for customers.

4. Know Your Major Competitors in the Industry

In every industry, there are always brands that perform better or are better regarded by customers and the general public than others. Some of these brands are those that have been in the industry for a long time, while others are best known for how they conduct their businesses and the results they have achieved over the years.

These are some of the leading healthcare consulting services firms in the United States of America and also in the globe;

• Advisory Board Company
• Huron Consulting Group Inc.
• Bain & Company
• Deloitte Consulting
• The Chartis Group
• Simione Healthcare Consultants
• FTI Consulting
• Health Advances, LLC
• Pinnacle Healthcare Consulting‎
• Cynosure Health Solutions
• CTG Health Solutions
• Healthcare Strategy Group
• QHR (Quorum Health Resources)
• Alvarez & Marsal Healthcare Industry Group
• ECG Management Consultants
• Health Care Network Associates
• Healthcare Management & Consulting Services
• Healthplex Associates

Economic Analysis

When it comes to starting a business such as healthcare consulting services firm, you just have to get your feasibility studies and market research right before venturing into the business. It is good to mention that the healthcare consulting services business is not for rookies; it is for professionals who have gathered the required experience and expertise to proffer solutions to people and organizations.

Starting this kind of business definitely entails that you acquire the required degree and professional certifications and also build good working relationship with stakeholders in the healthcare industry. If you are already a major player in the healthcare consulting services industry before venturing out to start your own healthcare consulting services firm, this might not be an issue.

Depending on the scale at which you want to start from, you might require as much as multiple thousands of dollars to strike this off and at the same time you might need far less than that if you choose to start the business from your house, a virtual office or a shared office space.

You will be expected to hire the services of experts that will help you with a comprehensive economic and cost analysis of the business within the location that you intend launching it. If you get your economic and cost analysis right before launching the business, you may not have to stay the long before you breakeven.

5. Decide Whether to Buy a Franchise or Start from Scratch

When it comes to starting a business of this nature, it will pay you to buy the franchise of a successful healthcare consulting services firm as against starting from the scratch. Even though it is relatively expensive and difficult to buy the franchise of an established healthcare consulting services firm, but it will definitely pay you in the long run.

But if you truly want to build your own brand after you must have proved your worth in the financial services industry, then you might just want to start your own healthcare consulting services firm from the scratch. The truth is that it will pay you in the long run to start your healthcare consulting services firm from the scratch. Starting from the scratch will afford you the opportunity to conduct thorough market survey and feasibility studies before choosing a location to launch the business.

Please note that most of the big and successful healthcare consulting services firms round started from the scratch and they were able to build a solid business brand. It takes dedication, hard work and determination to achieve business success and of course you can build your own healthcare consulting services firm to become a successful brand with corporate and individual clients from all across the length and breadth of the United States of America and other countries of the world.

6. Know the Possible Threats and Challenges You Will Face

If you decide to start your own healthcare consulting services firm today, one of the major challenges you are likely going to face is the presence of well – established healthcare consulting services firms and also other related consulting firms and advisory businesses who are offering same services that you intend offering. The only way to avoid this challenge is to create your own market.

Some other threats that you are likely going to face as a healthcare consulting services firm operating in the United States are unfavorable government policies , the arrival of a competitor within your location of operation and global economic downturn which may affect businesses. There is hardly anything you can do as regards these threats other than to be optimistic that things will continue to work for your good.

7. Choose the Most Suitable Legal Entity (LLC, C Corp, S Corp)

Generally, you have the option of either choosing a general partnership, or limited liability Company which is commonly called an LLC for a healthcare consulting services firm. Ordinarily, general partnership should have been the ideal business structure for a small – scale healthcare consulting services firm especially if you are just starting out with a moderate start – up capital.

But people prefer limited liability Company for obvious reasons. If your intention is to grow the business and have clients both corporate and individual from all across the United States of America and other countries of the world, then choosing general partnership is not an option for you. Limited Liability Company , LLC will cut it for you.

Setting up an LLC protects you from personal liability. If anything goes wrong in the business, it is only the money that you invested into the limited liability company that will be at risk. It is not so for general partnerships. Limited liability companies are simpler and more flexible to operate and you don’t need a board of directors, shareholder’s meetings and other managerial formalities.

These are some of the factors you should consider before choosing a legal entity for your healthcare consulting services firm; limitation of personal liability, ease of transferability, admission of new owners, investors’ expectation and of course taxes.

If you take your time to critically study the various legal entity to use for your healthcare consulting services firm, you will agree that limited liability company; an LLC is most suitable. You can start this type of business as limited liability company (LLC) and in future convert it to a ‘C’ corporation or an ‘S’ corporation especially when you have the plans of going public.

8. Choose a Catchy Business Name

Generally, when it comes to choosing a name for a business, it is expected that you should be creative because whatever name you choose for your business will go a long way to create a perception of what the business represents. Usually it is the norm for people to follow the trend in the industry they intend operating from when naming their business.

If you are considering starting your own healthcare consulting services firm, here are some catchy names that you can choose from;

• McIntosh Jason & Co® Healthcare Consulting, LLC
• J K Randel® Healthcare Consulting Services, LLC
• Sage Group® Healthcare Advisors, LLP
• Clarkson McFarlane® Healthcare Consulting Services, LLP
• Innocent Thompson© Healthcare Consulting Services Company, Inc.
• Harrow Smiths & Associates® Healthcare Advisers, LLP
• Silver House® Healthcare Consulting Services Group
• East Coast® Healthcare Consulting Services, LLC
• Phil Nelson & Co Healthcare Advisors, LLP
• Flint Fingers® Healthcare Consulting Services, Inc.
• Shavonne Pearce Healthcare Consulting Services, Inc.
• Shannon & Shaun® Healthcare Consulting Services, LLP

9. Discuss with an Agent to Know the Best Insurance Policies for You

In the United States of America and in most countries of the world, you can’t operate a business without having some of the basic insurance policy covers that are required by the industry you want to operate from. So, it is imperative to create a budget for insurance policy covers and perhaps consult an insurance broker to guide you in choosing the best and most appropriate insurance policies for your healthcare consulting services firm.

Here are some of the basic insurance policy covers that you should consider purchasing if you want to start your own healthcare consulting services firm in the United States of America;

• General insurance
• Risk Insurance
• Financial reinsurance
• Health insurance
• Liability insurance
• Workers Compensation
• Overhead expense disability insurance
• Business owner’s policy group insurance
• Payment protection insurance

10. Protect your Intellectual Property With Trademark, Copyrights, Patents

If you are considering starting your own healthcare consulting services firm, usually you are required to file for intellectual property protection/trademark. This is so because the nature of the business makes it possible for you to challenge organizations and individuals in court for illegally making use of your company’s intellectual properties.

So also, if you want to protect your company’s logo and other documents or software that are unique to you or even jingles and media production concepts, then you can go ahead to file for intellectual property protection. If you want to register your trademark, you are expected to begin the process by filing an application with the USPTO. The final approval of your trademark is subjected to the review of attorneys as required by the USPTO.

11. Get the Necessary Professional Certification

Aside from the results you produce as it relates to timely and result oriented finance, accounting, marketing, insurance, and efficient operational process advice to your clients, professional certification is one of the main reasons why some healthcare consulting services firm stand out.

If you want to make an impact in the healthcare consulting services industry, you should work towards acquiring all the needed certifications in your area of specialization. Certification validates your competency and shows that you are highly skilled, committed to your career and up-to-date in this competitive market.

