Healthcare – The Consulting Report

Bain and Company Survey Reveals Growing Patient Comfort with AI in Healthcare

jirehl — Tue, 03 Sep 2024 12:00:11 +0000

A recent survey by Bain and Company, the "US Frontline of Healthcare," highlights a notable shift in patient attitudes toward generative artificial intelligence in healthcare. According to the study, US patients express greater comfort with AI analyzing their radiology scans and making diagnoses than with interacting directly with technology. Nearly half of the consumers surveyed are now comfortable with at least one AI application in healthcare, reflecting a broader trend of acceptance.

However, there remains a cautionary note among healthcare providers, with 19% of physicians and 17% of administrators worried that AI could undermine the patient-clinician relationship. This concern echoes historical apprehensions about technology, such as those seen with telehealth, which has since been embraced as a complement to in-person care.

The survey also reveals that while 43% of providers acknowledge AI's potential to alleviate administrative burdens, there is a significant gap in readiness for widespread AI adoption. Eric Berger of Bain and Company emphasizes the importance of integrating AI in a way that enhances, rather than detracts from, the patient-clinician relationship. Despite these challenges, Bain’s research underscores AI's potential to improve efficiency in healthcare settings, particularly in managing patient flow and scheduling, which could address long-standing issues like wait times.

Alvarez and Marsal Appoints John Coyle as Managing Director in Health Systems Practice

jirehl — Tue, 03 Sep 2024 12:00:04 +0000

John Coyle has been appointed as a Managing Director in the Health Systems practice of Alvarez and Marsal (A&M), a prominent global professional services firm. Coyle's hire is part of A&M’s strategy to expand its healthcare expertise and capabilities. He brings a wealth of experience in digital transformation and AI business platforms, having previously led significant technology-enabled business transformations across the healthcare sector. His notable achievements include serving as acting Chief Digital Officer for a top cancer care hospital, directing a high-profile merger integration, and developing cost-saving strategies for major health systems.

Prior to joining A&M, Coyle held senior roles at Boston Consulting Group and Oliver Wyman and was instrumental in IT strategy and transformation at Accenture. Martin McGahan, Managing Director and Head of A&M’s Healthcare Industry Group, emphasized that Coyle's expertise aligns with A&M’s commitment to delivering value and navigating complex healthcare challenges. Chris George, Head of the Health Systems practice, highlighted Coyle's ability to provide new insights and solutions to help clients balance revenue growth and digital demands amidst evolving industry pressures.

Jarrard Expands Focus with New Health Technology Practice Amid Growing Digital Health Market

jirehl — Tue, 27 Aug 2024 12:13:28 +0000

Jarrard, one of the top US strategic communications consulting firms specializing in healthcare, is expanding its services with the launch of a Health Technology Practice. This initiative aims to assist organizations in navigating the rapidly evolving digital health landscape, as the US digital health market is projected to reach $50 billion in revenue by 2024, with significant growth anticipated through 2028. With nearly two decades of experience, Jarrard has established itself as a trusted advisor to healthcare leaders, positioning the firm to support health tech companies in launching, building, and protecting their market presence.

The new practice will be led by Alex Hunter, a seasoned professional with over 25 years of experience in public relations and communications for technology firms. Hunter and his team will concentrate on digital health companies and healthcare information technology, in addition to venture capital and private equity partners. Services will include crafting narratives, executing stakeholder engagement campaigns, and implementing data-driven marketing strategies. This expansion reflects Jarrard's commitment to addressing the complexities of the healthcare ecosystem, as the firm continues to invest in its capabilities and expertise to better serve its clients.

L.E.K. Consulting and World Economic Forum Highlight Climate Change’s Health Risks in New Report

jirehl — Tue, 27 Aug 2024 12:00:29 +0000

L.E.K. Consulting, a global strategy consultancy established in 1983, has collaborated with the World Economic Forum to release a report emphasizing the urgent need for action on health risks linked to climate change. Titled “Health Impacts of Climate Change: Evidence Landscape and Role of Private Sector,” the report identifies four critical areas that require immediate attention: extreme weather events, air quality, food and water risks, and infectious agents. With climate change threatening to exacerbate poverty and deteriorate health conditions globally, the report highlights the disproportionate impact on vulnerable populations, particularly in developing countries.

