Chicago-based healthcare consultancy Prism joins BRG
Healthcare consultancy Prism has been acquired by global consulting firm Berkeley Research Group (BRG). The deal greatly expands BRG’s healthcare practice.
Founded in 2013, Prism helps hospitals, health systems, and academic medical centers improve their financial, operational, and clinical performance. The firm’s specialized offerings include labor and supply chain cost management, revenue cycle management, human resources, and valuation services, among others.
The company is based in Chicago, with a satellite office in Fort Lauderdale, Florida.
Prism has now been acquired by consulting firm BRG, pending due diligence and documentation, with a target transaction completion date of early June. The move expands BRG’s healthcare consulting practice to 350 consultants, while affording the scale, capabilities, and national presence to “serve any size client,” according to a release from BRG.
Headquartered in Emeryville, California, BRG provides strategy & operations, disputes & investigations, and corporate finance services to clients across a range of industries, including energy, financial services, construction, and healthcare. Founded in 2010, the consultancy has 1,200 professionals across offices in the Americas, EMEA, and Asia-Pacific regions.
With healthcare systems increasingly struggling with costs, reimbursement, and operating margins, BRG’s acquisition of Prism better allows the firm to meet client needs in the industry. “We are coming together to help healthcare providers take on today’s complex challenges, including continued high costs, operational inefficiencies, demand for quality performance, new competition, market consolidation and falling margins – all with the primary goal of enhancing patient care,” said Paul Osborne, managing director of BRG’s healthcare performance improvement group.
The two firms are a close fit in terms of culture, while offering complementary service offerings and business models, according to BRG. Both prioritize fast turnaround on client engagements, with an agile approach that puts “boots on the ground” within days. BRG and Prism both have deep experience in helping health systems improve margins, quality, and outcomes for clients.
BRG brings particular strength in data analytics to the merged practice, leveraging a proprietary analytics platform and a seasoned roster of data scientists and technologists. Prism brings particular expertise in supporting academic medical centers, which have specialized needs due to their teaching, research, and clinical orientation.
The expanded healthcare practice will deliver “a more holistic approach to performance improvement supported by world-class data analytics to guide the decision-making process,” the release stated.
The transaction will see Prism president and CEO Mukesh Gangwal co-lead the merged healthcare practice with Paul Osborne.
“The market today demands increased efficiencies that are sustainable across the organization,” Gangwal said. “They need to be strategic, innovative, and operationally effective to remain relevant in their respective markets.”
Osborne added, “We are now at the scale of the largest firms in our industry, but we have the ability to partner with our clients in a more cost-effective and agile manner. Time is money. Clients shouldn’t have to wait to see results.”
Related: DOJ veteran Richard Gregorie joins BRG’s Global Investigations practice