These are some of the certifications you can work towards achieving if you want to run your own healthcare consulting services firm;

• Certified Healthcare Business Consultant (CHBC)
• ACHC Certified Consultants
• Chartered Financial Analyst (CFA®)
• Chartered Financial Consultant (ChFC)
• Chartered Market Technician (CMT)
• Degree in Management and Healthcare Related Courses

Please note that you cannot successfully run a healthcare consulting services firm in the United States and in most countries of the world without necessarily acquiring professional certifications and business license even if you have adequate experience cum background in the healthcare consulting services industry.

12. Get the Necessary Legal Documents You Need to Operate

The essence of having the necessary documentation in place before launching a business in the United States of America cannot be overemphasized especially a business such as healthcare consulting services firm. It is a fact that you cannot successfully run any business in the United States without the proper documentations. If you do, it won’t be too long before the law catches up with you.

These are some of the basic legal documents that you are expected to have in place if you want to legally run your own healthcare consulting services firm in the United States of America;

• Certificate of Incorporation
• Federal Tax Payer’s ID
• State Permit
• Business License and Certification
• Business Plan
• Non – disclosure Agreement
• Employment Agreement (offer letters)
• Operating Agreement for LLCs
• Insurance Policy
• Consulting contract documents
• Online Terms of Use
• Online Privacy Policy Document
• Apostille (for those who intend operating beyond the United States of America)
• Company Bylaws
• Memorandum of Understanding (MoU)

13. Raise the Needed Startup Capital

Aside from the required certifications and hands-on experience, starting a healthcare consulting services firm can be cost effective. Securing a standard office in a good business district, equipping the office and paying your employees are part of what will consume a large chunk of your start – up capital.

When it comes to financing a business, one of the first things that you should consider is to write a good business plan . If you have a good and workable business plan document in place, you may not have to labor yourself before convincing your bank, investors and your friends to invest in your business or to partner with you.

Here are some of the options you can explore when sourcing for start – up capital for your healthcare consulting services firm;

• Raising money from personal savings and sale of personal stocks and properties
• Raising money from investors and business partners
• Sell of shares to interested investors
• Applying for loan from your bank/banks
• Pitching your business idea and applying for business grants and seed funding from donor organizations and angel investors
• Source for soft loans from your family members and your friends

14. Choose a Suitable Location for your Business

Healthcare consulting services firm and most consulting services based type of businesses require that you see physically with your clients hence it must be located in a good location; a location that is prone to both human and vehicular traffic and a location that is at the epicenter of a healthcare – related business district if indeed you want to attend to loads of clients and

• The demography of the location
• The demand for the services of healthcare consulting services in the location
• The purchasing power of businesses involved in healthcare fields such as hospitals, physicians, pharmaceutical companies, healthcare related organizations, health management organizations and healthcare insurance providers et al in the location
• Accessibility of the location
• The number of healthcare consulting services firms and related consulting services businesses that are in the location
• The local laws and regulations in the community/state
• Traffic, parking and security et al

15. Hire Employees for your Technical and Manpower Needs

On the average, there are no special technology or equipment needed to run this type of business except for customized healthcare consulting software and other related software apps and social media management software applications. So also, you will definitely need computers, internet facility, telephone, fax machine and office furniture (chairs, tables, and shelves).

When it comes to choosing between renting and leasing an office space, the size of the healthcare consulting services firm you want to build, and your entire budget for the business should influence your choice. If you have enough capital to run a standard healthcare consulting services firm then you should consider the option of leasing a facility for your office; when you lease, you will be able to work with long – term planning, structuring and expansion.

As regards the number of employees that you are expected to kick start the business with, you would need to consider your finance before making the decision. Averagely, you would need a Chief Executive Officer/Lead Healthcare Advisor, Healthcare Consultants, Risk Analyst, Legal Secretary, Admin and HR Manager, Business Developer, Accountant, Customer Service Executive/Front Desk Officer.

Over and above, you would need a minimum of 5 to 10 key staff to effectively run a medium scale but standard healthcare consulting services firm. Please note that there will be times when you are expected to go out of your way to hire experts to help you handle some high – profile clients especially from big corporations. If you are just starting out, you may not have the financial capacity or required business structure to retain all the professionals that are expected to work with you.

The Service Delivery Process of the Business

The way healthcare consulting services firms work vary from one agency to another, but ideally, a healthcare consulting services firm is expected to first and foremost build a robust company profile before sourcing for clients. Basically, when clients hire your services, they expect you to proffer solution to their pressing business-related challenges and concerns.

Depending on the agreement reached by both parties, you are expected to come up with measurable indices that will show that the professional advice you gave or products sold is indeed producing results. In some cases, the agreed consulting fee will be paid in part and in some cases, it will be paid in full and upfront.

It is important to state that a healthcare consulting services firm may decide to improvise or adopt any business process and structure that will guarantee them, good return on investment (ROI), efficiency and flexibility; the above stated healthcare consulting business cum services process is not cast on stone.

16. Write a Marketing Plan Packed with ideas & Strategies

As a healthcare consulting services firm, you would have to prove your worth over and over again before attracting corporate organizations and individuals to hire your services. So, if you have plans to start your own healthcare consulting services firm, it will pay you to build first build a successful career in the alternative healthcare services industry.

So, when you are drafting marketing plans and strategies for your healthcare consulting services firm, make sure that you create a compelling personal and company profile. Aside from your qualifications and experience, it is important to clearly state in practical terms what you have been able to achieve in time past as it relates to the healthcare consulting services industry and the organizations you have worked for. This will help boost your chances in the market place when sourcing for clients.

Here are some of the platforms you can utilize to market your healthcare consulting services firm;

• Introduce your business by sending introductory letters alongside your brochure to all the businesses involved in the healthcare field such as hospitals, physicians, pharmaceutical companies, healthcare related organizations, health management organizations and healthcare insurance providers et al within and outside the city you are operating in who have the capacity to pay for your services
• Advertise your business in relevant healthcare magazines, radio and TV stations (make yourself available for healthcare consulting services related talk shows and interactive sessions on TV and Radio)
• List your business on local directories / yellow pages
• Attend international healthcare expos, seminars, and business fairs
• Create different packages for different category of clients in order to consult for them
• Leverage on the internet to promote your business
• Join local chambers of commerce and industries around you with the main aim of networking and marketing your services; you are likely going to get referrals from such networks
• Engage the services of marketing executives and business developers to carry out direct marketing for you

17. Work Out a Reasonable Pricing for your Services & Products

One key factor that will help you offer your services at a price that is highly attractive is to ensure that you source your working capital from sources that won’t put pressure on you.

Another strategy that will help you offer your services at the right price is to ensure that you cut operational cost to the barest minimum, and channel your efforts towards marketing and promoting your brand name. Aside from the fact that this strategy will help you save cost, it will also help you get the right pricing for your products and services.

You can also try as much as possible to work with independent contractors and marketers; it will help you save cost for paying sales and marketing executives.

18. Develop Strategies to Boost Brand Awareness and Create a Corporate Identity

If you are in business and you are not deliberate about boosting you brand awareness and communicating your corporate identity, then you should be ready to take on whatever the society portray your business to be. One of the secrets of larger corporations is that they are willing to spend fortunes year in and year out to boost their brand awareness and to continue to communicate their corporate identity the way they want people to perceive them to be.

If your intention of starting a healthcare consulting services firm is to grow the business beyond the city where you are going to be operating from to become a national and international brand, then you must be ready to spend money on the promotion and advertisement of your brand.

In promoting your brand and corporate identity, you should leverage on both the print and electronic media and also social media (the internet). As a matter of fact, it is cost effective to use the internet and social media platforms to promote your brand, besides it is pretty much effective and wide reaching.

