Healthcare has always been big business, but recently, the industry has seen near-historical levels of growth, expansion, and consolidation as investors seek out new opportunities brought about by shifting demands. Many healthcare services providers are continuing to grow and innovate in response, with one major consultancy firm recently announcing a significant investment in its healthcare business.
In a recent press release, audit, consulting, and tax services company Deloitte announced its intention to invest $750 million in expansion, including its healthcare business, ConvergeHEALTH. The company intends to expand its platforms and efforts to include patient experience and engagement, supporting secure and efficient access to healthcare data and helping systems become more efficient.
A large company having a cross-industry focus that includes healthcare is not uncommon, with businesses such as General Electric and even Apple applying their outsider perspectives and unique abilities to innovate to address industry challenges. Deloitte’s ability to leverage its extensive knowledge base and resources to support subsidiaries offers an advantage over traditional healthcare companies.
“Deloitte is making this investment because the lines between traditional industries, competitors and collaborators, customers and suppliers, and even human and artificial intelligence are becoming not just increasingly blurred — they are converging,” said Brett Davis, Principal at Deloitte Consulting LLP and Global Assets Leader and General Manager of Converge by Deloitte, in a statement. Among other examples, he noted that “health care is increasingly delivered in retail settings” and that AI is integrated into how organizations operate.
There is a surprising amount of crossover between other industries and healthcare, driving additional focus on new digital banking and customer experience platforms due to their convergence with other health and well-being services. Recent societal attention on equity in healthcare has also fueled ConvergeHEALTH’s focus on increasing participation rates of underrepresented populations in clinical trials, breaking down typical barriers to participation by reaching a broader set of patients in new settings.
Ultimately, the near-billion-dollar investment is expected to boost innovation across a number of Deloitte’s business arms, with additional investment likely to follow as the firm continues to firm up its new ventures and expand beyond traditional management and financial consulting.