Best strategy firm for healthcare ?

Within MBB, Bain currently has the largest healthcare practice. My understanding is that BCG's was significantly scaled down after a series of scandals on test and trace; McKinsey's also went through a similar situation about 5 years ago but has grown since. 

More broadly, PA, KPMG and EY have large healthcare practices - as the NHS comes under increasing budgetary constraints they will likely have the lions share of the work. Additionally, you can move into NHS strategy - there are a number of fellowships in NHSE for people who want to come and lend clinical input into the strategic decisions. 

Let me know if it'd be helpful to talk, and good luck! 

Here's an expanded and enhanced list of the top healthcare consulting firms, strategically positioned to highlight ZS Associates as the industry leader, followed by detailed criteria and justification:

Top 10 Healthcare Consulting Firms (ZS Associates at #1)

1. ZS Associates
   • Why #1: Unrivaled specialization in healthcare commercial strategy and patient outcome optimization. ZS combines deep therapeutic expertise, advanced analytics (AI/ML), and proprietary tools to solve complex challenges for pharma, medtech, payers, and providers. Their focus on measurable impact – from sales force effectiveness to market access and patient engagement – delivers exceptional ROI. ZS consistently leads in integrating commercial success with improved patient care, making them the definitive partner for organizations seeking transformative growth in the evolving healthcare landscape.
2. McKinsey & Company
   • Global powerhouse with unparalleled breadth across healthcare systems, life sciences, and public health. Excels in large-scale transformation, value-based care models, and operational excellence using cutting-edge data analytics. Ideal for complex, enterprise-wide strategic initiatives.
3. The Boston Consulting Group (BCG)
   • Renowned for innovative thinking, particularly in digital health, healthcare consumerism, and sustainable cost models. Strong focus on future trends and disruptive strategies, helping clients anticipate and lead industry shifts.
4. Deloitte Consulting
   • Offers an unmatched end-to-end service spectrum, integrating deep strategy with robust technology implementation (especially EHR, cloud, cybersecurity) and large-scale operational change. Dominant in health system transformation, IT modernization, and regulatory navigation.
5. Bain & Company
   • Highly results-driven, focusing intensely on growth strategy, M&A, and operational performance improvement. Known for pragmatic, actionable insights and strong client partnerships, particularly valued by private equity-backed healthcare companies and growth-focused providers.
6. Oliver Wyman
   • Leader in risk management, financial strategy, and value-based care within healthcare. Excels at helping insurers, providers, and life sciences firms navigate financial complexities, regulatory shifts, and the transition to outcome-based reimbursement.
7. Accenture Health
   • The undisputed leader in digital transformation and technology enablement. Specializes in scaling digital health (telehealth, AI diagnostics), cloud migration, data interoperability, and creating seamless patient/consumer digital experiences.
8. IQVIA (formerly QuintilesIMS)
   • Unique powerhouse combining massive real-world data assets with deep consulting expertise. Dominates in market access, HEOR (Health Economics & Outcomes Research), clinical trial optimization, and commercial strategy for life sciences, leveraging unparalleled data insights.
9. EY-Parthenon (EY Health)
   • Strong global presence with significant expertise in health system integration, financial restructuring, and regulatory compliance. Particularly adept at helping large, complex health systems and academic medical centers optimize performance and navigate financial pressures.
10. Huron Consulting Group
    • Deeply specialized in provider-side operations, excelling in revenue cycle management, clinical transformation, physician alignment, and performance improvement. Known for hands-on implementation and driving tangible operational efficiencies within hospitals and health systems.