Another strategy is to sponsor relevant community based programs, TV and radio programs, advertise your business in relevant magazines and newspapers. Below are the platforms you can leverage on to boost your brand and to promote and advertise your healthcare consulting services firm;

• Place adverts on healthcare related magazines and newspapers, radio and TV stations
• Encourage the use of word of mouth publicity from your loyal customers
• Leverage on the internet and social media platforms like YouTube, Instagram, Facebook, Twitter, LinkedIn, Snapchat, Badoo, Google+ and other platforms to promote your business
• Ensure that you position your banners and billboards in strategic positions all around your city
• Distribute your fliers and handbills in target areas in and around your neighborhood
• Contact businesses involved in healthcare fields such as hospitals, physicians, pharmaceutical companies, healthcare related organizations, health management organizations and healthcare insurance providers et al within and outside the city you are operating in who have the capacity to pay for your services by calling them up and informing them of your organization and the services you offer
• Advertise your business in your official website and employ strategies that will help you pull traffic to the site
• Brand all your official cars and ensure that all your staff members wear your branded shirt or cap at regular intervals.

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Healthcare Consulting: What It Is & How to Succeed in It

Published: June 19, 2023

It’s surprising how the healthcare industry is complex and yet rewarding at the same time. Just one sector — for example, healthcare consulting — can unlock great opportunities. But what is healthcare consulting, and if it's so good of a career option, how can you become a healthcare consultant?

With constant developments in treatments, medication, and technology, healthcare organizations have much to keep track of — and doing so thoroughly and professionally is vital to their success and patients' health. But it isn’t as easy as it sounds. That’s where a healthcare consultant can take the responsibility to help these organizations balance patient care with patient experience.

This post will teach you why healthcare consulting is a job with a greater purpose, what options you have, and how to start working in the field.

Table of Contents

• What is healthcare consulting?

Types of Healthcare Consulting

Why healthcare consulting, how to get into healthcare consulting.

As the primary job of healthcare organizations is to cure their patients, they can fall behind in many areas when ignored. And since healthcare is a competitive industry, they can’t afford that.

Therefore, these organizations need healthcare consultants who can analyze the organization’s position, diagnose shortcomings, and create solutions to help overall growth.

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A healthcare organization is a business with many minor sectors to look after; therefore, you can either choose to become a generalist to solve minor problems or specialize in one area to become a known expert and serve specific clients.

Here are the various types of healthcare consulting you can master to help organizations grow.

Strategy Consulting

For a healthcare organization to survive in a competitive market, it should stay at the top of its patients‘ (customers’) minds. As a strategy consultant, you’ll have diverse business knowledge and a deep understanding of your target audience’s pain points.

You’ll mainly conduct well-rounded assessments to find glitches in its business strategy and create solutions. Your job would be to ensure the healthcare organization grows its revenue and delivers excellent patient care.

Marketing Consulting

With the internet almost irreplaceable in customers’ lives, traditional marketing ways to attract customers no longer work. And as customers have many options, it’s far more important to appear as an expert and the only one who can diagnose their problem.

A marketing consultant will create smart digital marketing strategies to help healthcare organizations show up in front of the right target audience as the best option. You’ll be required to stay up-to-date with the latest marketing trends and develop creative campaigns to acquire new customers for these organizations.

Technology Consulting

Technology is ever-changing in the medical space. New equipment, improved medicine, and better treatment procedures are introduced every day.

For healthcare organizations to remain effective, they must leverage efficient technology paired with the right treatment and medication for their patients. The problem is they’re not very well-versed in testing, installing, and working with the latest technological equipment.

As a technology consultant, you’ll evaluate an organization’s technological needs and introduce and test new solutions. You’ll determine if a piece of new equipment is a good fit and will positively help the organization's growth.

HR and Operations Consulting

Like any business, healthcare organizations must ensure that each member adds value. But since they’re dealing with precious lives, they have to be extra careful. An HR and operations consultant will regularly analyze each staff member’s performance and guide them to help advance in their career.

Your duties will include:

• Creating job descriptions and responsibilities.
• Workplace standards.
• Hiring new staff.
• Promoting a healthy workplace culture.
• Ensuring staff members feel recognized when they deliver outstanding performance.

Legal and Regulatory Consulting

To run a healthcare organization legally, it’s required to abide by laws. But getting a license once isn’t enough because the laws and regulations constantly change. They also affect day-to-day operations, patient information management, treatment contracts, and more.

A legal and regulatory consultant is an expert who ensures that the organization abides by changing laws. Your job would include:

• Updating yourself with the recent legal modifications.
• Monitoring your organization’s condition regularly.
• Implementing the changes.

Working as a healthcare consultant is a highly regarded profession. Because you have a higher level of business expertise than an average employee, you’re a priceless resource to the organization.

In addition to developing creative solutions as a healthcare consultant, here are some benefits:

• As it’s a competitive industry with many players, your unique advice will help your client's healthcare organization stay on top.
• You’ll provide insights and expertise regarding company decisions directly impacting customers, patients, and other external stakeholders.
• You’ll get to work with various healthcare organizations and hospitals.
• You’ll maintain job security — as the industry constantly changes, healthcare organizations, pharmaceutical companies, government agencies, and hospitals will always need your expertise.
• You’ll earn an average salary ranging between $63K and $112K yearly.
• You’ll gain employment freedom — as you decide to work in full- or part-time positions or be self-employed.

Since consulting firms can employ hundreds of consultants, they can offer specialized support within various industry sectors. As a consultant at a firm within one of these specialties or sectors, you’ll develop greater expertise and put yourself in an even more desirable position to work with premium clients.

Here are some of the sectors that healthcare consulting firms specialize in:

• Healthcare systems and processes (strategy, technology, revenue, performance, finance, sustainability, etc.)
• Clinical operations
• Federal and state government agencies
• Hospitals, physicians, and physician groups
• Payer or insurance provider strategies
• Delivery systems
• Medical technology

Whether or not you think a firm is right for you, working in the healthcare consulting field requires the same background. Let’s review the typical steps for anyone looking to get into a healthcare consulting role next.

Your education is the most important part of your experience and background when trying to kickstart your career. You need a relevant bachelor’s degree to begin working as a healthcare consultant.

1. Earn a bachelor’s degree.

To ensure your bachelor’s degree is relevant to your desired position in healthcare consulting, choose a field of study related to the industry, such as public health, business, or even nursing. Since healthcare is a complex industry, a bachelor’s degree in a relevant subject will provide you with the necessary background you need to assist your clients and meet their needs effectively.

And speaking of this field's complexity, a master’s degree is something many of the top firms look for when hiring consultants.

2. Obtain a master’s degree (optional).

Having a master‘s degree isn’t necessarily essential to begin your career. A bachelor‘s degree alone qualifies you to get hired as a healthcare consultant. So, if you want to get experience quickly, you may just need a bachelor’s degree. You can always get a master‘s degree whenever you’re ready to upscale.

That being said, an advanced degree will make you more desirable among employers and clients and allow you to land positions with higher salaries and greater responsibilities. You might need a Master of Business Administration (MBA) or a Master of Public Health (MPH).

3. Determine which type of healthcare consultant you want to become.

Next, think about whether you want to be self-employed, work for a company as an internal consultant, or work for a consulting firm. There’s no right or wrong answer here. It’s all a matter of preference based on your goals, aspirations, and work style.

For example, if you thrive in a structured work environment alongside other employees, you might enjoy being at a major firm like McKinsey . But if you’d rather have complete flexibility to make your hours and choose your clients, working for yourself — or even a small firm — might be the way to go.

