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Become An Economic Consultant

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Working As An Economic Consultant

  • Getting Information
  • Communicating with Supervisors, Peers, or Subordinates
  • Establishing and Maintaining Interpersonal Relationships
  • Analyzing Data or Information
  • Organizing, Planning, and Prioritizing Work
  • Deal with People

  • Mostly Sitting

  • $99,130

    Average Salary

What Does An Economic Consultant Do At Unitedhealth Group

Mine member, claims and COB data Perform proof of concept analyses Anticipate customer needs and proactively develop solutions to meet them Serve as a key resource on complex and/or critical issues Investigate and respond to routine or standard requests Work on process improvement opportunities Solve complex problems and develop innovative solutions Review work performed by others and provide recommendations for improvement May lead functional or segment teams or projects Provide explanations and information to others on the most complex issues Motivate and inspire other team members

What Does An Economic Consultant Do At Fallon Health

* Analysis, Decision Support, and Business Intelligence – 60%
* Provide cost and utilization quantitative and qualitative analyses for a line of business
* Provide actionable analyses and reports that help monitor line of business performance and drive decision making to reduce total medical expense
* Perform medical cost and utilization predictive analytics for a line of business
* Perform data mining to discover clinical patterns and relationship, present to Senior Management or respective committee
* Provide advanced analytical support for clinical initiatives including development, evaluation and ROI analyses
* Perform analyses of actual cost and utilization against line of business benchmarks or targets
* Financial and Clinical Model Design and Support – 30%
* Assist the line of business in designing initiatives to impact cost drivers, including measurement and monitoring of initiatives
* Design and perform program evaluation for clinical activities
* Develop financial pro forma in support of line of business payment methodology
* Present financial analysis to Senior Management and line of business partners (ACO, HCO, PHO)
* Ad Hoc Support – 10%
* Provide support for ad-hoc requests that require clinical, financial, regulatory, pharmacy and operational analysis and reporting
* Prepare reports and supporting analysis for internal and external stakeholders focused on reducing costs and financial performance against target
* Be a resource for other members of the department, as well as line of business owner and stakeholders
* Be a subject matter expert, train and guide other team members within the department as well as others within the organization, in data understanding and analytical processes

What Does An Economic Consultant Do At Highmark Health

* Provide consultative guidance to business partners, both internal and external, around data driven solutions in regards to our Advanced Value Reimbursement Programs.
* Partner with reimbursement, actuary, and analytic teams to drive operational capabilities that are built in sync with the strategic roadmap to ensure maximum flexibility and speed to market.
* Lead the oversight and monitoring of the Health Plan’s “Creating Customer Value” operating margin improvement effort, driving cross-functional team work efforts to identify, design, implement and monitor initiatives that improve the Organization’s revenue, claims and administrative expenses:
* Use medical economics experience and knowledge to facilitate idea generation and quantification of savings initiatives (areas of focus include provider contracting, utilization management, care management, risk adjustment, operational efficiencies, product design, etc.).
* Provide timely insight into claim cost drivers for the business segment leaders and identification of new improvement opportunities.
* Understand the larger medical cost picture, and create processes to identify and quantify interactions and dependencies of the different initiatives.
* Consult with business partners and lead the interpretation of raw data, statistical results or otherwise complex compiled information, identify follow-up action items and prepare written reports and/or oral presentation of findings to internal and external audiences
* Provide superior ability to analyze and forecast effects and implementation of beneficial but complex financial arrangements with new vendor business partners.
* Develop and implement improved infrastructure and processes to provide Health Plan and Enterprise management with regular performance scorecards highlighting initiative implementation successes, accountability, and “capture” of initiative benefits, activity, progress and identification of barriers.
* Consistently work with Health Plan business and functional area partners to develop a pipeline of new initiatives, seeking to achieve our multi-year financial improvement targets.
* Serve as the subject matter expert for the enterprise on issues related to value-based reimbursement, including impact to organizational strategic efforts and new programs in development at AHN

