- The move consolidates EY's established health consultancy from across multiple sectors to meet the rapid and disruptive demands across the industry
- Practice will collaborate with clients on improving efficiencies, catalyzing new digital health technologies and helping to ensure wellness and prevention
- Jacques Mulder appointed to lead the practice as EY's Global Health Sector Leader
NEW YORK, July 30,2015 /PRNewswire/ --Health care around the world 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. Today, EY announces the launch of an innovative new model in health care consultancy. The approach consolidates its established health care teams that currently sit across other related sectors and geographies and brings together insights from multiple sectors - technology, telecommunications, consumer products and more - to develop leading solutions for the challenges of Health 2.0.
The move positions EY to transform health care delivery and help clients develop new business models to better compete in a fast-changing and ever-evolving world. EY's practice is working with organizations to manage costs and improve efficiency. It is helping clients leverage technology to deliver digital health solutions 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. EY's new practice will catalyze this change, drawing on its vast network to collaborate with a wide range of organizations.
Jacques Mulder, who previously served as Global Industry & Market Strategy Leader at EY, will lead the practice as Global Health Sector Leader.
Mulder says, "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 emphasize value. Compared to other industries, health care has been slow to embrace the digital age. Yet, just as technology creates opportunities for health care organizations, 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."
Guiding organizations to Health 2.0
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 also integrate the latest technologies seamlessly. To respond to these and other future demands in this new landscape, EY's health consultancy practice will utilize its internationally recognized industry professionals to facilitate innovation, decision-making and speed of execution to help its clients successfully navigate this new terrain.
EY's health consultancy practice provides core services including:
- Operating efficiently: Through cost and workforce optimization, EY 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 solutions and data protection. EY also helps organizations across the health spectrum use big data and analytics to measure outcomes and develop value-based incentives.
- Digital: EY advises its clients to devise business strategies and create new business models that are built for a digital world. It helps organizations make sense of its data collection through the use of powerful analytics; data capture and integration; IT systems and architecture transformations; cloud computing; and cyber security. Working with highly respected technology and telecommunications providers, EY develops mHealth applications to empower patients who are dealing with chronic conditions in their everyday lives.
- Wellness: EY helps health insurers re-orient the customer relationship as a long-term partnership rather than a short-term transaction. This involves reevaluating customer behaviors, deploying mHealth technologies and data analytics, and building consortia to combine different skills. EY's 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.
Uschi Schreiber, Global Vice Chair for Markets at EY, says: "The health care industry is undergoing an once-in-a-lifetime transformation. Aging populations and spiraling costs mean that health systems and organizations 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."
EY's health consultancy practice leadership
Mulder will oversee a worldwide team of more than 4,000 professionals focused on health care across the world. These practitioners come from a range of backgrounds including chief executives of departments of health, clinicians, hospital administrators, accountants and policy advisors who will provide the ability to rapidly share leading practices and solutions across markets and bring diverse delivery teams to meet the needs of EY'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 new innovation and strategies to clients in the life sciences, health care and consumer products industries.
Prior to joining EY, Mulder was with Deloitte for 10 years and became their Chief Strategy Officer for health care and life sciences and was responsible for building the organization's Tier One advisory practice.
Mulder concludes: "Companies from sectors once far removed from health care are entering the health business. 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. EY'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."
Notes to Editors
About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
About EY's Global Health Sector
Across the world, health care systems and entities are under unprecedented pressure. Spiraling costs, exacerbated by aging populations and emerging market growth, are bringing newfound focus on value and outcomes. Mobile health and data analytics promise to revamp care delivery but are also bringing in competitors from other sectors. For governments, payers and providers, these trends create a host of challenges: extracting insights from "big data," partnering in new ways, boosting operating efficiencies and more.
EY's Global Health Sector brings together a worldwide network of more than 4,000 sector-focused assurance, tax, transaction and advisory professionals with a range of health care and business backgrounds. Our wide-reaching network allows us to rapidly share leading practices and solutions around the globe and deploy diverse delivery teams to meet your needs.
ey.com/health
About EY's Health Reimagined initiative
Health care is in the midst of a once-in-a-lifetime transformation that is blurring traditional boundaries and redefining health care as we know it. The move to "Health 2.0" - the patient-centric, technology-enabled, prevention-focused future of health care - is being catalyzed by nontraditional entrants from far-flung sectors, including technology, telecommunications, retail trade and more. These disruptive forces demand bold new approaches, alliances and business models.
EY's Health Reimagined initiative is a cross-sector program that brings together professionals and perspectives from multiple industries to develop insights and solutions that are aligned with the future of health. We can help you navigate your way forward and achieve success as you transition to Health 2.0.
ey.com/healthreimagined
Peter Kelley
EY Global Media Relations
+1 213 977 7676
peter.kelley1@ey.com