4. Develop the right skills.

You’ll need to develop various skills to become an effective healthcare consultant. Here are some of the technical and interpersonal skills that will help you do your job well:

• Communication skills. You’ll interact with many clients, coworkers, and patients throughout your career, so you should be a fluent and compelling speaker.
• Problem-solving. One of your most critical jobs would be identifying and solving problems in the healthcare organization. Therefore, you must be a keen observer to find problems and develop innovative solutions.
• Analytical skills. A part of your job will require you to analyze data to determine patterns or loopholes. You should be able to process a large amount of data or information.
• Financial knowledge. As an advisor, you must guide healthcare organizations to help them grow their revenue. You should quickly identify problems with their finances and suggest better solutions.
• Business expertise. If you decide to work as a strategic healthcare consultant, having business knowledge is the most required. Ideally, you should be able to figure out why the healthcare organization as a business isn’t growing.
• Medical expertise. As you’re working in the healthcare industry, it’s a no-brainer you should know about it. Teach yourself about healthcare laws, policies, legislation, practices, etc.

5. Gain experience in the field and grow your network.

After honing the right skills, it’s time to gain real work experience. In your beginning years, you should take as much work as possible as it will allow you to expand your knowledge and grow your professional network.

It’s also a good idea to build connections with other experts in the industry. So it’s easier for you to move up the ranking ladder (or gain more clients), expand your responsibilities, become well-known and highly regarded among clients, and achieve greater career aspirations.

6. Fine-tune your skills and stay up to speed with industry trends.

As both the healthcare industry and your clients are ever-changing, you, as a consultant, should consistently keep your industry knowledge updated and keep improving your skills.

For instance, you know that technology and laws are fast changing and that you’ll be left behind if you’re unaware of the recent changes. If you can't guide organizations to make adjustments based on these changes, you’d no longer be a valuable asset to the industry.

That’s why you should consistently update your knowledge to remain in demand.

Begin your healthcare consulting career.

Healthcare consulting is an impactful, well-regarded, and lucrative career path. You can educate various client types on improving operations, work within the boundaries of healthcare policies and laws, and streamline company processes and strategies. You’re bound to have an exciting and rewarding road ahead working as a healthcare consultant.

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How To Start Online Healthcare Consultation Business – Everything You Need To Know

It is no surprise how the healthcare industry has grown over the years . Healthcare is an indispensable part of our life. And hence it needs a constant revolution to fill in the demands . Healthcare combined with IT and technology or Online Healthcare Consultation has made lives easier for both patients and healthcare providers. Further, the onset of the COVID-19 pandemic significantly impacted the telemedicine industry. In 2019, the telemedicine industry was worth $41.63 billion. In 2020, it saw a stellar growth of 91. 7%, making it a $79.9 billion industry. The use of on-demand mobile apps has increased drastically over the years and especially after the COVID-19 pandemic. As of 2017, almost 1.7 Billion smartphone users had some sort of mobile healthcare apps on their device. This constitutes half of the smartphone users around the world. In 2020, the mobile healthcare app market saw a major surge with a market value of more than $84,81 7 million. 

It has spurred medical consultants to expand their reach via the Internet through various platforms and mobile apps. The best part about these applications is that using them isn’t rocket science either. If you are thinking of starting an online healthcare consultation business, now is the right time to do so.

Why There is a Need for an Online Healthcare Consultation App?

Without a doubt, online healthcare consultation apps bridge the distance gap between patients and healthcare providers.

But, how? 

Imagine a situation when you have to rush to the hospital or your local physician to consult for any illness. Booking a new appointment with the specialized doctor could take a longer time than expected. According to HealthCare drive, patients in the US have to wait for 24 days to get a new appointment. Apart from the long wait times and queue, COVID-19 wreaked havoc on everyone, and the hospital’s were one of the most vulnerable places due to the spread of infection.

Benefits of Online Health Consultation

An online healthcare consultation works much the same way as other consulting businesses. The idea is to schedule and book an appointment with the doctors.

Without the need to physically meet, the hassle of travelling or waiting in long queues, patients can contact the physicians from the comforts of their home. However, this requires a platform where the patients and healthcare providers can have smooth and efficient communication. 

For this purpose, online healthcare consultation apps are designed with a plethora of features and functionalities that make communication a breeze. 

The growing popularity of the telehealth industry can be attributed to the fact that it provides benefits to healthcare providers as well as patients. 

The benefits of online consultation for doctor’s as well as the patients are manifold and may serve a common purpose in some cases for both parties, such as overcoming the geo-restrictions, saving costs, and reducing the chance of infections .

Benefits of Online Healthcare Consultation App for Doctors

• Improve patients access to care
• Contribute to more efficient use of time for doctors and patients
• Help reduce healthcare costs
• Enable high-quality communication with patients
• Enhance the doctor -patient relationship
• Cost-Effective
• Accessibility
• Manage Invoice
• Feedback from Patients
• Manage Workload

Benefits of Online Healthcare Consultation Apps for Patients

• 2 Cheaper than Physical Visits
• No Need to Travel
• Digital Prescription and Reports
• Reduced Risk of Infections

The satisfaction rate from the virtual consultation has been recorded as 99% since the onset of COVID-19. Well, the above benefits show why Telemedicine healthcare is the future and investing in the healthcare consultation business is a good idea. If you are considering getting a telemedicine app for your business, you must hop on to the next chapter and get a thorough understanding of it. 

Wrapping Up: 

The healthcare consultation business has come a long way. With 1:1 consultation and effective communication, patients can now seamlessly connect with the healthcare providers of their choice. Now, healthcare consultation has become bidirectional. Customers are now in the endless pursuit of interacting and getting their issues resolved quickly. It has become even more crucial since the onset of COVID-19 with the rising virtual healthcare services. With the right marketplace development partner , you can also create a successful and feature-rich mobile app or a consultation marketplace. To get brand recognition, you must do thorough research about your industry and its requirements. 

Telehealth marketplace development partners can help drive the right type of audience and improve brand visibility. Jungleworks’ solution, Panther can help you with an on demand healthcare marketplace having robust features that ensure maximum efficiency with cost optimization. It has everything to get you started; from customer management to tracking, marketing to invoice generation and more.

And one of the biggest advantages of choosing online healthcare consultation over the physical one- setting up an online healthcare consultation business takes up even less than 24 hours .

Hope this guide has helped you understand the benefits of developing a consultation marketplace and how to achieve the business goals through the same.  Let us know  when you are ready to play your role in contributing your part to this new normal.

If you enjoyed reading this, we’re sure you will also love checking out what we have in store on our  YouTube channel . You can also head to our  page  for more info!

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How to Start a Healthcare Business: The Ultimate Guide

As clinicians, nurse practitioners (NPs) evaluate patients, order and interpret diagnostic tests, diagnose and treat conditions, and prescribe medicines — independently or with varying degrees of physician oversight, depending on state laws. About 20 states and the District of Columbia authorize  NPs to operate independently , in what is called a full practice environment.

As more states consider whether to give full practice authority to NPs, more NPs will consider the benefits of launching their own healthcare businesses. The requirements include not only clinical preparation but also business savvy — understanding the financial, technological, and administrative aspects of starting and running a business. To learn more about how to start a healthcare business, nurses would do well to seek advanced education from programs such as an  online Doctor of Nursing Practice .

Developing the Skills to Start a Healthcare Business

To become NPs, nurses complete advanced degrees and acquire expertise in clinical and evidence-based practice. Their education includes conducting research and developing treatment strategies. NPs must also meet national standards in clinical education and pass a national NP board certification exam, according to the American Association of Nurse Practitioners (AANP).

To run a business in a state that grants NPs full practice authority, NPs must be prepared as both clinicians and managers. Full practice authority means that NPs can “evaluate patients, diagnose, order and interpret diagnostic tests, and initiate and manage treatments — including prescribe medications — under the exclusive licensure authority of the state board of nursing,” according to the AANP. NPs investigating how to start a healthcare business should understand their states’ licensing requirements.

