Expert - Medical and Admin Cost and Results Optimization at McKinsey & Company in Chicago, IL

QUALIFICATIONS

• Bachelor's degree; advanced degree preferred
• 7-10 years of work experience preferably in healthcare, consulting or operations
• Deep understanding of the healthcare ecosystem particularly payors; knowledge of medical or administrative cost optimization is an advantage
• History of managing projects or programs driving significant impact to client performance
• Strong problem-solving skills with the ability to process complex information, break it into logical steps/tasks to help solve, present it clearly to a range of audiences
• High level of entrepreneurship, professionalism and presence to succeed in a team-based setting on the ground with clients; go-getter who can multi-task across multiple asset development and client delivery
• Client service and operation mindset
• Able to provide leadership over and influence individuals and across multiple stakeholders from different levels, backgrounds by tailoring approach
• Strong team player in a dynamic and changing environment
• Sound problem solver who can quickly process complex information and present iclearly and simply to clients
• Knowledge of automation or other AI is a plus
• Able to work well with multi-disciplinary teams across continents/time zones
• A passion for improving and optimizing healthcare efficiency
• Travel expectation (post-COVID): up to 80% of the week to a client site, when necessary (travel requirements will vary over time based on domain needs and will not resume until deemed safe)

WHO YOU'LL WORK WITH

You will be based in one of our US office as part of McKinsey’s Medical and Admin Cost and Results Optimization (MACRO) domain within the Social, Healthcare, and Public Entities (SHaPE) practice. This team uses healthcare data (payer, provider, 3rd party data, etc.), advanced analytics (combination of descriptive & predictive analytics), advanced technologies (automation, digital, AI) and core consulting skills to answer some of the most pressing questions our healthcare payor clients have. Some examples below:

• How do we manage cost of care while improving quality?
• How do we remain competitive in the evolving healthcare landscape?
• Who are the most vulnerable patients and what interventions can we design to better care for them?
• What could be the impact of the COVID epidemic on payors’ medical and admin costs and the subsequent implications on Medical and Admin loss ratios (MLR and ALR)?

Our capabilities are foundational across the healthcare value chain and have been core to McKinsey’s ability to deliver enterprise transformation programs for payors (public and private), providers, private equity firms, health tech companies, pharmacies, and PBMs. MACRO has been one of the fastest growing domains in the practice and has a diverse mix of healthcare experts, physicians, statisticians, engineers, data scientists, digital service operations experts, and more.

McKinsey fosters innovation driven by advanced analytics, user experience design thinking, predictive forecasting to develop new products/services and integrating them into our client work. It is helping to shift our model towards asset-based consulting and is a foundation for –and expands our investment in –our entrepreneurial culture. Through innovative software as service solutions, strategic acquisitions, and a vibrant ecosystem of alliances, we are redefining what it means to work with McKinsey.

As one of the fastest-growing parts of our firm, SHaPE has more than 1,500 dedicated professionals (including more than 800 analysts and data scientists) and we’re hiring more mathematicians, data scientists, designers, software engineers, product managers, client development managers and general managers.

WHAT YOU'LL DO

You will lead active client engagements focused on health care value with the ultimate goal of making healthcare better, more affordable and more accessible for billions of people around the world.

In this role, you will be responsible for teams of colleagues delivering high-quality outputs to help guide decisions on the business problems for our clients. These outputs range from identifying potential opportunity areas in medical / admin / pharmacy costs, to developing initiatives and plans to enhance essential functions within payor organizations, to supporting implementations of the initiatives you’ve helped develop. You will be leading efforts to help payors implement operational improvements and organizational enhancements that improve experiences and support the quality and cost of healthcare. You will leverage our proprietary big data and analytical platform, Nebula.

You will leverage your project management and client communication skills as you lead problem-solving sessions with clients and McKinsey leadership. You will leverage your expertise to take ownership of tenure-appropriate client relationships and guide clients through appropriate syndication discussions as well as longer-term front-line implementation projects.

You will collaborate both with other MACRO colleagues and other SHaPE domains (primarily in healthcare areas, such as Provider Performance Improvement, Episodes of Care, Population Health, Healthcare Data Management etc), as well as the broader global practice of McKinsey consultants and teams (Design, Quantum Black, Academy, etc.)

You will devote some portion of time to problem solving and creating new assets/solutions for the domain and practice. For this, you’ll also work with MACRO leadership/colleagues and McKinsey consultants in joint problem-solving