James Bonnette, MD, offers strategic guidance to accelerate innovation as The Advisory Board Company's new strategy consulting practice leader
WASHINGTON, June 2, 2014 /PRNewswire/ -- The advent of private insurance exchanges and the growing number of retail health care providers are driving hospitals and health systems to update not only their competitive strategies but also the pace at which they change, according to James Bonnette, MD, who has joined The Advisory Board Company to lead the company's strategy consulting practice, the firm announced today.
"The changes coming to health care in the next few years will be greater than any I've seen in my 35 years working in this sector," Dr. Bonnette said. "As a result, providers are going to have to accelerate innovation as they shift how health care is delivered and financed."
As Executive Vice President of the Advisory Board's Strategy Consulting Practice, Dr. Bonnette will lead the firm's strategic and transformational consulting engagements, helping health systems meet the demands of the rapidly-evolving market. Dr. Bonnette joins the Advisory Board from Oliver Wyman, where he was Chief Medical Officer (CMO) and Global Leader of the Provider Division of the Health & Life Sciences Practice. He previously served as CMO for Genesys Regional Medical Center and for Vanguard Health Systems following decades as an internist, medical group practice leader and consultant.
Private exchanges will push price sensitivity
Dr. Bonnette sees the advent of private exchanges as one of the biggest strategic challenges for health care providers across the next several years, especially in light of the "Cadillac tax" for employer-based health insurance set to go into effect in 2018. "There may not be strong employer appetite to pay the tax, so the number of firms offering employees health insurance could shrink significantly," Dr. Bonnette said. "Consumers will generally choose high-deductible options, with supplemental plans, and act more like the price-sensitive consumers typical in other sectors of the economy."
As health care purchasing behavior changes to become more consumer-oriented, providers will be forced to develop new competencies in consumer marketing. "Today, providers don't look at patients as consumers, but they need to understand them as consumers, the same way retail outlets do," Dr. Bonnette said. At the Advisory Board, Dr. Bonnette's support for health systems will include developing consumer strategies, provider network architecture, and care transformation blueprints.
For more information on the Advisory Board's consulting services, please visit http://www.advisory.com/consulting.
About The Advisory Board Company
The Advisory Board Company is a global technology, research, and consulting firm partnering with 200,000 leaders in 4,500 organizations across health care and higher education. Through its innovative membership model, the company collaborates with executives and their teams to elevate performance and solve their most pressing challenges. The company provides strategic guidance, actionable insights, web-based software solutions, and comprehensive implementation and management services. In 2014, The Advisory Board Company noted that more than 60% of the nation's inpatient admissions now flow through the firm's software technology platforms. For more information, visit http://www.advisory.com.
SOURCE The Advisory Board Company