Healthcare

HealthCare:

Our hands-on, data driven and intense advisory approach brings real relevance to a range of business challenges in the healthcare sector.

Being acutely familiar with the industry we understand its range of activities and services the infrastructure requirements as well as cost base and profitability drivers. We can rapidly bring this knowledge to a given situation, identify opportunities and drive change.

In addition to our turnaround and restructuring services as they apply to the healthcare industry, we have developed a stream of services tailored for healthcare organisations:

    1. Service Line Reporting and Portfolio Review
    2. Speciality Business Review
    3. Functional Reviews (Wards, Theatres, Clinics, Staff Productivity)
    4. Merger Assessment, Planning and Integration
    5. Programme Management
    6. Data Analytic and Information Reporting Advisory
    7. Finance Support Service

 

Service Line Reporting and Portfolio Review

Service Line Reporting provides a clearer picture of service line performance such that we can ultimately derive the level of contribution or 'profit' to the Trust for each service. Importantly, the review process enhances the co-operation of finance and operational staff and in doing so drives cultural change.

Portfolio Review is an extension of the Service Line Reporting process. An outcome of this analysis is a better understanding of the drivers of Trust financial performance and as a consequence, high level decisions about which services should be developed have a solid factual basis.

At a broader level, having a picture of the service offering from a financial perspective lays the foundation for discussions with neighbouring healthcare organisations for a potential merger or integration of services.

Specialty Business Review

Our Specialty Business Review is a fact-based comprehensive review that covers all areas of specialty performance including income, costs, resources and productivity. The review process:

    1. Critically links hospital activity to bottom line financials to show the contribution impact
    2. Identifies areas for change, and quantifies the benefit
    3. Engages with clinicians so they drive the change
    4. Leaves staff with a clear plan and monitoring tools so change is sustained
    5. We also offer a follow-up service to periodically track performance of the specialty.
    6. Functional Reviews (Wards, Theatres, Clinics, Staff Productivity)
    7. The bulk of hospital staffing and activity takes place in specific functional centres – wards, theatres and clinics. Because of their scale and variety, these are the areas in which managers struggle to control costs and productivity.
    8. At The Boston Consulting, our data-led critical analysis of theatres, wards and clinics tend to incorporate:
    9. Reviewing of a set of indicators to analyse performance
    10. Identifying opportunities for productivity improvements
    11. Working with clinical teams to develop workable solutions
    12. Leaving management with the tools to monitor and sustain change

 

Merger Assessment, Planning and Integration

Changes in demographics, lifestyles and life expectancies along with technological advances, mean that the demand for particular health services also changes over time.

This fact, combined with increasing cost pressures of providing health care services, means that merging with other hospitals can present a strategic solution to improving financial performance.

    1. At the Boston Consulting, we provide the following services pre and post transaction:
    2. strategic pre-merger assessment and modelling
    3. conducting due diligence and preparing data packs
    4. leading discussions with interested parties
    5. screening potential service partners
    6. merger planning and organisation
    7. post-merger integration

We are also engaged post-transaction to deal with failed mergers. In these situations, poor merger planning and assessment has led to structural and operational inefficiencies, relaxation of financial controls and in some cases a breakdown of the organisation. We have extensive experience in stabilising and turning around some of the largest and most challenging merged hospitals around the world..

Programme Management

At The Boston Consulting, we provide an independent, dedicated programme management team focused on the overall delivery of large scale, complex projects.

Our proven approach focuses on ensuring the delivery of real financial benefits:

    1. Quickly triage projects
    2. Forward-looking risk assessment
    3. Filtering and escalation of issues
    4. Establish clear governance
    5. Ensure benefits are measured

Our approach to programme management ensures project plans are comprehensive, teams are co-ordinated, and risks are identified and mitigated so that projects are delivered successfully.

Data Analytics and Information Reporting Advisory

There are different ways that organisations approach information; a standard approach is to start from the main sources of data available and see how the data could be flexed to fit the purpose.

Data Analysis

But a stronger approach is to begin with the key decisions that the organisation needs to make then assess what information (and in what format) is needed to support this.

At The Boston Consulting we work with our clients to redesign systems and processes to ensure they are equipped with the right information to make the best business decisions.

Finance Support Service

In order to effectively operate a healthcare organisation, management requires robust, relevant financial and activity information on which to base decisions.. But from our experience in ‘stressed’ healthcare organisations, the information required to manage effectively is simply not available. This is due to one or more of the following factors:

    1. High turnover of personnel
    2. Lack of skills in finance and information teams
    3. Weak processes and systems
    4. Poor integration with the organisation

 

In order to address this issue, we have developed an outsourced finance and information service to provide ongoing support to management teams in healthcare organisations (primary or acute). The service, which runs for between three and five years, presents a cost-effective method of significantly and rapidly upgrading information capabilities. Key features are:

    1. Robust monthly reporting encompassing integrated financials as well as key operational metrics
    2. An insightful daily and weekly reporting dashboards (bed base, length of stay, outpatient attendances) to enable quick decision making
    3. Trading line profitability and return on invested capital analysis
    4. Coding Sensible use of technology and automation of key reports