Ernst & Young consolidates consultancies to meet Health 2.0 needs
August 11, 2015
UK-based professional services company Ernst & Young is consolidating its established health consultancy from across multiple sectors to meet the rapid and disruptive demands across the industry as it gears up for Health 2.0.
The company plans to collaborate with clients on improving efficiencies, catalysing new digital health technologies and helping ensure wellness and prevention. Jacques Mulder has been appointed as global health sector leader.
Health care around the world, says the company, is being dramatically disrupted by unsustainable cost inflation and the rapid rise of digital health technologies. The future of health care systems – or Health 2.0 – will need approaches that are much more consumer-centric, outcomes-driven, prevention-focused and cross sector.
E&Y is thus consolidating its established health care teams that sit across other related sectors and geographies and bringing together insights from multiple sectors – technology, telecommunications, consumer products and more – to meet the challenges of Health 2.0.
The move, it claims, positions E&Y to transform health care delivery and help clients develop new business models to compete better in a fast-changing and ever-evolving world. E&Y's practice is working with organisations to manage costs and improve efficiency. It is helping clients leverage technology to deliver digital health products and use big data and analytics to improve health services management and health outcomes.
Health 2.0 requires patients, payers, providers, governments and life sciences companies to partner in new ways. The practice aims to catalyse this change, drawing on its network to collaborate with a wide range of organisations.
Mulder previously served as global industry and market strategy leader at E&Y.
"Health systems and players are under increasing pressures to keep costs down and adopt new technologies – driving them to seek more viable approaches, including incentives that emphasise value,” he said. “Compared to other industries, health care has been slow to embrace the digital age. Yet, just as technology creates opportunities for health care organisations, it also presents threats as new entrants disrupt the market. This pace of change is only going to increase across the industry. Collaborative approaches will be needed to create sustainable health care systems that deliver high-quality care while being efficient and cost-effective."
Health care systems across the world are under enormous pressure to reduce skyrocketing costs. At the same time, they are being asked to improve service delivery and health outcomes, expand access and integrate the latest technologies seamlessly. To respond to these and other future demands in this landscape, E&Y's health consultancy practice aims to use its internationally recognised industry professionals to facilitate innovation, decision-making and speed of execution to help its clients successfully navigate this new terrain.
Through cost and workforce optimisation, the company helps its clients streamline operational processes and reduce inefficiencies. It advises payers and providers on transforming their IT systems to enable strategies aligned to digital services and data protection. E&Y also helps organisations across the health spectrum use big data and analytics to measure outcomes and develop value-based incentives.
The company advises its clients to devise business strategies and create business models that are built for a digital world. It helps organisations make sense of data collection through the use of analytics, data capture and integration, IT systems and architecture transformations, cloud computing, and cyber security. Working with technology and telecoms providers, it develops mhealth applications to empower patients who are dealing with chronic conditions in their everyday lives.
It also helps health insurers re-orient the customer relationship as a long-term partnership rather than a short-term transaction. This involves re-evaluating customer behaviours, deploying mhealth technologies and data analytics, and building consortia to combine different skills. Its work in mhealth also empowers providers and patients to focus on prevention and manage diseases in real time to help ensure more long-term wellness in patients.
"The health care industry is undergoing a once-in-a-lifetime transformation,” said Uschi Schreiber, global vice chair for markets at E&Y. “Aging populations and spiralling costs mean that health systems and organisations need to find new ways to operate more efficiently. The industry must evolve and adapt to these new megatrends, especially with the huge demand for digital health care. The industry's transformation is also accentuated by disruptive new entrants from the technology, consumer products, life sciences and insurance sectors."
Mulder will oversee a worldwide team of more than 4000 professionals focused on health care across the world. These practitioners come from a range of backgrounds including chief executives of health departments, clinicians, hospital administrators, accountants and policy advisors who will provide the ability to share leading practices across markets and bring diverse delivery teams to meet the needs of E&Y's clients.
Mulder is a seasoned veteran who is adept at identifying key emerging business models across convergent sectors. He has devoted an entire career to bringing innovation and strategies to clients in the life sciences, health care and consumer products industries. Prior to joining E&Y, he was with Deloitte for ten years and became its chief strategy officer for health care and life sciences and was responsible for building the organisation's tier-one advisory practice.
"Companies from sectors once far removed from health care are entering the health business,” said Mulder. “Telecommunications firms are developing approaches to empower patients in managing their health. Information technology companies are entering the fray to tackle the challenge of data analytics. These trends across the industry are creating a ripple effect that will have a lasting legacy for generations to come. E&Y's new approach to health care consultancy demonstrates that the industry requires a fundamentally different approach for creating new opportunities for cross-sector partnering. It's time to re-imagine health."
E&Y's global health sector brings together a worldwide network of more than 4000 sector-focused assurance, tax, transaction and advisory professionals with a range of health care and business backgrounds.