Bill Frack
Managing Director, Head of North American Healthcare Services Practice
L.E.K. Consulting
Excellence in Healthcare
For Bill Frack, winning a Top 25 Consultants Award is akin to winning a Lifetime Achievement award, except that he still has so much work left to do and so much time left in his career, he says.
Of course, he's already practically accomplished a lifetime's worth of work in his nearly three decades of consulting experience in strategy, organization, cost-effectiveness, private equity, business services, marketing and sales, operations and mergers and acquisitions. He has provided strategic advice to a wide range of leading U.S.-based healthcare and media & entertainment companies.
Today, Frack is a Managing Director, Partner and head of North American Healthcare Services Practice with L.E.K. Consulting. For L.E.K., the Top 25 Consultants Award "confirms our commitment to deliver the best support possible," Frack says. "And for my clients, it affirms their decision to trust me and my team to help them achieve their mission."
For many of his clients, that mission means managing U.S. healthcare costs while also improving quality, an immense challenge, to say the least.
"To better coach our clients through turbulent transitions we have substantially augmented our expertise—in particular, by leveraging executives-in-residence reshaping delivery," he says.
Frack says he is most proud to have led a team of 16 consultants through the successful nine-month turnaround and regeneration process for a health insurance payer. "Management consulting provides the opportunity to work with a diverse group of highly motivated people and that makes coming to work every day easy," he says. "I enjoy working with my fellow partners and consultants, helping build a firm that will grow and stand the test of time."
Frack certainly has. He originally joined L.E.K. in 1987 as an Associate. During his time at L.E.K., Frack has also worked in the Sydney and Singapore offices. He was awarded a Master of Business Administration from the European Institute of Business Administration in 1991.
One of the biggest keys to his success, he says, is establishing trust-based relationships and delivering on that trust. "Whether it's your staff or your clients, their commitment to you is based on the trust that you will deliver. For staff, it could be a great career experience and for clients it might be a rigorously tested, pragmatic solution," Frack says. "And delivering on the trust provides plenty of motivation for me."
What is it that stands out the most about the work you do?
"I always strive to deliver a rigorously tested, logically supported answer to the questions my client asked—not my opinion. Within healthcare, it's a deep understanding of the motivations and interdependencies that result in outcomes which are very different from what traditional economic theory might indictate. I greatly enjoy working with clients to craft solutions to their tough problems, and providing guidance on things that matter to them most."
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