The report calls for a coordinated response involving both the private and public sectors to mitigate these health risks. Stakeholders are urged to secure funding, improve infrastructure, enact policy changes, and engage communities to adopt resilient strategies. L.E.K. Consulting's Global Sector Co-Head, Helen Chen, and Partner Verena Ahnert stress that addressing the multifaceted health impacts of climate change requires collaboration across sectors to ensure the most affected communities receive necessary support. This unified global effort aims to foster community resilience against the ongoing challenges posed by climate change, ultimately safeguarding public health for future generations.

Survey Reveals Growing Consumer Focus on Health and Personalization

jirehl — Tue, 20 Aug 2024 12:00:44 +0000

The Food Institute reports on recent health and nutrition data from PA Consulting’s wellness and fitness survey, highlighting insights from David Knies, a wellness and innovation expert at PA Consulting. The survey, which included 4,000 US and UK consumers, found that 85% of respondents frequently think about their health. Despite this high interest, only half of the participants rated their physical health as "good," and 47% said their diet and nutrition were satisfactory. The study also disclosed a significant increase in consumer spending on wellness, with 78% planning to purchase new wellness and fitness products or services by the end of 2025.

The survey underscores a growing demand for personalized wellness solutions. Nearly one-third of respondents plan to increase their spending on health and wellness in 2024, with a particular interest in health tracking apps, physical therapy, and nutrition subscriptions. Additionally, 49% are interested in the concept of food as medicine, and two-thirds desire personalized vitamins and supplements. Knies highlighted the opportunity for brands to offer "stackable" products tailored to individual needs, with 90% of consumers expressing interest in personalized wellness products and 57% willing to share personal health data for better customization. Brands that address concerns of trust, inclusivity, and affordability are likely to succeed in the expanding wellness economy.

Generative AI Adoption in Healthcare: Opportunities and Challenges Ahead

jirehl — Tue, 20 Aug 2024 12:00:04 +0000

Generative AI (gen AI) is poised to transform the healthcare sector, with over 70% of healthcare leaders surveyed in Q1 2024 reporting ongoing or planned implementations of gen AI capabilities. The survey, involving 100 US healthcare leaders, reveals that most respondents are currently in the proof-of-concept stage, evaluating the trade-offs between returns, risks, and strategic priorities. While a significant number are partnering with third-party vendors to develop customized solutions, concerns about risks and technology needs persist, with 57% of non-adopters citing these as primary reasons for their hesitance.

Despite its potential, the adoption of gen AI in healthcare faces challenges, particularly regarding governance and risk management. Surveyed leaders identified risk considerations, insufficient capabilities, and limited tech infrastructure as key barriers to scaling up gen AI solutions. As organizations enhance their competencies in these areas, they may shift focus toward core clinical applications, ultimately aiming to improve patient experiences. However, the path to responsible gen AI usage necessitates proactive risk mitigation strategies to address issues like inaccurate outputs and biases, ensuring compliance with regulatory standards and maintaining patient safety.

Surge in Healthcare Spending Projected as Inflationary Pressures Persist

jirehl — Tue, 13 Aug 2024 12:00:33 +0000

In 2025, the Health Research Institute (HRI) at PwC anticipates that medical costs will increase by 8% year over year in the Group market and 7.5% in the Individual market, the most significant growth in more than a decade. This surge is attributed to inflationary pressures, increased spending on prescription drugs, particularly GLP-1 medications, and a rise in behavioral health service utilization. HRI has also revised its estimates for 2023 and 2024, indicating higher-than-anticipated medical cost trends due to increased utilization of GLP-1 drugs and higher acuity inpatient and outpatient services. Demand for healthcare services, deferred during the pandemic, has driven this increased utilization as care settings shift towards outpatient and ambulatory care.

