Best strategy form for healthcare ?

Healthcare Public Sector recruiting
New answer on Nov 27, 2022
10 Answers
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Omer asked on Nov 25, 2022

Hi guys,

I'm very new to the preplounge and to consulting as a potential career.

I'm an NHS doctor, have been so for 5 years or so now. I want to eventually move into healthcare leadership. In an ideal world I'd spend my time helping improve the quality of life for those who need it in my home country in Africa, through improving healthcare systems aiming for equality, equity and quality. 

Im seriously considering going into consulting mostly for the training opportunities, and the steep learning curve with regards strategy, finance and leadership. Obviously dealing with C suite, politicians and other high power people is going to be a great experience too. 

With that in mind, are there any particular firms that are known for their strategy consulting in healthcare? Or failing that with public sector work? (ideally in the MENA region) 

 

Appreciate any advice!

Thanks guys

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Emily
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replied on Nov 27, 2022
Ex McKinsey EM & interviewer (5 yrs) USA & UK| Coached / interviewed 200 +|Free 15 min intro| Stanford MBA|Non-trad

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! 

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Rushabh
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replied on Nov 25, 2022
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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

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Clara
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replied on Nov 27, 2022
McKinsey | Awarded professor at Master in Management @ IE | MBA at MIT |+180 students coached | Integrated FIT Guide aut

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

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Mario
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replied on Nov 26, 2022
Ex-Mckinsey (analyst->associate->manager) and now in tech (Bytedance) + Part time interview coach and mentor

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

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Ian
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replied on Nov 27, 2022
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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.

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Maikol
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replied on Nov 25, 2022
Incoming BCG Principal | Former Bain, AlixPartner, and Private Equity | INSEAD MBA | GMAT 780

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.

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Adi
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replied on Nov 25, 2022
Accenture, Deloitte | Precision Case Prep | Experienced Interviewer & Career Coach | 15 years professional experience

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).

 

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Florian
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replied on Nov 25, 2022
#1 rated McKinsey Case and PEI Coach | 5 years at McKinsey | Mentorship Approach | 120+ McK offers in 18 months

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

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Francesco
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replied on Nov 25, 2022
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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

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Karishma
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replied on Nov 25, 2022
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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. 

 

 

 

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Emily gave the best answer

Emily

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Ex McKinsey EM & interviewer (5 yrs) USA & UK| Coached / interviewed 200 +|Free 15 min intro| Stanford MBA|Non-trad
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