Huron Consulting Group
Encyclopedia
The Huron Consulting Group , founded in 2002, is a global management consulting
company offering services in the Healthcare, Education
, Law
, and Finance
industries. As of year end 2010, Huron employed 1,558 full-time employees (including 1,115 full-time billable consultants) and generated $604.6 million in annual revenue.
. The group had equity sponsorship from a group of investors led by Lake Capital Management LLC. In May 2002, Huron began operations in Chicago
with 213 consultants.
In May 2004, Huron filed a registration statement with the Securities and Exchange Commission (SEC) relating to the initial public offering of its common stock. Huron Consulting Group Inc., the holding company, becomes a public company trading common stock on the NASDAQ Global Select Market exchange under the ticker “HURN” in October 2004.
firm, Wellspring Partners LTD, on January 4, 2007 for $65 million. Wellspring, founded in 1999, specialized in integrated performance improvement services for hospitals and health systems, including healthcare supply chain management, physician practice management, revenue cycle management, turnaround services, as well as nursing, staffing, and retention.
firm, Stockamp & Associates, Inc., on July 8, 2008 for $219 million.
, Inc., Terms of the acquisition were not disclosed.
Gary Burge, as well as Chief Accounting Officer Wayne Lipski. As a result, Huron’s shares dropped $30.66 (69%) on August 2, 2009.
Huron’s healthcare consulting business was rebranded as Wellspring+Stockamp, Huron Healthcare on April 27, 2010. In 2011, the healthcare business was again rebranded as Huron Healthcare.
International
According to Modern Healthcare
, Wellspring+Stockamp, Huron Healthcare was the third largest healthcare management consulting
firm in 2009 with provider revenue totaling $296.3 million.
Management consulting
Management consulting indicates both the industry and practice of helping organizations improve their performance primarily through the analysis of existing organizational problems and development of plans for improvement....
company offering services in the Healthcare, Education
Education
Education in its broadest, general sense is the means through which the aims and habits of a group of people lives on from one generation to the next. Generally, it occurs through any experience that has a formative effect on the way one thinks, feels, or acts...
, Law
Law
Law is a system of rules and guidelines which are enforced through social institutions to govern behavior, wherever possible. It shapes politics, economics and society in numerous ways and serves as a social mediator of relations between people. Contract law regulates everything from buying a bus...
, and Finance
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
industries. As of year end 2010, Huron employed 1,558 full-time employees (including 1,115 full-time billable consultants) and generated $604.6 million in annual revenue.
History
Huron was formed in March 2002 by a group of approximately two dozen experienced financial and operational consultants who previously worked for the recently disbanded Arthur AndersenArthur Andersen
Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms among PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG, providing auditing, tax, and consulting services to large corporations...
. The group had equity sponsorship from a group of investors led by Lake Capital Management LLC. In May 2002, Huron began operations in Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
with 213 consultants.
In May 2004, Huron filed a registration statement with the Securities and Exchange Commission (SEC) relating to the initial public offering of its common stock. Huron Consulting Group Inc., the holding company, becomes a public company trading common stock on the NASDAQ Global Select Market exchange under the ticker “HURN” in October 2004.
Speltz & Weis
Huron acquired Speltz & Weis LLC on May 10, 2005. Speltz and Weiss provided organizational renewal and turnaround services to hospitals and other healthcare organizations in distress.Galt & Company
Huron acquired assets of Galt & Company, LLC, on April 6, 2006. Galt is an advisory firm that designs and implements corporate-wide programs to improve shareholder returns. Its principals repurchased the firm from Huron on December 31, 2009 and continue to do business as Galt & Company.Aaxis Technologies & Document Review Consulting Services
Huron acquired both Aaxis Technologies Inc. and Document Review Consulting Services LLC in July 2009, improving Huron's legal services.Wellspring Partners
Huron acquired the healthcare management consultingManagement consulting
Management consulting indicates both the industry and practice of helping organizations improve their performance primarily through the analysis of existing organizational problems and development of plans for improvement....
firm, Wellspring Partners LTD, on January 4, 2007 for $65 million. Wellspring, founded in 1999, specialized in integrated performance improvement services for hospitals and health systems, including healthcare supply chain management, physician practice management, revenue cycle management, turnaround services, as well as nursing, staffing, and retention.
Glass & Associates
Glass & Associates, Inc., a turnaround and restructuring firm, was also acquired by Huron on January 4, 2007 for $30 million.Callaway Partners
Huron acquired Callaway Partners, LLC, a professional services firm, on July 31, 2007 for approximately $60 million. Callaway Partners specialized in finance and accounting projects, financial reporting, internal audit and controls, and corporate tax solutions.Aegis Advisors
Huron also acquired Aegis Advisers Ltd. in July 2007. Aegis Advisors, founded in 1997, offered healthcare strategic planning, facility planning, and market strategy services.Stockamp & Associates
Huron acquired the healthcare management consultingManagement consulting
Management consulting indicates both the industry and practice of helping organizations improve their performance primarily through the analysis of existing organizational problems and development of plans for improvement....
firm, Stockamp & Associates, Inc., on July 8, 2008 for $219 million.
