|Built for New Realities|
The dental and ancillary landscape continues to evolve as new business-to-consumer marketplaces settle. Leaders in this space are continuously assessing their marketplace opportunities and fine-tuning their strategies and business models. But they are doing more than that to stay ahead. They are defining the capabilities they will need to be successful in the future. They are using customer experience to win a greater share of today’s hyper-connected customers; while modernizing operations and building flexible platforms that will allow them to adapt, wherever reform leads them next.
We understand your market. Our experienced Healthcare team has helped many leading dental, vision, life, and other ancillary insurance organizations develop and execute strategies to respond to transformational change.
Whether your goal is to think strategically about member engagement strategies or to evaluate mergers and acquisitions to fast track your future business model, we offer the deep industry, consulting, and technology experience and resources you need to accomplish your goals.
Change is here to stay
How can we help you respond—and succeed?
A new era in healthcare requires new strategies for success
Healthcare reform and a changing marketplace have dramatically shifted the industry’s merger and acquisition landscape. Where organizations traditionally pursued mergers and acquisitions to expand scale and/or market share, today’s marketplace includes an array of transaction strategies designed to diversify business portfolios, add new services, improve health outcomes, and manage the cost of care more effectively.
We understand the complexities that lurk beneath the surface
Our experienced team has been through this process many times before. performing over a thousand due diligence projects and managing detailed planning and integration or separation for numerous complex mergers and divestitures. Since 2010, our Healthcare team has assisted more than 400 healthcare payers, providers, and other organizations with merger and acquisition activity, including navigating the evolving regulatory landscape and bringing future-oriented operations to life.
The right blend of experience and expertise
Acquiring and integrating new capabilities and turning those into long-term value demands experience—from initial planning and diligence through integration and optimization. We partner with you on developing critical success factors, which increase management and investor confidence that the deal can deliver anticipated value. How do we know those conditions? By drawing upon a truly multidisciplinary background coupled with experience that fits your healthcare and technology niche. We help healthcare organizations navigate all stages of a transaction:
Strategic partner, tactical implementer
Our highly sought IT and operational diligence capabilities examine target’s operations and technology to reduce time, risk, and help align the purchase price with the objectives of the deal. Our multidisciplinary expertise spans pre-transaction to post-transaction of portfolio optimization as follows:
Build for a new reality
We are committed to making deals work, companies strong, and you successful. How can we help your organization move forward?
With reimbursement pressures, costly transaction activity and changing regulations, health systems face intense pressure to maintain their mission and financial health simultaneously. West Monroe believes this is both a time to be pragmatic yet boldly innovative. Health systems should stabilize financially through proven ROI efforts while taking radically different approaches to build the health system of the future. M&A, operational improvements and technology rightsizing is proven ROI that can create efficient and pragmatic operations. Meanwhile, patient and provider experience, high-performance contact centers, data analytics and the transition to value-based care breathe new life and innovation into old problems, ushering in the hospital of the future.
The challenge is daunting. With limited resources, West Monroe focuses only on the few areas that we believe provide maximum impact. Our clients choose us due to our expertise not only in healthcare, but also for our ability to draw insights from other industries, our ability to execute fast and well, and our relentless focus on tailoring solutions to the unique culture of an organization enabling you to preserve financial health and achieve more of your mission.
1. IT Modernization and Cybersecurity
Right-size technology “OpEx” and “CapEx” to meet your strategic objectives in a post-EMR implementation era. With downward pressure on reimbursement and increasing IT spend, health systems are looking to find creative ways to get more IT output for no additional cost. West Monroe uses a proprietary maturity model designed for the hospital of the future. Know where you stand, what your operating model should look like based on your strategy, and create a three to five year roadmap to achieve that operating model.
3. Data Analytics and Data Governance
Hospitals house and utilize mounds of patient data. The right data governance model is necessary to preserve fundamental functions like quality and safety, but can also be tied to boosts in profitability via lowered cost or revenue generation. But, identifying and utilizing the right data from the right source to enhance quality, safety, population and community health is often the challenge. WMP combines our knowledge of the analytics vendor landscape, strategic approaches learned from other industries, and governance models that are tailored to your culture to stand up a practical and achievable data governance model. With a tailored data governance model, you can do both small and big data analytics to lower cost, increase top line and improve outcomes.
4. M&A Operational Improvement
Health system transactions are abounding. But, post close integration and divestitures often take the back seat. Choosing not to pursue financial synergies is not a deal breaker. But, generating dys-synergies can be costly, leave your providers frustrated with inefficiencies, and damage your provider and patient experience. WMP conducts high speed integrations and divestitures for Private Equity firms and can be a rapid-firepartner for you. Additionally, WMP partners with you via a unique co-sourcing model to help you both run and transform your operations simultaneously.
5. High Performance Contact Centers
Patient Access into an organization – most often through a call center environment- determines the entire experience for a patient. For this reason, patient experience is a critical focus in health systems across the nation. West Monroe can partner with you to determine your patient experience strategy, drive your patient access services activities and address revenue leakage by streamlining processes and increasing access for your patients.
Healthcare organizations represent an extremely attractive target for cyber criminals due to the wealth of personally identifiable information they maintain. The lack of organizational awareness of data privacy and security risks combined with the limited resources to improve the enterprise security posture can lead to serious financial, operational, and reputational consequences for the organization.
As healthcare organizations aim to provide better health outcomes, improve customer engagement, and provide cost and quality transparency—all at a lower cost—they will need to weigh carefully how to balance privacy and security needs with consumer demand and running a nimble business.
Mitigate the risk, better position the organization
We understand that when it comes to data breaches, prevention is the best approach. We help organizations balance their need for security with the desire for convenience and a seamless customer experience—all while staying within cost constraints. Our unique blend of industry and security experts align security with your business strategy because we know security does more than reduce the likelihood of a breach. It builds trust, increases member and provider engagement and ultimately improves your bottom line.
We can also help you build business cases for security improvements that go beyond avoiding costly penalties, highlighting how initiatives to improve security can be beneficial to other areas of your business, including:
A proactive approach
It is only with thoughtful investment in information security that healthcare payers and providers will be able to prepare for new risks and responsibilities, while maintaining patient confidence and profitability. Our security experts focus on risks to your organization that extend beyond HIPAA compliance and audit requirements. We have extensive experience using HITRUST Common Security (v7) and NIST Cybersecurity frameworks to help our clients improve their ability to identify, detect, protect, respond to and recover from potential security incidents. In addition, we translate the framework data into easy-to-understand language that enables executives to make well informed decisions.
With dedicated IT security resources and up-to-date knowledge of IT security threats and solutions, our security practice can help you protect your data and operations from cyber threats and set you on a path to continually improve your security posture.