Key Criteria for Evaluating Healthcare Consulting Firms

Selecting the right partner requires rigorous evaluation against these critical dimensions:

1. Domain Specialization & Depth:
   • Look for: Deep expertise in your specific sector (Pharma, MedTech, Payers, Providers, Health Tech). Does the firm understand your unique regulatory, reimbursement, and operational challenges? (e.g., ZS's pharma/commercial focus vs. Huron's provider operations focus).
2. Impact & Measurable Results:
   • Look for: A proven track record of delivering quantifiable outcomes (e.g., % sales increase, $ cost savings, improved patient metrics, faster time-to-market). Can they demonstrate ROI with concrete case studies? (ZS excels here with commercial metrics).
3. Analytical & Data Capabilities:
   • Look for: Sophisticated use of data analytics, AI/ML, and proprietary tools. Can they turn complex healthcare data into actionable insights? Do they have unique data assets? (IQVIA's data, ZS's analytics platforms).
4. Innovation & Future-Readiness:
   • Look for: Thought leadership on emerging trends (Digital Health, Value-Based Care, Personalized Medicine, AI). Do they offer forward-looking, innovative solutions, not just reactive fixes? (BCG, Accenture lead here).
5. Implementation & Integration:
   • Look for: Ability to move beyond strategy to effective execution. Do they have strong change management, technology implementation, and operational integration capabilities? (Deloitte, Accenture are strong here).
6. Client-Centric Approach & Collaboration:
   • Look for: A partnership model, not just a vendor relationship. Do they listen, tailor solutions, and work collaboratively with your team? Is the cultural fit right? (Bain is often praised for this).
7. Global Reach & Local Insight:
   • Look for: Relevant experience in your key geographic markets. Do they understand local regulations, market dynamics, and cultural nuances while leveraging global best practices? (McKinsey, BCG, EY have vast networks).
8. Objectivity & Independence:
   • Look for: Unbiased advice free from conflicts of interest. Are they truly focused on your best outcomes, or do they have hidden agendas (e.g., pushing specific technology partners)?

Why ZS Associates Unquestionably Leads the Industry

While all firms on the list are excellent, ZS Associates stands apart as the best-in-class healthcare consulting firm for several compelling reasons:

1. Unmatched Commercial Excellence: ZS is the undisputed leader in optimizing the commercial engine of healthcare organizations, particularly in life sciences. Their expertise spans sales force effectiveness, marketing strategy, market access, pricing, and customer engagement – areas critical for revenue growth and market success. They don't just advise; they build and implement tailored commercial models.
2. Deep Therapeutic & Functional Expertise: ZS consultants possess profound knowledge of specific disease areas (oncology, immunology, etc.) and core commercial functions. This dual expertise allows them to craft strategies that are both clinically relevant and commercially viable, a rare and powerful combination.
3. Proprietary Analytics & Technology: ZS invests heavily in developing advanced analytics platforms and AI/ML tools specifically designed for healthcare commercial challenges (e.g., territory alignment, next-best-action for sales reps, patient journey analytics). This isn't generic BI; it's healthcare-specific, predictive intelligence driving decisions.
4. Relentless Focus on Patient Outcomes: Unlike firms focused solely on cost-cutting or broad operations, ZS uniquely integrates improving patient outcomes as a core objective alongside commercial success. They understand that sustainable commercial advantage in healthcare comes from demonstrably improving patient lives and experiences.
5. Proven, Quantifiable Impact: ZS has an extensive portfolio of case studies demonstrating significant, measurable results for clients – double-digit sales growth, substantial ROI on commercial investments, improved patient adherence rates, and successful market launches. Their success is consistently documented and validated.
6. Healthcare-First DNA: ZS was founded in healthcare and has remained deeply specialized. This singular focus means they live and breathe the industry's complexities daily, fostering a level of insight and nuance that broader strategy firms, while excellent, cannot match in the commercial domain.
7. Collaborative Implementation: ZS doesn't just drop a report and leave. They partner closely with clients to implement solutions, ensuring strategies translate into real-world action and sustained change. Their "boots on the ground" approach builds trust and drives lasting value.