Click Commerce
Huron Consulting Group Inc acquired supplier of software-based solutions and professional services to academic medical centers and research institutions Click CommerceClick Commerce
Click Commerce, Inc. is a researching solutions company based in Hillsboro, Oregon, United States. Incorporated in 1996 as Click Interactive, Inc. in Chicago, Illinois, the company historically supplied business application software and related services....
, Inc., Terms of the acquisition were not disclosed.
Revenue
| 2005 | $225,960,000 |
| 2006 | $321,918,000 |
| 2007 | $547,953,000 |
| 2008 | $672,176,000 |
| 2009 | $679,540,000 |
| 2010 | $604,600,000 |
Financial Restatement
On July 31, 2009, Huron's board audit committee discovered that shareholders of four Huron business acquisitions, between 2005-2007, redistributed portions of their acquisition-related payments among themselves and to certain Huron employees. This led to Huron restating financial results for 2006, 2007, 2008 and first quarter 2009 and the resignation of CEO Gary Holdren, Chief Financial OfficerChief financial officer
The chief financial officer or Chief financial and operating officer is a corporate officer primarily responsible for managing the financial risks of the corporation. This officer is also responsible for financial planning and record-keeping, as well as financial reporting to higher management...
Gary Burge, as well as Chief Accounting Officer Wayne Lipski. As a result, Huron’s shares dropped $30.66 (69%) on August 2, 2009.
Healthcare
- Revenue Cycle
- Workforce
- Non-Labor Cost Management
- Patient Flow
- Clinical Management
- Physician Management
Huron’s healthcare consulting business was rebranded as Wellspring+Stockamp, Huron Healthcare on April 27, 2010. In 2011, the healthcare business was again rebranded as Huron Healthcare.
Higher Education
- Financial & Operations Management
- Information Management
- Research Administration
- Strategic Planning
- Global Health & Education
Legal Consulting
- Review & Processing
- Law Department Management
- Strategy & Operational Improvements
- Records Management
- E-Discovery/Document Review Services
- V3locity® Solution
Offices
United States- ChicagoChicagoChicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
, ILIllinoisIllinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
(headquarters) - Atlanta, GAGeorgia (U.S. state)Georgia is a state located in the southeastern United States. It was established in 1732, the last of the original Thirteen Colonies. The state is named after King George II of Great Britain. Georgia was the fourth state to ratify the United States Constitution, on January 2, 1788...
- BostonBostonBoston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
, MAMassachusettsThe Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010... - Dallas, TXTexasTexas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
- Detroit, MIMichiganMichigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....
- Houston, TXTexasTexas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
- New York CityNew York CityNew York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, NYNew YorkNew York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east... - PortlandPortland, OregonPortland is a city located in the Pacific Northwest, near the confluence of the Willamette and Columbia rivers in the U.S. state of Oregon. As of the 2010 Census, it had a population of 583,776, making it the 29th most populous city in the United States...
, OROregonOregon is a state in the Pacific Northwest region of the United States. It is located on the Pacific coast, with Washington to the north, California to the south, Nevada on the southeast and Idaho to the east. The Columbia and Snake rivers delineate much of Oregon's northern and eastern... - Washington, D.C.Washington, D.C.Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
International
- AmmanAmmanAmman is the capital of Jordan. It is the country's political, cultural and commercial centre and one of the oldest continuously inhabited cities in the world. The Greater Amman area has a population of 2,842,629 as of 2010. The population of Amman is expected to jump from 2.8 million to almost...
, JordanJordanJordan , officially the Hashemite Kingdom of Jordan , Al-Mamlaka al-Urduniyya al-Hashemiyya) is a kingdom on the East Bank of the River Jordan. The country borders Saudi Arabia to the east and south-east, Iraq to the north-east, Syria to the north and the West Bank and Israel to the west, sharing... - DubaiDubaiDubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
, United Arab EmiratesUnited Arab EmiratesThe United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a... - LondonLondonLondon is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, EnglandEnglandEngland is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental... - RiyadhRiyadhRiyadh is the capital and largest city of Saudi Arabia. It is also the capital of Riyadh Province, and belongs to the historical regions of Najd and Al-Yamama. It is situated in the center of the Arabian Peninsula on a large plateau, and is home to 5,254,560 people, and the urban center of a...
, Saudi ArabiaSaudi ArabiaThe Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World... - SingaporeSingaporeSingapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
Recognition
In 2006, Consulting Magazine ranked Huron one of the 10 best firms to work for. Fortune Magazine named Huron to its list of the 100 Fastest-Growing Companies in 2008 and 2009. Huron employees have been named to Consulting Magazine’s Top 25 Consultants seven times:- Gary Holdren – 2003 & 2005
- David Speltz – 2006
- Shahzad Bashir – 2007
- David Shade – 2008
- Jim Roth – 2009
According to Modern Healthcare
Modern Healthcare
Modern Healthcare is a weekly, 70,037-circulation business publication delivering news and information to executives in the healthcare industry...
, Wellspring+Stockamp, Huron Healthcare was the third largest healthcare management consulting
Management consulting
Management consulting indicates both the industry and practice of helping organizations improve their performance primarily through the analysis of existing organizational problems and development of plans for improvement....
firm in 2009 with provider revenue totaling $296.3 million.