Advanced practice nurses looking to launch their practices should be strong leaders and compassionate communicators; they should also be detail oriented. Enrolling in a Doctor of Nursing Practice (DNP) program can help them to acquire these essential skills.

Entering the Business of Healthcare

Starting and running a successful healthcare practice requires several strategic steps.

Securing Financing

Before starting a business, an NP must consider how to finance the costs of acquiring medical equipment and renovating an office. Other business expenses include payroll, supplies, professional services (such as accounting and marketing), and taxes. Insurance reimbursements for healthcare services are often delayed, so the practice may also need financing for cash flow requirements. A solid business plan can help NPs to show the promise of their medical practices to lenders. Loans may also be available for practices looking to expand their service offerings, like including a diagnostic lab in the practice. The following are examples of lenders NPs can turn to for help with funding:

• Traditional lenders.  Banks and similar institutions can offer long-term loans for significant investments, such as acquiring another practice or purchasing a building. Loan application processes can be lengthy: Banks typically require a clear business plan and documentation of income.
• Small Business Administration loans.  Government guarantees for Small Business Administration (SBA) loans encourage banks to lend and make it easier for businesses to qualify. Proof of income is required.
• Alternative lenders.  If the practice needs less money but needs it quickly, alternative lenders may be an option. A borrower may only need to show three months of bank statements and verifiable income to qualify. These loans may have a higher interest than traditional loans.

Building the Practice

A quality practice needs proper administrative staff to ensure accurate scheduling of appointments and effective management of paperwork. When hiring clinical staff, NPs must assess how patients would respond to a candidate. Providing real-life scenarios to a candidate during a face-to-face interview may help to determine if the candidate is a good fit for the practice. For more insight, an NP can ask a job candidate to spend a paid day on-site.

Building a practice requires modern equipment and tools, such as an electronic health record (EHR) system. Other considerations include third-party medical billing services and credit card processors.

Pre-Opening Strategies

A necessary step to take before opening the practice includes incorporation and obtaining an employer tax ID number. Incorporation helps to protect an NP’s nonbusiness assets.

NPs must also go through a credentialing process with payers. This can take several months and involves a review of work history, proof of malpractice insurance, and verification of hospital privileges.

To efficiently run an office from the beginning, NPs must have in place policies and procedures for all staff involved in crucial elements of the practice, such as interacting with patients and getting paid for services rendered. NPs also need to ensure that documentation of regulatory compliance is up to date.

After the Practice Is Open

By refining processes and procedures and ensuring accountability at all levels, an NP can improve the way a practice operates. Hiring an experienced, trustworthy office manager can go a long way toward helping the NP achieve this aim.

As clinicians and business owners, NPs must remain current on regulations, payer rules, and government healthcare policies, all of which are evolving. The practice must also market its services to potential customers, through methods such as referrals and social media campaigns.

The Future of Nurse Entrepreneurship

NPs are critical thinkers and resourceful with delegation and leadership competencies: These traits can help them in their entrepreneurial pursuits. Potential healthcare-related opportunities include serving as consultants. In healthcare consulting, they help to interpret medical information for patients. They can also consult other nurses and help to guide them on complicated diagnoses and treatment.

Nurses seeking to grow their business networks can do so through organizations such as the National Nurses in Business Association (NNBA), which hosts conferences, workshops, and events throughout the year.

Nurse entrepreneurs in the states that require advanced practice nurses to have a consulting relationship with physicians can leverage that experience to transition to entrepreneurship. As more states grant advanced practice nurses independent practice authority, nurses with an entrepreneurial mindset can be ready to launch their own practices.

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Amid the transformative changes in healthcare, NPs are asked to take on an increasingly important role. Advanced education can help students to build the clinical and business acumen they need to practice independently. DNP studies can provide graduates with expertise in evidence-based practice, organizational behavior, quality improvement, and relevant technology. Explore how  Maryville University’s Online Doctor of Nursing Practice programs  can prepare you to lead an independent practice and optimize patient outcomes.

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Top 8 Best Healthcare & Medical Consulting Firms | 2019 Ranking

2019 RANKING & REVIEWS BEST HEALTHCARE CONSULTING COMPANIES

Intro: Finding the Best Healthcare Consulting Companies & Firms

The healthcare industry is constantly changing, evolving, and subject 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

Table: Top 8 Best Healthcare Consulting Firms | Above list is sorted by rating

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What is a Healthcare Consultant?

There are many different types of consultants that bring their expertise and experience in operational efficiency, cost reductions, and problem-solving to assist companies with achieving their goals. Many of these consultancies have specialty areas of expertise.

Healthcare consulting companies specialize in working with those in the medical and healthcare field. They generally deliver services on a temporary basis to healthcare-related organizations, which include everything from pharmacies to device manufacturers.

A healthcare consultant can work with medical organizations in multiple operational areas, including administration, finance, and customer service to help them with things like lowering overhead, improving their patient care, and implementing new solutions.

What should you look for in a great healthcare consulting firm? Next, we’ll discuss a few of the key qualities that you should watch out for when seeking out the best healthcare consulting firm to work with.

Best Healthcare Consulting Firms

What to Look for in a Healthcare Consultant

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., they help their members gain an in-depth understanding of the constant changes happening in the healthcare industry and they share insights and best practices to help their members stay at the top of their game.

The top healthcare consulting firms will be affiliated with the NSCHBC, showing a commitment to ongoing education, leadership, and knowledge-sharing within the healthcare field.

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:

Innovative Methods

Technology is vastly changing the way that healthcare providers and patients interact and freeing up more time for a doctor to be away from their computer updating charts and in front of a patient providing one-on-one care.

A good healthcare consulting company will be forward-thinking and focused on concepts of innovation and how to do things in new and more effective ways. They will understand how to successfully implement technologies with high adoption rates and positive outcomes.

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 as a whole to benefit both the providers and their patients.

Client-Centric Focus

The best healthcare consulting firms are not going to take a cookie-cutter approach, coming in and just telling you what should be done. They’re instead going to listen to their clients to fully understand their inner workings, needs, and goals.

Top consultants in the medical industry craft custom solutions based on their vast experience to fit each clients’ distinct needs. And they only do this after gaining a complete understanding of an organization’s operations, challenges, and mission.

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. You want to find one with a track record of success working with similar client types.

Look at healthcare consulting firms not just for offered services or industry specialties, but also for what clients have said about their services, how many rehire them for other projects, and the type of impact they have in each area of healthcare consulting.

2019 AdvisoryHQ’s Selection Methodology

What methodology does AdvisoryHQ use in selecting and finalizing the credit cards, financial products, firms, services, and products that are ranked on its various top-rated lists?

Please click here “ AdvisoryHQ’s Ranking Methodologies ” for a detailed review of AdvisoryHQ’s selection methodologies for ranking top-rated credit cards, financial accounts, firms, products, and services.  

Detailed Review – Top Ranking Best Healthcare Consulting Firms 

Below, please find a detailed review of each firm on our list of 2019 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 Consulting Group, Inc.
• McKinsey & Company
• Putnam Associates

Click below for previous years’ rankings:

• 2018 Review: Top 8 Best Healthcare & Medical Consulting Firms
• 2017 Review: Top 6 Best Healthcare Consulting Firms
• 2016 Review: Top 6 Best Healthcare Consulting Firms

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Alira Health Review

With a focus on innovation and transformation, Alira Health has a strong history in healthcare consulting that began in Germany in 1999 under their original name, CMC Consulting Group.

This global health consultancy has seven offices throughout the US and Europe and brings international expertise to help healthcare organizations meet unique clinical, scientific, and business-oriented challenges.

