Modern Healthcare ranks West Monroe as a Top Healthcare Management Consulting Firm for 2024

“I am incredibly proud that West Monroe has once again been named a top healthcare consultancy by Modern Healthcare,” said Larry Briski, leader of the healthcare sector at West Monroe.

Recently, West Monroe announced the launch of four innovative healthcare offerings built on the firm’s proven capabilities and meticulously designed to confront the pressing issues currently plaguing the healthcare industry, including labor challenges, escalating costs, and the imperative to adapt to new Medicare Star Ratings.

The offerings include:

• Clinical Workforce Modernization: This offering addresses the critical workforce challenges faced by healthcare providers, showing up to 20% savings on the inpatient bedside workforce in lower acuity departments. Through strategic alignment and modernization of the care team, and with a data-driven approach, health systems can achieve financial resilience, increased workforce satisfaction, and enhanced patient care at a time when labor challenges are most prevalent.
• Cost Optimization for Payers and Providers: This comprehensive solution has incorporated new third-party data sets for benchmarking and has been adjusted to run in a condensed timeframe for faster delivery. It targets financial and operational efficiency, promising 20-30% savings in IT spend for both payers and providers. By optimizing operational processes and leveraging technology, including generative AI, healthcare organizations can expect significant reductions in operational costs and improved margins. This offering builds on the firm’s previous successes in this area: Last year West Monroe optimized one healthcare provider’s IT operating model and talent strategy that led to more than $400 million in savings.
• Data-Driven Healthcare Transformation: This offering enables healthcare organizations to discover and leverage hidden value in their data. Using advanced analytics, data monetization, and generative AI, they can tackle key challenges such as post-COVID adaptation, workforce shortages, and financial constraints by setting up AI governance, identifying valuable data use cases, and creating new revenue streams. The approach is designed for healthcare payers and providers aiming to improve healthcare outcomes, operational efficiency, and financial health. With a focus on rapid value identification and realization with investments in AI and data capabilities, this offering helps healthcare organizations maximize the impact of their data assets for innovation and growth while also navigating the complexities of today’s healthcare ecosystem.

Medicare Star Rating Optimization: Aimed at health payers, this offering helps payers start now to adapt to the data needs and calculation requirements that will come with the star rating changes—which will be replaced by a new system that incorporates the Health Equality Index. By gaining visibility into data gaps and potential risk now, health payers can avoid the loss of a 1-star reduction which can lead to a 13.4-17.6% decrease in revenue and an 8-12% loss in enrollment growth year over year.

West Monroe's deep industry expertise spans the healthcare sector, having partnered with Visionworks, Allina Health, MyEyeDr., the American Medical Association, and numerous regional and multi-state health payers and hospitals. Collectively, West Monroe has either saved money or opened new revenue streams for its healthcare clients in the billions.