Guiding strategies for keeping acquired practices profitable
As hospitals and health systems acquire independent practices, they must strike a delicate balance – strengthening business operations without disrupting the day-to-day work of staff and the experience that patients are accustomed to.
There’s no absolute “right” set of action to take, but there are simple guiding principles that help illuminate the right decisions in the myriad situations that arise due to differences in patient populations, specialty, practice size and office culture.
Keeping patient satisfaction at the forefront
Small and medium-sized practices are dependent on – and driven by – word-of-mouth in a way that larger healthcare organizations aren’t. Successful, well-established practices have earned trust within the community, and in all likelihood their patients are doing the bulk of their marketing (in the sense of recommending them to family, friends, and colleagues).