With a holistic lifecycle approach, Alira Health is one of the best healthcare consulting firms for every state of a client’s corporate and product evolution.

Key Factors That Enabled Us to Include Alira Health on Our List of Top Healthcare Consulting Firms

Interdisciplinary Approach

As a top healthcare consulting firm, Alira Health utilizes an interdisciplinary approach, looking at healthcare and life science challenges from multiple angles and intersects.

Healthcare consultants at Alira come from a diverse range of professional backgrounds, which allows their team as a whole to offer 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. These top medical consultants embrace the entire healthcare ecosystem, including providers, patients, suppliers, and payers.

2019’s Top Healthcare & Medical Consulting Firms

Key Differentiators

While many top healthcare consultants offer similar services, it’s their full spectrum of special features that set them apart.

When comparing Alira Health to other top healthcare consulting firms, there are four key differentiators that make Alira a standout:

• Strategic plans revolve around science and medicine, two key components for results-driven healthcare consulting
• Value stems from teamwork and collaboration through strategy, execution, and innovation
• Healthcare consultants bring global insights and expertise as clinicians, scientists, business experts, and those that understand a variety of regulatory concerns
• Onsite Drug and Device Discovery Lab helps move innovative technologies from initial concept to market release efficiently

Rating Summary

Alira Health says that “innovation is in our DNA,” so you’re not going to get old or outdated ideas from these healthcare experts. Their holistic approach looks at all aspects of an organization to find solutions that give the biggest positive impacts overall.

This top healthcare consulting firm also has an impressive background of assisting clients with the regulatory landscape and helping them navigate the path from idea to an innovative product.

With a strong focus on strategy, execution, innovation, and a team of experts from multiple health industry disciplines, Alira Health scores a 5-star rating as a top healthcare consulting firm to consider partnering with this year.

See Also: Best HR Consulting Firms This Year 

Deloitte Review

With a history that spans more than 150 years, Deloitte is one of the most recognized global consulting firms that offers guidance in multiple areas, including healthcare consulting.

Deloitte’s workforce of approximately 245,000 people across 150 countries and territories strive to help their clients reach their greatest ambitions and to make an impact that matters to the world.

From reducing costs to improving the patient experience, this top life sciences and healthcare consultancy guides clients through transformations that put them on the cutting-edge of the marriage between technology and healthcare.

Key Factors That Enabled Us to Include Deloitte on Our List of Top Healthcare Consulting Firms

Health Consulting Services

The team at Deloitte guides professionals and companies, as well as those entering a new market, through complex situations faced by both the U.S. and international healthcare systems, with a focus on political and legislative issues.

As it pertains to being one of the top healthcare consulting firms, Deloitte separates these services into client subcategories for a greater focus on specialization, including:

Health Care Providers

For healthcare providers , Deloitte focuses on areas of government regulation and compliance, particularly within a value-based framework 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

Health Plans

Healthcare consulting specialists at Deloitte can help organizations create insightful objectives and adjust to the new roles that health plans are playing in innovative care. They help clients shape their future while understanding the past and present health care industry trends.

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 assist clients with a full understanding of retail health and make the seamless move to value-based care.

Life Sciences

Under the broader umbrella of healthcare consulting is Life Sciences , which includes pharmaceutical manufacturers and biotech firms, among others. Deloitte brings to the table what’s necessary for life sciences companies to not only respond but remain competitive in the global community.

Global Scale

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 a substantial presence in the U.S., Deloitte is one of the few that can provide consulting to global companies. They have over a hundred office locations around the world.

Navigating the global healthcare market can be even more complex, and Deloitte has the tools, resources, and people to do that.

Deloitte is a consulting firm that offers a full range of support in a number of healthcare and life science areas. Through The Deloitte Center for Health Solutions, they look at the biggest industry issues and provide cutting-edge research to bring unique insights to their clients.

The firm focuses on research-driven solutions that look beyond the present into what the future holds for the healthcare industry so their clients can stay a step ahead of the pack.

With a significant global perspective and a long history of successfully helping their clients succeed, Deloitte is awarded a 5-star rating as one of the best healthcare consulting firms to consider working with in 2019.

Don’t Miss: Best Economic Consulting Firms | Ranking and Comparison

FTI Consulting Review

Focused on making meaningful impacts for their clients, FTI Consulting has expertise in multiple industries, including as a top healthcare consultant. They help clients manage change and mitigate risk in areas such as financial, legal, operations, regulatory, reputational, and transactional.

Founded in 1982, the company boasts 2 Nobel Laureates and has over 4,700 employees working from 75 offices around the world. Nearly half of Global 100 companies are clients of this top healthcare and multi-industry consulting firm.

FTI Consulting is one of our top healthcare consulting companies that works at a global level to solve 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

Specific Healthcare Consultancy Services

Healthcare providers are facing a mounting number of issues and challenges in an ever-changing healthcare landscape. FTI provides consulting services that allow them to not only address those challenges but also identify valuable short and long-term solutions and opportunities. 

As one of the top healthcare consulting firms, FTI specializes in a variety of healthcare sectors . Below, we have listed a few that our review found particularly notable:

Performance Improvement & Transformation

Uniquely, FTI takes a distinctive approach to performance improvement by searching beyond the bottom line to include multiple aspects of operations, from the revenue cycle to retention and employee morale.

The ultimate goal is to infuse hospitals with new energy and innovation and to cultivate human capital, which will then lead to long-term financial success.

Clinical Solutions

Accurate documentation is essential for hospital and medical settings and partnering with FTI allows clients to put in place the best possible documentation procedures that take advantage of the efficiencies that technology offers.

Perioperative/Procedural Services

Operating rooms are a significant source of revenue for hospitals and other care centers and keeping peak performance in them is crucial to ensuring financial success.

Perioperative services from FTI include volume growth, capacity management, surgeon scorecards, 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 services that fall into this category include portfolio asset evaluation, comprehensive due diligence, hospital-physician alignment, and governance support.

Best Healthcare Consultants

Pharmacy Business Transformation

An example of how FTI helps clients realize new opportunities is its Pharmacy Business Transformation service that helps realize revenue generation and expense reduction through an often untapped resource.

Services in this area offered by this top healthcare consulting firm include:

• Inpatient Expense Reduction
• Retail and Specialty Pharmacy Business Development
• 340B Audit, Compliance and Strategic Optimization
• Drug Diversion Risk Assessment
• Revenue Integrity Analysis
• Compliance-related Guidance

FTI Consulting has the expertise to assist clients in virtually every segment of the healthcare and life sciences industries. They go beyond just solving problems to helping clients take advantage of innovative solutions and optimizing the resources they already have.

With a dedication to helping their clients succeed and a track record of success, including being named a “Best Firm to Work For” by Consulting Magazine , FTI consulting scores a 5-star rating among the top healthcare consulting firms to consider working with this year.

Related: Top Marketing Consulting Firms This Year 

Health Advances, LCC Review

Health Advances works exclusively in the healthcare industry, giving this top-rated medical consulting firm a unique expertise that comes from focusing all their resources on a single industry.

The firm has over 150 scientists, clinicians, and business professionals that share a passion for driving adoption of innovations that improve healthcare.

As one of the best and most specialized healthcare consultants, Health Advances serves clients from four offices that are located in Boston, San Francisco, Hong Kong, and Zug, Switzerland.

Key Factors That Enabled Us to Include Health Advances on Our List of Top Healthcare Consulting Firms

Healthcare Consultancy Industries

One of the reasons we selected Health Advances as one of the best healthcare consulting firms is due to its focus on getting to know clients right away so they can immediately start delivering results rather than having a long “breaking-in” period.

