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  #91  
Old 09-20-2018, 05:56 PM
Westley Westley is offline
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Not out-of-the-question, but do you actually understand what the $100k fee was for? For example, if they were willing to pay $100k to have a PwC Partner who was friends with the Chairman sign off so that the Board wouldn't ask any questions of management, you are not able to provide that service to management for any price.

The things that matter may or may not be the answers that you were/are personally able to provide.

Also, even just wrt the numbers being provided: depending on what the numbers were used for "almost as good of a job" for $10k may not be preferred, compared to the $100k.
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  #92  
Old 09-20-2018, 08:09 PM
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Originally Posted by mathmajor View Post


I used to do actuarial "consulting" for a large "consulting firm" where we did super simple math to set health insurance budgets as much as $1B. Our annual fees were around $100k for just this with follow-ups, presentations, travel etc.

I feel like I could market myself out to undercut my former employer's fees by a fraction and do almost as good of a job. Just charge like $500/hr, have an E&O clause, make like $10k per client per year.

No?
Name brand and reputation matter. A lot of it comes down to relationships. But hey you've been in consulting longer than I have so you'd know better than me.
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  #93  
Old 09-20-2018, 08:10 PM
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And also the ability to be sued up the wazoo
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  #94  
Old 09-20-2018, 08:40 PM
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Originally Posted by Colonel Smoothie View Post
And also the ability to be sued up the wazoo
This sounds tongue-in-cheek, but I assume is serious. If not, it should be. Not completely distinct from the name brand/reputation issue. PwC* will always be concerned about being sued, which is why they will enforce quality standards internally in order to minimize that. Fly-By-Night Consulting will not always do so - if they have a billion-dollar error, you collect their $1MM E&O coverage, they declare bk, and the people go start a new company, called FBNConsulting.


*just an example, I don't consider PwC to have "the best" reputation or anything - more like, they are in the bucket of firms that have a name brand and reputation and can be sued up the wazoo, all of whom view this pretty similarly.
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  #95  
Old 09-21-2018, 10:59 AM
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Originally Posted by Westley View Post
This sounds tongue-in-cheek, but I assume is serious. If not, it should be. Not completely distinct from the name brand/reputation issue. PwC* will always be concerned about being sued, which is why they will enforce quality standards internally in order to minimize that. Fly-By-Night Consulting will not always do so - if they have a billion-dollar error, you collect their $1MM E&O coverage, they declare bk, and the people go start a new company, called FBNConsulting.


*just an example, I don't consider PwC to have "the best" reputation or anything - more like, they are in the bucket of firms that have a name brand and reputation and can be sued up the wazoo, all of whom view this pretty similarly.
when I was at a big consulting shop, half your time seemed to be spent on quality control reviewing data and analytics and conclusions and write ups and all kinds of other details. it was a big commitment.

do solo practitioners have someone who does peer review of their work? how do they find such a person?
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  #96  
Old 09-21-2018, 01:27 PM
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Originally Posted by Colonel Smoothie View Post
Name brand and reputation matter. A lot of it comes down to relationships.
This is true. I've often realized that I would be able to work on projects for 1/10th of the cost, delivery close to the same quality of results, if not better. In most of those projects, the client was looking for a brand name and the credibility that comes with it, even if paying 10X the cost.
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  #97  
Old 09-21-2018, 02:46 PM
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Most of the "strategy" we provided was stuff like benefit benchmarking, survey data. A lot of it was junk or flimsy.

A couple of my clients were completely pricing/reserving oriented and it was stuff I could do in a day or two, total, if I really wanted to, plus whatever lag time necessary to extract data from account persons. Very simplistic exercises.

And yeah, our E&O clause covered only $75,000. Again, we made million dollar decisions left and right.
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  #98  
Old 12-12-2018, 05:25 PM
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Update 1-yr:

Well, it was tougher than I thought it'd be.

1.) The local broker that I thought would introduce me to more clients gave me only a single client at the beginning of the year. They just contacted me again for the same client again though. So there is a good relationship, just not enough business to survive off of. I thought I'd be doing more reserve studies for self insured employers and eventually getting into some Managed Care opportunities (this is where I have been spending a lot of my time most recently).
2.) A consulting firm used me as a 10-99 employee for a lot of state rate filings of all sorts. Great learning opportunities for studies that I had a little experience in that now I could do with ease. The beginning of 2018 I had enough of these to half survive. Second half of 2018 was a little dried up.
3.) Did another 1-month full time gig with Jacobson Solutions (went to a Boston medical plan). I thought there'd be more opportunities with Jacobson as well.
4.) Another AO'er got me a 3-month gig with a company in Pohnpei, Micronesia. We got to go there and check out their health insurance financials. We recommended a rate increase, RVU update, drug formulary update. Excellent opportunity that I am VERY grateful for!
5.) Applying for government bid jobs was near impossible (I didn't get a single one). One needs a lot of experience and resources.
6.) Finding hospital/ACO clients has also been difficult. I had coffee with a hospital exec but nothing ever came from it. She stated that she'd at least get me an intro with the right person.
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Last edited by T-roy; 12-12-2018 at 06:03 PM..
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  #99  
Old 12-12-2018, 05:42 PM
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You got some work and you learned some stuff!!!
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  #100  
Old 12-12-2018, 09:47 PM
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Quote:
Originally Posted by T-roy View Post
Update 1-yr:

Well, it was tougher than I thought it'd be.

1.) The local broker that I thought would introduce me to more clients gave me only a single client at the beginning of the year. They just contacted me again for the same client again though. So there is a good relationship, just not enough business to survive off of. I thought I'd be doing more reserve studies for self insured employers and eventually getting into some Managed Care opportunities (this is where I have been spending a lot of my time most recently).
2.) A consulting firm used me as a 10-99 employee for a lot of state rate filings of all sorts. Great learning opportunities for studies that I had a little experience in that now I could do with ease. The beginning of 2018 I had enough of these to half survive. Second half of 2018 was a little dried up.
3.) Did another 1-month full time gig with Jacobson Solutions (went to a Boston medical plan). I thought there'd be more opportunities with Jacobson as well.
4.) Another AO'er got me a 3-month gig with a company in Pohnpei, Micronesia. We got to go there and check out their health insurance financials. We recommended a rate increase, RVU update, drug formulary update. Excellent opportunity that I am VERY grateful for!
5.) Applying for government bid jobs was near impossible (I didn't get a single one). One needs a lot of experience and resources.
6.) Finding hospital/ACO clients has also been difficult. I had coffee with a hospital exec but nothing ever came from it. She stated that she'd at least get me an intro with the right person.
Are you considering hanging it up and going back to corporate work?
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