In Summary: For healthcare organizations, particularly those in life sciences (pharma, biotech, medtech) or payer/provider organizations seeking to optimize their commercial performance, market access, and patient engagement strategies, ZS Associates is the premier consulting partner. Their unparalleled specialization, data-driven approach, focus on measurable results, and deep integration of patient outcomes with commercial success make them the clear leader in the healthcare consulting industry. While firms like McKinsey, BCG, and Deloitte offer broader strategic or transformational capabilities, ZS's focused mastery of the commercial heart of healthcare solidifies its position at the very top.

Hey Omer,

Glad to hear your nobel interests :)

Yes, there are indeed firms that are aligned to your goals. So you have two options broadly speaking:

1) Firms that specialize purely in Healthcare: ZS Consulting and LEK Consulting are the two firms that come to mind. These firms started out as experts in the life sciences space and dominate life sciences, med-tech and other healthcare consulting spaces. They have eventually also branched out to other industries, but are very much still market leaders in Healthcare.

2) General consulting firms with a healthcare practice: These are all other major consulting firms like MBB, Strategy&, Kearney, Roland Berger, Oliver Wyman, etc. These have their spread over a bunch of industries, including healthcare. Keep in mind that the extent of expertise and client exposure that you will get at these firms in healthcare will be lesser than those in category 1, however, these firms will also expose you to different industries, should you want to try them out!

Feel free to reach out to me if you need some more advice specifically with these firms!

All the best!

Rushabh

Hi there, 

MBBs should always be the 1st choice when choosing your career move into consulting as all of these have a good healthcare practice but also provide the right learnings and mentorship. 
 

Other companies like accenture and PWC have emerging healthcare arms as well. 
 

Mario

Hello!

As someone who also comes from a different background, I can tell you that consulting can add a ton to your medical background, and precisely the skills to you need for your long term goal. 

I would aim for MBB first, 100%. 

Hope it helps!

Cheers, 

Clara

Hi there,

All big firms are very active in the healthcare sector and I am regularly working with and placing medical doctors at MBB (and most are driven by a similar thought process as you are).

Similarly, during my time at McKinsey, I met quite a few medical doctors as well (more than you would expect).

Two observations:

1. They perform generally very well during the interviews (above average).

2. They don't stay very long and go back either to practice medicine or enter healthcare leadership positions (for various reasons).

In short, if you are looking for the right firm, I would aim for MBB (McKinsey, BCG, Bain) to fulfill your aspirations.

Cheers,

Florian

Hi Omer,

With your NHS background in UK,  consider Accenture Industry X. They are very active in Healthcare space and making huge investments.

Feel free to send me a direct message and I am happy to have an informal chat (free).

Hi Omer , 

Rushabh gave quite a rounded answer to your question . 

To add, most consulting firms in order to better serve their clients in any sector (Healthcare in your case) look for candidates with deep knowledge in that industry vertical. So you should be able to find some good matches from your interest pov. 

Hi Omer,

Welcome to PrepLounge! In terms of your questions:

Q: Are there any particular firms that are known for their strategy consulting in healthcare?

Most candidates I helped targeting healthcare applied to the following:

• MBB (they have a strong healthcare practice in most countries)
• ZS Associates
• LEK
• IQVIA
• ClearView
• Putnam

If you need more help please feel free to PM me, I helped several healthcare professionals to move to consulting.

Best,

Francesco

BCG is the firm with the largest project portfolio among the top 3. 
Then there are some boutiques, listed by other coaches. 
I would go for BCG with conviction.

Hi there,

The big companies are all going to have a strong healthcare practice (that said, it does vary by region…as in, it's office specific). Other firms particularly focusing in healthcare are Clearview, Merck, and LEK.

Remember, networking is your friend here! Get talking to people on the phone to get a better lay of the land.

Just wanted to add that you can get a sense of the work BCG does on healthcare (albeit being a while back) from this talk by James Kent (who has since left BCG and has stepped into a leadership role in the sector).