Healthcare consulting services provided by Health Advances are separated into industry sectors , which include:

• Diagnostics & Life Sciences Tools
• Health IT & Digital Health
• Service Businesses

As an additional benefit, Health Advances provides a wide variety of supplemental information to demonstrate expertise in each industry sector, making it easy for potential clients to evaluate this healthcare consultancy to see if it’s 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 the firm and industry experts.

Because Health Advances is a consulting firm that only works within the healthcare industry, they’re able to offer detailed services that cover a variety of operational areas for health professionals.

Services available from this top healthcare consulting firm 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 offers its clients new perspectives, knowledge, and insights that can easily be turned into strategy and action.

Health Advances strives to create personalized and customized solutions for their clients that produce results right away. Their expertise in the industry allows them access to industry thought leaders that provide valuable insights for their clients.

Values of this top healthcare consultant include analytical rigor, strategic perspective, and developing high-integrity collaborative relationships.

With a laser-focus on the healthcare industry, senior leadership that actively work with clients, and a focus on integration, Health Advances is one of the best consulting firms in the healthcare industry to consider partnering with and scores a 5-star rating. 

Popular Article:  The Top Strategy Consulting Firms | Ranking | Business, Strategy, Technology

Huron Consulting Group, Inc. Review

With a goal to drive growth and enhance performance, Huron Consulting Group is one of the largest U.S. consulting firms that serves multiple industries, including healthcare and life sciences.

This top healthcare and medical consultancy is headquartered in Chicago and has 24 offices across the globe.

Huron believes in the values of integrity, collaboration, and intellectual curiosity. They work with healthcare professionals and others to improve fundamental performance and generate new growth platforms.

Key Factors That Enabled Us to Include Huron Consulting Group on Our List of Top Healthcare Consulting Firms

Services & Expertise

For Huron, a key factor in healthcare consulting success is helping healthcare organizations successfully transform and adapt as the healthcare industry continues to change and evolve.

With this in mind, areas of healthcare consulting services are divided into six core groups:

• Strategy and Innovation
• Care Transformation
• Financial and Operational Excellence
• Technology and Analytics
• Leadership Excellence

Each group of healthcare consulting services contains multiple capabilities and service offerings, providing clients with a complete and integrated 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 goal of the Studer Group is to help institutions achieve and sustain exceptional clinical outcomes and develop strategies and solutions to fuel their future growth.

When healthcare companies partner with Studer Group they work to create a culture highlighting accountability, innovation, quality and the best patient experience. 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 solution is a reliable methodology that can be used by diverse healthcare organizations to achieve valuable results.

2019’s Top-Rated Healthcare Consultancies

Huron is dedicated to strong principals designed to foster client relationships based on respect, transparency, and collaboration. They start from the core fundamental performance of an organization and from there, build a bridge to new opportunities.

This top-rated healthcare management consulting firm has a keen awareness of the industry and offers services that are tailored to help organizations succeed amidst continual change, giving clients a valuable foundation.

With a dedication to intellectual curiosity that discovers innovations and a wide range of experience in multiple facets of healthcare and life sciences, Huron Consulting Group is awarded 5-stars and is a top healthcare consultancy to consider in 2019.

Read More: Best Boutique Consulting Firms | Ranking

McKinsey & Company Review

Helping public and private organizations chart a path towards their most important goals, McKinsey & Company is a global healthcare consulting firm founded in 1926. They work with companies from multiple industries as well as the medical fields.

For firms with a global reach, McKinsey & Company offers a worldwide team of 30,000 working in 130 cities around the world.

This top healthcare consultant invests over $600 million each year in knowledge development, learning and capability building. The firm also has the distinction of being named by Vault as the #1 Best Consulting Firm for Health Care in their 2019 ranking.

Key Factors That Enabled Us to Include McKinsey & Company on Our List of Top Healthcare Consulting Firms

Areas of Expertise

McKinsey is a global leader in healthcare consulting, working to advance 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 the value
• Integrated Care : Helps clients create and manage integrated delivery of primary and secondary care
• National Health Systems : Supports healthcare transformations around the world
• Organizational Excellence : Improves performance by boosting organizational health
• Payor Strategy : Enhances the quality and reduces costs for payor organizations
• Provider Performance: Implements strategies that create sustainable improvements in quality of care and cost-efficiency
• Technology and Information Strategy : Enhances analytic capabilities, operational transparency, and healthcare delivery
• Understanding the Consumer : Offers insight into consumer behaviors, beliefs, and requirements

Center for Societal Benefit through Healthcare

As a top healthcare consulting firm, McKinsey makes it a priority to serve clients better than anyone else by investing in issues deeply relevant to society, including rural health, material health, and behavioral health. 

To amplify their efforts, they created the Center for Societal Benefit through Healthcare . Through this entity, this top-rated healthcare consulting firm collaborates with other organizations to drive innovation in areas of health and well-being that have historically been underserved.

McKinsey has four main strategies to accomplish these objectives:

• Conducting and sharing research
• Co-investing with other organizations to launch new innovations
• Partnering with others to convene and support multi-stakeholder projects
• Focusing on achieving tangible impacts while serving clients in these areas

McKinsey & Company is one of the top-tier health consulting firms in the world. Their large team with a vast array of talent ensure that no matter what area of healthcare or life sciences are pertinent to a client, they’ve got experts to offer guidance.

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. McKinsey invests millions each year to ensure their team stays knowledgeable and innovative.

With a solid track record of success serving multiple industries and an award-winning healthcare consulting team, McKinsey & Company solidifies their 5-star rating as a top medical and health industry consulting firm to consider partnering with this year.

Related: Bes t Management Consulting Firms

Navigant Review

Working to build and protect business value,  Navigant  is one of the best healthcare consulting firms working to pinpoint emerging opportunities for their clients.

The firm has multiple offices in the Americas, Asia, Europe, and the Middle East. Their 5,950 professionals serve clients in 37 different countries around the world.

Navigant upholds a strong set of values that support their vision and employee culture. These include respect, integrity, innovation, stewardship and excellence. Clients will appreciate that they work in close collaboration to deliver powerful and thoughtful results.

Key Factors That Enabled Us to Include Navigant on Our List of Top Healthcare Consulting Firms

Build, Manage, & Protect

Navigant partners with clients to help them build, manage, and protect their businesses. Their comprehensive approach is realized in the following ways:

Navigant’s consultant team will partner with organizations to not only handle present challenges but anticipate what may happen in the future and then create value-enhancing solutions to help them be prepared.

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 productivity and to maximize efficiency. This includes solutions to manage business processes and revenue cycles.

This area aims to manage essential issues and protect clients against potential future problems. Proactive risk management is one of its tenants. It also includes disputes and forensics, legal technology solutions, investigations, and compliance services.

Best Consulting Firms in Healthcare & Life Sciences

Expertise in Healthcare and Life Sciences

Navigant has distinct divisions that handle healthcare and life sciences, ensuring that clients get the customized solutions that will provide them with the best positive results for their needs.

This award-winning healthcare consulting firm has clients that include over 300 health systems including 11 of the 15 “Honor Roll Hospitals” recognized as exceptional by U.S. News & World Report.

Healthcare sectors that Navigant works with include:

• Health Systems
• Government Healthcare
• Physician Groups

In the life sciences sector, Navigant has built a reputation as a trusted partner and expert. They help pharmaceutical companies and those in the medtech field overcome a variety of challenges in an ever-changing global healthcare market.

