Mergers and acquisitions are an undeniable part of the contemporary healthcare landscape, and executives must be sure their hospital is ready for consolidation, according to strategy + business.
Listed below are four things hospital leaders must do to ensure their organization is prepared for a merger or acquisition.
1. It is absolutely vital to perform due diligence by undertaking thorough financial and market analysis and keeping an open mind to different business practices and ideas that your new partners may offer.
2. Integration planning is a necessary step for understanding how responsibilities and reporting measures may change under a new organizational structure.
3. Separation planning is a great way to challenge longstanding practices or operating models that may be overdue for a change.
4. Portfolio reviews are necessary to understand the ways in which your own organization is succeeding and identifying ways in which your new partner can help in other facets of your business.
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