Precision for Value has created a value-based strategy practice and named Maureen Hennessey to lead the group.
The consultancy has launched the practice to help clients build strategies and partnerships as the healthcare industry moves towards a value-based pricing and delivery model.
Precision has named Hennessey as SVP and director of value transformation. She has worked at Precision for Value since 2012. Most recently, Hennessey was SVP and director of quality and population health solutions. She is reporting to Kelly Wilder, EVP and managing partner.
“We understand our clients and customers are going through some major changes in healthcare,” Hennessey said. “They’re going through these seismic shifts and looking for novel partnerships to better manage the total cost of care and the patient experience. We see our role as helping clients be able to identify those opportunities and engage with those opportunities so patients are having the best healthcare experience.”
As their healthcare clients begin to move toward a value-based system, the first objective is knowledge, Hennessey said. The practice is organizing educational sessions on integrating value, population health, and patient experience into various areas of the business. The new practice is also offering tools to help life science clients better understand its patient populations to provide a better experience for them.
“What we’re seeing is that many life science companies now are partnering with their customers to promote better patient experience, lower costs, and improve population health,” she said. “This is relatively new for the industry, they are still thinking through how they can engage with it.”
Hennessey declined to name specific clients, but said the firm has worked with 35 organizations in 17 therapeutic areas.
Precision for Value, a consultancy that advises biopharma companies on product, commercialization, and payer strategy, is a part of Precision Value & Health, which in turn is a part of Precision Medicine Group.
In 2017, Precision Value & Health, which holds Precision for Value, Precision Health Economics, and Precisioneffect, reported revenue of $141.2 million, a 10.6% increase over the previous year. PVH had 584 staffers in 10 locations in North America as of the end of 2017, up from 539 the year prior.
This story was updated on January 30 with additional information.