As healthcare organizations grapple with these cost trends, the focus is on managing total healthcare expenses amid rising operational costs and regulatory challenges. Health plans surveyed by HRI are prioritizing strategies to enhance affordability, including the establishment of affordability command centers that monitor interconnected components of premium costs. Innovations in prescription drugs and behavioral health services, while improving patient outcomes, may further exacerbate medical cost inflation in the coming years. Organizations must rethink their financial and operational strategies to navigate this challenging landscape effectively.

Alvarez & Marsal Appoints Harry Kim as Managing Director

jirehl — Mon, 12 Aug 2024 12:00:34 +0000

Alvarez & Marsal (A&M), a prominent global professional services firm specializing in turnaround management services, business performance improvement, and advisory services, has appointed Harry Kim as Managing Director in its expanding life sciences group. Kim brings over 25 years of experience in the life sciences and healthcare sectors, focusing on integrating cutting-edge technology into the highly regulated healthcare ecosystem. His achievements include launching a $1 billion digital hospital business, reaching over 65 million monthly active users through a global health app, and developing a cardiac rehabilitation service that combines wearables with an application. He has worked with governments and enterprises in more than 40 countries to address digital health implementation challenges.

Prior to joining A&M, Kim held prominent roles, including Global Business Leader for Samsung Health and Global Health and Life Sciences Industry Lead at Hewlett Packard, where he significantly increased revenue. His background also includes leadership positions in telehealth startups and experience as a consultant with EY and Deloitte. Mark Freitas, A&M's Life Sciences Practice Leader, emphasized Kim’s expertise in digital health and innovation, noting that his addition enhances A&M’s capability to deliver transformative solutions in a complex market. A&M continues to expand its life sciences talent pool to better serve clients facing industry challenges.

Bayer Renews Agreement with ZS for ZAIDYN Customer Engagement Platform

jirehl — Tue, 06 Aug 2024 12:00:51 +0000

Bayer has inked a three-year renewal agreement with ZS, a global management consulting and technology firm, to continue utilizing ZS's ZAIDYN Customer Engagement platform for life sciences decision-making. Bayer, which has been utilizing the platform since 2020, will extend this partnership through 2026. The ZAIDYN platform, powered by AWS technologies, features a unique AI and machine learning-powered suggestion engine tailored specifically for Bayer. This engine generates automated, real-time responses to inquiries from Bayer’s field personnel, enabling them to deliver personalized experiences to healthcare providers, medical science liaisons, and other key contacts. Bayer has successfully implemented the ZAIDYN platform across 30 of its brands in 19 markets globally.

Hari Krishna Iyer, Bayer’s Head of Suggestion Engine and Decision Science Operations, highlighted the platform’s role in simplifying message delivery and enhancing commercial success. Aditya Dhingra, a ZS Principal, noted that ZS is continuously expanding Bayer’s suggestion engine with generative AI-powered features, including conversational AI capabilities. ZS’s workforce of over 13,000 professionals across 35 global offices focus on transforming global healthcare through advanced analytics and technology solutions. The renewal of this agreement underscores the ongoing collaboration between ZS and Bayer to drive personalized customer relationships and improve decision-making in the life sciences sector.

Baker Tilly Partners with Definitive Healthcare for Enhanced Life Sciences Compliance

jirehl — Tue, 06 Aug 2024 12:00:21 +0000

Baker Tilly, a prominent advisory, tax, and assurance firm, has announced a strategic collaboration with Definitive Healthcare to improve fair market value (FMV) and key opinion leader (KOL) compliance processes for life sciences companies. This partnership combines Baker Tilly’s extensive life sciences expertise with Definitive Healthcare’s Monocl ExpertData, which integrates expert data into internal systems. The aim is to establish a new standard in compliance, leveraging Baker Tilly’s transparent FMV methodologies and KOL management practices to address industry challenges, including the shortage of specialized expertise.

Definitive Healthcare’s robust KOL dataset, which includes over 7.4 million profiles enriched with global data elements, will enhance Baker Tilly’s kolNOW platform. The integration is designed to deliver comprehensive and actionable insights, improving compliance and regulatory navigation for life sciences firms. Baker Tilly’s rigorous controls around healthcare professional engagement and its global presence further underscore its commitment to advancing industry standards. This collaboration is set to significantly impact the life sciences sector by providing enhanced data analytics and compliance solutions.