Advisory Board Company
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The Advisory Board Company (NASDAQ: ABCO) is a commercial, for-profit, public company that provides general best practices research, executive education, productized consulting, and business intelligence solutions to healthcare organizations. The Advisory Board has 29 specialized research programs, each geared toward a specific corporate function at hospitals and health systems. Through its core research programs, members pay an annual subscription in exchange for access to the Advisory Board Company's reports, rights to request research on new topics, and possible attendance at an annual meeting with other member companies.
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[edit] History
The company was founded in 1979 as the Research Council of Washington. In 1997, the Corporate Executive Board was spun off from the Advisory Board Company[1], and the Advisory Board Company focused its business exclusively on the healthcare industry. In serving the healthcare industry, the Advisory Board Company primarily serves hospitals and health systems, but also offers niche programs to pharmaceutical and medical device manufacturers. In 2006, the Advisory Board Company employed more than 700 staff members, the majority of whom are located in the Washington, D.C. headquarters.
[edit] Products and Services
Products and services offered by the Advisory Board Company are described below.
- Research Programs - The Advisory Board's core business consists of its research programs, which it sells via an annual subscription. The belief at the Advisory Board Company is that most senior healthcare executives share common challenges. In order to help executives resolve these challenges, the Advisory Board Company creates a structured network in which members voice common challenges and share innovative solutions to those challenges. In effect, the Advisory Board Company provides a low cost alternative to expensive consulting engagements. Rather than hiring a consultant to evaluate and solve strategic challenges, members of the network receive guidance from fellow members for a low-cost (relative to a consulting engagement) annual subscription.
- Productized Consulting - Productized consulting engagement are offered through the H*Works practice, which is a direct extension of the membership services of The Advisory Board Company. H*Works assists hospitals in installing truly exceptional management practices uncovered by Advisory Board research – with an eye toward efficiency and speed. Working in active partnership with leading hospitals and health systems, H*Works focuses performance improvement teams on uncovering the root cause of problems, selecting proven practices that yield tangible returns, and installing these leveraged practices to meet the gold standard of best performing hospitals.[2]
- Business Intelligence - Business Intelligence include software-based decision support tools that help hospital executives improve operational and financial performance. Business Intelligence solutions build on best practices identified in the membership services offered by the Advisory Board
- Executive Education and Training - The Advisory Board offers executive education and training through its Academies, which provide educational services to key staff members to help them accelerate development in their careers. Curriculi are derived from best practices identified in the Advisory Board's core research programs.
[edit] Notes
- The framework for this article is based on the Advisory Board Company article from Career Next Step.
