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McDermott Will & Emery Launches New Strategy for Healthcare
McDermott Will & Emery has launched a new service called McDermottPlus (McDermott+Consulting) to cash in on the confusion in the wake of the Affordable Care Act. With the health industry facing ever-increasing fiscal and regulatory challenges, the law firm created a wholly-owned subsidiary for providing consulting services to stakeholders in the healthcare industry.
The subsidiary was launched in the first week of April, and the law firm's press release announced, "McDermottPlus offers experienced consultants with Capitol Hill and administrative agency experience, data analytics and clinical backgrounds, and years of federal legislative and administrative lobbying experience."
Speaking on the need for new strategy, Peter J. Sacripanti, co-chair of the law firm said, "The health industry is undergoing rapid growth and change driven by the regulatory environment, mounting fiscal challenges and the fast pace of technological innovation … Recognizing these challenges, McDermottPlus offers clients the ability to purchase a comprehensive solution through an integrated team that can provide end-to-end solutions."
The firm claims McDermottPlus is different from other consulting firms in the same competitive space in that the company offers data analytics, modeling, lobbying services and policy advice under one roof. The specific service offerings of the consultancy include:
Budget impact and cost-effectiveness modeling
Legislative and Executive Branch lobbying strategy as well as execution
Political communications strategy
Health financing data analysis and modeling to support transactions and litigation, and
Public and private payor coverage, coding and pricing strategy
The strategy taken by McDermott Will & Emery is quite interesting in that it allows the law firm to gain better market positioning in the healthcare industry, while at the same time move away from the billable hour model via a subsidiary.
Jeffrey E. Stone, co-chair of McDermott admitted the role of the new subsidiary in the law firm's future growth and said, "McDermottPlus is an important part of our strategy to deliver better client service and differentiate ourselves in today's tightening, fiercely competitive marketplace."
"At the same time," said Stone, "it represents a powerful opportunity for us to capitalize on a key area of our strength and to do so in a more complete way than ever before."
Paul Radensky, Principal of McDermott+Consulting, said that health care companies today need "robust quantitative analyses to help guide business decision making." Radensky emphasized that health care organizations that have a fast pace in innovations require guidance to properly position their technological advances through the maze of complex government regulatory and pricing environments. The law firm intends to address these needs through its new subsidiary.
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