In 2018, Healthcare Consulting Services were valued to be a $9.21 billion market, expected to reach $19.69 billion by 2026. In short, healthcare consulting is the process of sharing expertise, giving advice, and guiding healthcare agencies to make key decisions that promote growth and benefit their customers and clients. In common practice, the hiring a “consultant” is equivalent to hiring a “temp”. A consultant is essentially an expert-level temp (temporary employee) who is contracted to offer thought leadership.
Most organizations will choose to hire a consultant to address a specific need or challenge. For example, if an agency is going through an acquisition or change in leadership, the short-term support of an experienced consultant can bring an objective point of view to key decisions. Healthcare consulting can vary dramatically in cost. You may find entry-level support consultants for as little as $50-$75/hour, while executive-level professionals will book at $300/hour or more. This presents unique challenges when trying to develop a project budget that includes consultant support. Here are 3 questions to ask yourself before you hire a healthcare consultant:
1. Am I hiring a consultant because I need extra manpower, or because I need expertise that I don’t have?
If you’re in need of additional manpower because you’re existing team doesn’t have enough time to meet the demands of your project consider hiring a temp employee instead of a consultant. In general, consultants are not doers, they’re planners and advisors. If you’re in need of expertise that you can’t find internally, then bringing in a consultant is the right approach.
2. Does this project need C-level executive support?
If yes, then you’ll need to set aside significant resources to find and support the right consultant. Remember, before an executive consultant can start working on your project, they first need to understand your project, and yes, you have to pay them for that, too.
3. Is this a one-off situation or is your organization evolving quickly and will need ongoing consultative support?
If consulting services are going to be a regular part of your strategic plan, it’s critical to identify the right consulting agency to work with. Like in any business transaction, strategic relationships are key. As previously mentioned, hiring a consultant starts with paying for someone outside of your organization to become an expert on your organization. By creating a long-term partnership with a consulting agency, you will reduce the curve expense and permit your consultants to get to work on your project faster.
If you’re looking for comprehensive healthcare consulting services please contact us at 610-799-7400 or Info@SpyglassSolutions.org.