February 2023

Leveraging modern strategies to unlock growth in uncertain times

Economic downturn is slowing healthcare growth. Learn how we leverage multidisciplinary expertise and holistic digital tools to promote growth during uncertainty.

Leveraging modern strategies to unlock growth in uncertain times

Healthcare organizations, like other businesses, are not immune to the effects of economic downturns and inflation. Imagining the future under these conditions can make it hard to think about growth. One challenge is the use of traditional business models that struggle to account for today’s digital requirements and economic environment.  

The problem is that many organizations have a difficult time adapting and assessing new ways of differentiating and growing their business. With increasing cost and labor issues comes mounting pressure to ditch outdated business models and find foundational business enhancements that improve margins and facilitate growth. However, the need for updated growth strategies goes beyond rising costs—stemming from a fundamental requirement to satisfy patient needs.  

Our Healthcare Growth and Expansion Strategies offering helps healthcare companies promote growth during these uncertain economic times.  We partner with clients to assess opportunities for new market entry, analyze operational proficiency, and support product portfolio implementation. What does this mean for you?  

How West Monroe sparks innovation and growth 

Growth varies based on your perspective and current business situation. It could mean increased revenue, but it could also mean more product offerings, higher membership rates, lower spending, or entering a new line of business or market.  

The key to innovation and growth is understanding. You must understand your current market, the technology, potential implementation strategies, and how they all fit together to create durable and meaningful change. To those ends, we approach every project with multidisciplinary teams that provide the expertise for growth realization.  

Experts in healthcare and life sciences, operations, mergers and acquisitions, and digital experience apply their knowledge to help create a precise roadmap. These experts work with your leadership team to identify new market entry points and operational improvement opportunities —allowing you to leverage quick wins that sustain larger growth initiatives.  

To foster collaboration, we help you develop clear business cases with quantitative analysis of potential investment areas and clear articulation of outcomes, especially return on investment and internal rate of return. These business cases are instrumental in deciding the types of bets you should place, i.e., operational or technological.  

Approach healthcare growth with intention and clarity 

Organizations must decide where to invest to stay competitive as patient expectations shift to more holistic communication, self-service capabilities, and virtual options. Guide your organization through growth with comprehensive current state assessment, analysis, and implementation planning. 

Phase 1: Understand & Evaluate 

A comprehensive evaluation of the current state of your business sets the foundation to start building for the future.  During the evaluation, we help you:  

  • Gain executive alignment on growth opportunity, strategy, and vision 
  • Measure your current operations to identify gaps and pain points  
  • Leverage KPIs and benchmarks to perform a competitive assessment 
  • Create business cases and ROI metrics to validate investment 

Phase 2: Analyze 

Expert analysis helps you identify value creation opportunities and business gaps as well as prepare the insights drawn from the evaluation stage for planning. During the analysis, we help you:  

  • Assess capabilities, offerings, and new technologies that may help your organization solve current state challenges to identify competitive advantages and differentiators  
  • Analyze operating model and determine organizational alignment with your business’ prioritized growth areas 
  • Quantify gaps in growth and pinpoint investment opportunities  
  • Identify the capabilities needed to pursue growth areas and initiatives, helping determine their technical feasibility 

Phase 3: Plan 

In the planning phase, we develop a roadmap and recommendation strategy informed by the current state assessment that clarifies your path forward. During planning, we help you:  

  • Build on findings from stakeholder workshops and identify short-term operational wins alongside longer-term strategic opportunities  
  • Create a repository of recommendations and a corresponding roadmap  
  • Conduct a prioritization workshop to determine the effort and impact of activities  
  • Facilitate discussions with leadership on recommendations and the path forward  

Understanding the way forward can be quite challenging in a landscape as competitive and complex as healthcare; it requires discipline to evaluate new revenue streams while sticking to your organization’s priorities. Our approach ensures executives have the tools they need to understand their market—including the market’s perspective on growth and competitor investment strategies. 

Identify and unlock new growth centers for your business 

Healthcare organizations face increased competition, limited visibility into operational performance, and the need for tech modernization. Our Healthcare Growth and Expansion Strategies offering provides the tools to assess, analyze, and support healthcare growth opportunities—allowing you to create realistic strategies for overcoming common healthcare challenges.  

Do you want to build the basis for innovation and new growth? Our team can help you understand potential growth areas for your business and create value by challenging the status quo. Contact us to learn more.  

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