What Does An Economic Consultant Do At FTI Consulting

MarketingWorking with the leaders in the segment to develop and execute a strategic marketing plan to showcase, profile and support our expertsDevelop and maintain target audience databasesDefine audiences we should be speaking and marketing toWorking with our Salesforce team, liaise with segment professionals to build and maintain information in FTI s CRM systemAssist with the strategy and execution of thought leadership and content for the practice(s) by working with practice professionals and Corporate Marketing to write, develop and promote thought leadershipAssist in developing and managing content and collateral for the segment (i.e., case studies, website content, bios, brochures, etc.)Develop and execute events and sponsorship planning and strategyResearching sponsorships and speaking opportunities (i.e., understanding where our competitors and peers are speaking, sponsoring, etc.)Coordinate and execute events (i.e. collateral, giveaways, booth set-up/take-down, etc.)Develop and oversee a process for follow up after significant marketing/business development eventsCoordinate Practice Development budget allocation along with Marketing spend and assess ROIDevelop a social media strategy and oversee implementationAssist with writing social media content for the segmentCoordinate content development and responses required for FTI Marketing initiativesDevelop internal communications for the segment as neededDevelop and maintain information about awards won within the segment and market that information appropriately (i.e., develop statistics and marketing messages to promote our awards externally to differentiate FTI in the market)Work with Corporate Marketing to draft press releases for the segmentMaintain current templates for branding purposes (e.g., bios, engagement highlights) and oversee consistent useOther special projects as may be assigned from time to time

What Does An Economic Consultant Do At Hatch

* The Senior Economics Consultant is expected to take ownership of projects, lead Junior Analysts and provide support for Senior Leaders in the group.
* Projects and research tasks include: pro formas, feasibility analyses and market studies for urban development/redevelopment; statistical and case-study research on trends in urbanization; socioeconomic analyses for infrastructure and real estate projects; fiscal impact analyses for transit oriented developments; and financing strategies around private-public partnerships

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How To Become An Economic Consultant

Most management analysts have at least a bachelor’s degree. The Certified Management Consultant (CMC) designation may improve job prospects.

Education

A bachelor’s degree is the typical entry-level requirement for management analysts. However, some employers prefer to hire candidates who have a master’s degree in business administration (MBA).

Few colleges and universities offer formal programs in management consulting. However, many fields of study provide a suitable education because of the range of areas that management analysts address. Common fields of study include business, management, economics, political science and government, accounting, finance, marketing, psychology, computer and information science, and English.

Analysts also routinely attend conferences to stay up to date on current developments in their field.

Licenses, Certifications, and Registrations

The Institute of Management Consultants USA (IMC USA) offers the Certified Management Consultant (CMC) designation to those who meet minimum levels of education and experience, submit client reviews, and pass an interview and exam covering the IMC USA’s code of ethics. Management consultants with a CMC designation must be recertified every 3 years. Management analysts are not required to get certification, but it may give jobseekers a competitive advantage.

Work Experience in a Related Occupation

Many analysts enter the occupation with several years of work experience. Organizations that specialize in certain fields typically try to hire candidates who have experience in those areas. Typical work backgrounds include experience in management, human resources, and information technology. 

Advancement

As consultants gain experience, they often take on more responsibility. At the senior level, consultants may supervise teams working on more complex projects and become more involved in seeking out new business. Those with exceptional skills may eventually become partners in their consulting organization and focus on attracting new clients and bringing in revenue. Senior consultants who leave their consulting company often move to senior management positions at nonconsulting organizations.

Important Qualities

Analytical skills. Management analysts must be able to interpret a wide range of information and use their findings to make proposals.

Communication skills. Management analysts must be able to communicate clearly and precisely in both writing and speaking. Successful analysts also need good listening skills to understand the organization’s problems and propose appropriate solutions.

Interpersonal skills. Management analysts must work with managers and other employees of the organizations where they provide consulting services. They should work as a team toward achieving the organization’s goals. 

Problem-solving skills. Management analysts must be able to think creatively to solve clients’ problems. Although some aspects of different clients’ problems may be similar, each situation is likely to present unique challenges for the analyst to solve.

Time-management skills. Management analysts often work under tight deadlines and must use their time efficiently to complete projects on time.