Services that this top healthcare management consultant offers in the life sciences sector include:

• Franchise, Business Unit, and Corporate Strategy
• Privacy & Cybersecurity
• Product Commercialization
• Market Access, Pricing and Reimbursement
• Product, Planning and Development
• Strategic Market Development
• Risk, Regulatory and Compliance

The team at Navigant works with 80% of the largest health systems in the U.S. and has a reputation of providing highly seasoned and skilled professionals that tailor solutions to each client’s distinct needs and possibilities.

While they do work with a few other industries, such as energy and finance, they remain highly specialized in those and the healthcare arena, which allows them to offer unique strategies and insights based upon their years of experience in the field.

With a research-driven focus and an emphasis on teamwork and collaboration, Navigant earns a 5-star rating, as one of the top healthcare consulting firms in the industry to consider partnering with in 2019.

Don’t Miss: Top IT Consulting Companies & Firms (Rankings, Reviews, and Comparison)

Putnam Associates Review

Serving global biopharmaceutical, diagnostic, and medical device clients, Putnam Associates is a top health industry consulting firm that maintains an exclusive focus on clients in the life sciences sector.

The firm has over 30 years of experience offering customized recommendations to medical clients as well as private equity and venture capital firms. They draw upon cutting-edge methodologies and an extensive network of global healthcare experts and stakeholders.

Putnam is based in the U.S., with offices in Boston and Los Angeles. While smaller than other top healthcare consulting firms, their successful track record and boutique focus offer advantages to clients in the sectors they serve.

Key Factors That Enabled Us to Rank Putnam Associates Among the Top Healthcare Consulting Firms

Putnam Associates offers 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 laser 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 evaluate 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 and potential clients.

Impressive Qualifications

As one of the best healthcare consulting firms, the consultants behind Putnam Associates and the firm itself all come highly qualified, with 38% of their employees having worked on a case involving diagnostics.

Putnam Associates serves 17 of the top 20 global biopharmaceutical companies, marking an impressive validation of their services.

Additionally, 77% of their projects come from clients that have stayed with the firm for over five years, speaking to their level of client happiness and satisfaction.

On the consultant level, Putnam Associates maintains an impressive array of seasoned professionals. The average industry experience is 15 years—and uniquely, the team collectively speaks 22 languages.

For those firms in the biopharmaceutical, diagnostics, and medical device industries, Putnam associates is a strong choice due to their specialization in these areas and extensive experience and intricate knowledge of their challenges and opportunities.

Despite their comparatively smaller size, Putnam Associates provides an impressive range of professional qualifications, which is why there are among the globally-recognized healthcare consulting firms.

While Putnam is one of the best healthcare consultants for those in the specific industries they serve, they do have a significantly smaller scope of healthcare sectors that they work with and smaller overall footprint than other consultants on our list.

Since our list is dedicated to the entirety of the healthcare industry and the best consultants that serve it, we have awarded with them a 3-star rating overall, as it’s unclear as to whether Putnam Associates can offer the same breadth of global services.

Popular Article: Best Management Consulting Firms Ranking | Working with a Management Consulting Firm

Conclusion: 2019 Top Medical & Healthcare Consulting Firms

Each firm on this list is the best of the best when it comes to healthcare consulting services. While they may offer similar scopes of services, they also have distinctions that set them apart and can help a healthcare client identify the one that fits their needs best.

AdvisoryHQ’s healthcare consulting firms ranking 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 the world’s top firms, and offer criteria to measure other firms against.

The healthcare and life sciences industry includes a vast range of different entities, each with their own objectives, challenges, and goals for transformation. Yet they are all still interconnected.

The best consulting firms working in healthcare will understand these differences and connections intimately so they can offer the most innovative and transformative solutions to their clients in all areas of their operations.

Whether you’re seeking smaller boutique healthcare consulting firms or a medical industry consulting company with large global footprint, this list of top healthcare consulting companies should offer expert guidance in your search.

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Image sources:

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• https://www.alirahealth.com/
• https://pixabay.com/photos/computer-business-typing-keyboard-1149148/
• https://www.huronconsultinggroup.com/company/about-us
• https://www.navigant.com/experience/healthcare/2019/main-line-health-case-study

AdvisoryHQ (AHQ) Disclaimer:

Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms  for details. Also review each firm’s site for the most updated data, rates and info.

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How to Write a Business Plan for Medical Practice

Last updated: 04 / 08 / 22

You learn a lot in medical school, but business planning isn’t a focus. However, many health care practitioners go on to run their own businesses where developing a business plan becomes essential.

If you’re planning to start your own practice, or you’re taking over someone else’s medical business and want to run it effectively, it’s a good idea to spend some time working out the details and putting together a formalised plan first. You may also want to get professional advice on your business planning, and any other aspects of running your medical practice you’re not sure about. In the meantime here are a few business planning basics to get you started.

Why have a business plan for your medical practice?

While it can be tempting to just dive right in and start setting up your new medical practice, a business plan can help you get prepared and make sure you stay on the right track as your practice grows.

A solid business plan is the foundation of any successful medical practice. With a business plan you can identify potential issues upfront and devise a strategy to avoid them. You can also set realistic goals for your business to help you keep moving in the right direction. If you’re looking for funding at any stage, you’ll also need to have a business plan. Most medical practices will struggle to get a business loan without a solid business plan in place.

What to include in your medical practice business plan

Your business plan should include the following:

• A summary of your business, including the medical services you provide, your location, and the history of the business.
• Financial information including projected cash flow, outgoings like medical equipment, marketing and practice management software costs and projected turnover.
• Operational factors like trading hours, fees, staffing and potential suppliers
• Risk identification and management – details of how you will manage the biggest potential risks, e.g. malpractice insurance, other insurances, data security and your credentialing process.
• Marketing – how you will get new patients and retain the existing ones.

As well as all the information about your medical practice and strategy, it’s also important to set goals and targets for your new venture. These should be in your business plan so you can keep track of them and make sure you’re working towards them consistently.

Making sure you have a solid business plan

So how do you make sure your medical practice business plan is solid? It’s very easy to have your plan in your head, but if you don’t get it out, it’s going to be hard for anyone else, especially the other providers and support staff in your practice to implement it. So the first step is to put it down on paper, or in a word document.

Once you’ve got a detailed plan on paper, don’t just put it in a drawer and leave it. Business planning should be a regular task for you and your business partners. Once you have your business plan in place, make sure you review it at least once a year, preferably more and update it as your business priorities change.

Writing a business plan for your medical practice might seem like a time consuming task, but it’s well worth the effort. With a strong business plan, you can grow your practice, achieve your goals and avoid many of the pitfalls that can trip up practice owners who haven’t taken the time to plan ahead.

• RACGP – Your Business Plan
• gov.au business plan template

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Meet Our Team

History of hmc.

Developing long-term relationships, consistently exceeding client expectations, and facilitating financial success for healthcare professionals have been guiding principles for the staff of Healthcare Management Consultants since its inception in 1966. Achieving notable progress since its early days of providing accounting, tax and collection services for medical practices, Healthcare Management Consultants offers a comprehensive menu of services which touch every facet of practice operation from strategic practice consulting to payroll and retirement plan administration.

Healthcare Management Consultants relies on cutting edge technology along with a talented staff of professionals to provide the level of client service required for today’s challenging and dynamic healthcare practice environment. Company founder, Daniel Dagenhart’s vision of combining integrity and professional expertise to assist healthcare professionals with managing the business affairs of their practices has led to our continued success.

Our talented staff of professionals, led by partners Todd Dagenhart, CHBC, Stan Jordan, CPA, CHBC, Tom Loeblein, CHBC, CFP and Tim Norris, MBA, SPHR, SHRM-SCP, is as committed as ever to the philosophy of easing the burdens of practice management in order for physicians to more fully enjoy what they have dedicated their lives to do – to practice medicine.

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