Table of Contents Hide
The healthcare industry is evolving and becoming more complex, so boutique healthcare consulting firms are in high demand. Consulting firms play such an important role in helping organizations with the advice they offer. This advice is designed to improve the organization’s operations. Boutique healthcare consulting firms are more in demand these days when compared to larger consulting firms. This is because –
- They take time to know the organization more
- They develop deeper relationships with their clients
- The fees they charge their clients are most times lower than those charged by bigger firms.
Let us know in detail about what exactly are boutique healthcare consulting firms and pros and cons of working with one.
What are Boutique Healthcare Consulting Firms?
Boutique healthcare consulting firms are small, specialized consulting firms that provide expert services to healthcare organizations. These firms typically have a deep understanding of the healthcare industry and are able to provide comprehensive services to their clients.
Boutique healthcare consulting firms offer a variety of services, including strategic planning, financial analysis, marketing, and operations consulting. They also often have expertise in specific areas of healthcare, such as population health, value-based care, or provider organizations.
The benefits of working with one of the boutique healthcare consulting firms include receiving personalized attention and expert services. These firms are typically nimble and can quickly adapt to changes in the healthcare landscape. They also tend to be more affordable than larger consulting firms.
The downside of working with these boutique healthcare consulting firms is that they may not have the resources or breadth of knowledge of a larger firm. Additionally, because they are small, they may be more susceptible to industry changes and economic fluctuations. When choosing boutique healthcare consulting firms, it is important to consider your needs and budget. Boutique firms can be a great option for healthcare organizations that want expert services without breaking the bank.
A job in the consulting industry?
You need to do research on the best boutique healthcare consulting firms as there are pros and cons to each. Most people prefer working with a boutique firm when getting professional advice as the experience is more intimate.
These small, niche boutique healthcare consulting firms have a mix of people working at them, from junior consultants to managers and senior managers at the top. Most work at niche consulting firms is done by managers or senior consultants. If you’re looking for a job in the healthcare consulting services market, it is projected to reach roughly % 42 billion by 2026. The main factors driving this amazing growth are digitization in healthcare and cloud deployment.
The COVID-19 pandemic has impacted the economy, and healthcare facilities are facing pressure to create well-connected- and coordinated environments. One thing worth noting is that pharma and healthcare were among the sectors of consulting that during the pandemic, were the least exposed to reduced earnings.
So, while the pandemic has impacted independent consulting, pharma and biotech companies, medical device companies and others have all adopted technologies and solutions to improve workflows, satisfy clients and keep their consultants in their jobs and earning well. It is therefore wrongly assumed that boutique healthcare consulting firms don’t have the financial means to pay salaries like big consulting firms. However, even as a junior you can be earning as much as $100K.
Boutique consulting firms salary
What about boutique consulting firms salary? Boutique consulting firms generally pay lower than your bigger consulting firms, however consulting is always a high-income job, particularly with some firms. If you’re an MBA graduate, you can expect a lucrative salary and perks.
You can say that the estimated boutique healthcare consulting firms salary will be roughly $58,000 a year in the United States, but this represents the median. There are also tips, cash bonuses, and commissions to boost the base boutique consulting firms salary.
As already suggested, there are some boutique healthcare consulting firms that are known for their excellent starting salaries. The firms in the list below are just some of those that offer MBAs a base starting salary of $140,000 and even higher. The Alexander Group as an example is a global consulting firm and they pay their MBAs a starting salary of $140,000, but on top of this, there is also a performance- and signing bonus.
The average healthcare consultant in New York City will make about $110,000. We take a look at some of the best consulting firms and a list of boutique consulting firms.
List of boutique consulting firms
Talking about list of boutique consulting firms, many companies look for consulting firms that provide a host of services across all industries. They often don’t realize that boutique consulting firms focus on one industry or service, concentrating rather on providing excellent services in these areas as opposed to offering mediocre services in every area. These boutique healthcare consulting firms often hone in on specific problematic issues as opposed to larger consulting firms that offer general services.
The best consulting firms in healthcare
When we talk about the best consulting firms, there are some organizations that will benefit more from a boutique consulting firm in healthcare as opposed to bigger, more generalized consulting firms. Look at ClearView Healthcare Partners as an example.
They are a boutique consulting firm in the life sciences field. Their clients include pharmaceutical companies and those in the life sciences field. Then there is Huron, serving clients in the healthcare sector, helping them to leverage technology to optimize their business operations.
One of the best consulting firms in healthcare is Putnam, Their commitment to development has made them a top choice for those wanting practical knowledge of the healthcare industry. A list of top 10 boutique consulting firms will include names such as –
- Gaussian Consulting
- Condor Healthcare Consultants
- The Marwood Group
- Keystone Strategy
- Viewpoint Health
- Sowen Strategy Consulting
- Acquis Consulting Group
- CB Partners
- Eversana Intouch
A list of boutique consulting firms such as this serves the healthcare sector exclusively. Consultants have all the industry experience required and come with a pricing structure far less than a large consulting firm. When people talk of the ‘best or top consulting firms‘, they automatically think of McKinsey and Bain, but there are many smaller, excellent consultancies.
The different groups of consulting firms
Consulting firms are split into different groups according to their area of specialization and according to size. You’ll hear of MBB Consulting firms such as Bain and McKinsey and you’ll hear of Tier 2 consulting firms such as Oliver Wyman and LEK. Deloitte and KPMG belong to those Big 4 consulting practices and then you get Keystone and Putnam which belong to boutique consulting firms.
Boutique consulting firms – which to choose?
The choice of firm you choose will depend a lot on what you want from your consulting career. MBB firms are a good choice and so are Tier 2 and Big 4 groups as well as your smaller boutique firms.
If working at large firms such as MBB doesn’t appeal to you, the smaller boutique consulting firms offer excellent work quality alternatives. These smaller consulting companies provide very focused niche services and excellent salaries simply because they don’t have the huge overheads that the big firms have.
If you’re looking for a job in the consulting industry, take a look at boutique consulting firms. With COVID-19, they have jumped on the digital transformation bandwagon and have embraced a digital infrastructure to work more efficiently with their clients. They have discovered the processes and the software to protect information and use the data to work well together. To sum it all up, the job outlook for positions in boutique healthcare consulting firms is positive.