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Economic Consultant jobs

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Real Economic Consultant Salaries

Job Title Company Location Start Date Salary
Economic Consultant Criterion Economics LLC Washington, DC Sep 01, 2014 $150,000
Director, Economic Consulting Navigant Consulting Economics LLC New York, NY Jan 30, 2011 $120,000 -
$320,000
Senior Economic Consultant Bates Whites, LLC Washington, DC Jan 01, 2011 $120,000 -
$145,000
Senior Economic Consultant Bates Whites, LLC Washington, DC May 17, 2011 $120,000 -
$145,000
Senior Economic Consultant Bates White, LLC Washington, DC Sep 09, 2012 $110,000 -
$145,000
Economic Consultant Parsons Brinckerhoff, Inc. New York, NY Apr 16, 2015 $109,200
Economic Consultant Valve Corporation Bellevue, WA Mar 01, 2012 $104,350 -
$1,043,500
Economic Consultant, Oil & Gas IPD Latin America, LLC Fort Lauderdale, FL Jan 15, 2016 $103,605
Senior Economic Consultant, Actuarial Bates Whites, LLC Washington, DC Oct 01, 2009 $100,000 -
$120,000
Economic Consultant Parsons Brinckerhoff, Inc. New York, NY Nov 24, 2014 $97,500
Senior Economic Consultant London Economics International LLC Boston, MA Sep 03, 2015 $97,500
Senior Economic Consultant London Economics International LLC Boston, MA Apr 23, 2015 $97,500
Economic Consultant-Competition Economics Robins Kaplan LLP Minneapolis, MN Jan 09, 2016 $97,500
Economic Consultant Medical Dynamic Systems, Inc. New York, NY May 19, 2010 $94,061
Economic Consultant-Competition Economics Robins, Kaplan, Miller & Ciresi L.L.P. Minneapolis, MN Dec 24, 2014 $92,500
Consultant, Economic Capital DFS Corporate Services LLC Riverwoods, IL Sep 25, 2014 $91,853 -
$111,000
Economic Consultant Greatest Good LLC Chicago, IL Apr 01, 2011 $87,500
Economic Consultant Greatest Good LLC Chicago, IL Sep 10, 2011 $87,500
Healthcare Economics Consultant United Healthcare Services, Inc. Cypress, CA Aug 12, 2015 $85,000 -
$102,700
Risk Economics Consultant I Marsh USA Inc. New York, NY Jan 04, 2016 $85,000 -
$105,000
Economic Consultant R.A. Zweig, Inc. Glenview, IL Jun 24, 2015 $82,555
Healthcare Economics Consultant United Healthcare Services, Inc. Horsham, PA Feb 10, 2016 $76,378 -
$85,000
Economic Consultant Nutrition Formulators, Inc. Miramar, FL Apr 26, 2016 $76,000
Economic Consultant Proinci Investment Miami, FL Oct 14, 2011 $75,046
Economic Consultant Greatest Good LLC Chicago, IL Sep 04, 2011 $75,000
Healthcare Economics Consultant United Healthcare Services, Inc. Cypress, CA Jan 29, 2016 $74,589 -
$102,700
Economic Consultant Edgeworth Economics LLC San Francisco, CA Sep 04, 2015 $70,470

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Top Skills for An Economic Consultant

FinancialAnalysisBusinessStrategyEconomicModelsEconomicAnalysisRegulatoryMedicareAdvantageAccessDatabaseRealEstateConditionsFinancialFeasibilityDataAnalysisSQLEconomicDevelopmentWorldBankMarketResearchMedicaidIntellectualPropertyStatisticalAnalysisEconomicImpactsEconomicDamagesR

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Top Economic Consultant Skills

  1. Financial Analysis
  2. Business Strategy
  3. Economic Models
You can check out examples of real life uses of top skills on resumes here:
  • Applied expertise in financial analysis and management consulting to support asset valuation for assessing damage claims in litigation.
  • Focused on business strategy, sustainability in LATAM, and the influence of macro trends on specific investment opportunities.
  • Provided sales forecasting and economic analysis concerning the recreational vehicle industry for Winnebago Industries (2000 to 2001).
  • Generated financial support for depositions of clients engaged in disputes consisting of pricing, regulatory, and valuation proceedings.
  • Managed data and performed data analysis using Excel and SAS.

Top Economic Consultant Employers