The healthcare industry is one of the largest and fastest-growing industries in the United States.
An article in The Atlantic reported that health care is now the U.S.’s largest employer (Thomson, 2108). It accounts for almost one-third of the $20 trillion U.S. economy. Healthcare also boasts of 784,626 companies, providing millions of jobs to many Americans.
There is no doubt that the healthcare industry is massive, complex, and multifaceted. While most businesses in this industry focus on diagnosis and treatment, there is more to it than medicine.
Like many other businesses, healthcare organizations are also looking to improve management, optimize everyday operations, raise the bar of patient care, and increase the bottom line for the health system.
However, as most providers and hospital executives discovered, handling the hospital workflow is hugely different from running a medical practice. Many providers do not have the business skills to run their businesses properly.
In situations like these, a healthcare consultant’s expertise and experience can be crucial for your business success. Healthcare consulting companies can do a comprehensive check of the company’s operations and provide a detailed look at how your company is doing compared to the best practice. You will be informed of improvements that need to happen, and how to make sustainable changes.
Not all health consulting companies are created equal.
Some consulting companies, like DeciBio, focus on only a specific area, offering your company a laser-like focus to answer your needs and elevate your organization to its best position.
Other companies are generalist consulting agencies, offering everything from healthcare management consulting to analytics consulting.
Regardless of the flavor of consulting, all consulting agencies offer a fresh perspective. They bring in consultants who can check the processes, test hypotheses, and see situations compared to how the other industry players are looking at the same problems.
DeciBio is a precision medicine strategy consulting firm with a focus on disruptive precision medicine technologies while focusing on digital health.
I had the opportunity to interview Chris Lew in Outcomes Rocket podcast, and it was a great conversation. Chris is a Senior Associate at DeciBio. He shares that the company’s niche is precision medicine.
“We help our clients develop high-level product and market strategies or refine existing or in-development product offerings and act as thought partners that draw on the accumulated experience of projects, news trends, expert opinions, and research to provide an outside objective perspective for advising our clients,” Chris explains.
Chris shared that DeciBio is different from other healthcare consulting agencies in some ways.
“Our firm doesn’t traditionally just rely on secondary and primary research like most firms do. We actually spun out an entire analytics firm based on the idea that a lot of structured and unstructured data exist that isn’t being aggregated and mined effectively to answer some of our clients’ questions,” he said.
DeciBio’s focus area experts have scientific backgrounds and work exclusively on project work within precision medicine. That background, along with the level of expertise, allows them to dive deep into technical specifics, balancing the generalist consulting skills with intimate knowledge. In Chris’s words, “Our team approaches projects by asking how we can provide data to our clients in unexpected and useful ways.”
According to Chris, DeciBio is focused on technologies that will be impactful.
“We don’t just opportunistically seek out any casework in the life sciences space. We only take on projects that we’re excited about and that focus on the work that aligns with our mission statement, which is driving disruption and innovation and precision medicine.”
This hyper-focus on their niche gives them the expert knowledge and edge over other health consulting agencies. DeciBio leverages their niche-focused knowledge to create the needed innovations in precision medicine.
“We’re founded by serial entrepreneurs, and they care about supporting other startups as well as encouraging entrepreneurship internally.”
There is a growing number of innovators in the life science space, and let us face it, as brilliant as these innovators are, they still need expert guidance when it comes to managing their business operations. There are many things to track if you are a startup, and without the right help, things can fall through the cracks.
All three combined make DeciBio the edge it needs to propel in the consulting niche. The company is recognized as one of the fastest-growing consulting firms in Consulting magazine and is ranked as a Top 10 boutique consultancy by Vault.
“I think the partners of the firm model the philosophy that successful practices are built on the kind of expertise that comes from an inner passion and excitement about specific technologies and to have mentorship and coaching from senior management that are also really as excited by our precision medicine goals and not just from profit, naturally provides a sort of authenticity and rigor that trickles down to our consultants and that our clients recognize and appreciate”, Chris added.
Research shows that companies that make better, faster decisions, and act on them effectively will almost always outpace their competitors. (Critical Decisions, 2011)
If you are in the precision medicine and life science industry, DeciBio is just what you need. The company’s tagline – Make critical decisions with the right intelligence.
To learn more about DeciBio and to listen to my interview with Chris Lew, click here: https://outcomesrocket.health/decibio/2020/06/.
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