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Small, boutique consulting firms joins healthcare IT market
Small, boutique consulting firms joins healthcare IT market
Wednesday, 11 March 2009 06:48 | 
| Healthcare IT News - Healthcare Informatics |
KLAS reported smaller but high-performing boutique firms offers specialized services for healthcare IT market
The healthcare IT consulting market, once dominated by large, full-service firms, includes many smaller but high-performing boutique practices that offer specialized services, according to a new report from healthcare research firm KLAS.Over the past five years, the healthcare IT consulting market has experienced significant consolidation – but that consolidation has led to more choices, rather than fewer ones, for healthcare providers, KLAS researchers conclude.
Following several acquisitions, such as Healthlink Consulting's sale to IBM, many talented senior executives have left acquired firms to join or form new practices, giving providers a larger talent pool from which to choose, according to KLAS.
In turn, these smaller firms are consistently outperforming industry heavyweights in a number of practice areas.
The KLAS study, "Maximizing Your Consulting Investment: A Report on Healthcare IT Consulting Services," notes:
- The highest-ranked company in the categories of clinical implementation supportive, planning and assessment, technical services and staff augmentation are all smaller firms, most of which specialize in a specific product or type of work.
- In the planning and assessment category, the top seven performing firms are smaller consulting firms, most of which focused exclusively on advisory services.
- Four firms formed since 2002 scored an 88 or above on KLAS' overall performance rating, which is exceptional.
"Large, full-service firms have deep benches, can weather the attrition of long projects well, and can offer consultants from the most senior level on down," Smith said. "On the flip side, however, some of these firms are more bureaucratic in nature, not as competitive in cost, and not necessarily the best in one area, though capable in multiple areas."
Providers cited cost as an increasingly important factor in the selection of IT consultants. Many CIOs suggest that cost is more seriously evaluated now than ever before, and the current economy has led to fewer projects and more of those projects going internal.
Source: KLAS
