At the Becker's Hospital Review 4th Annual Meeting in Chicago May 10, Rob Langheim, senior manager for Kurt Salmon, and Farzan Bharucha, partner and director of strategy services with Kurt Salmon, discussed partnership opportunities for hospitals, insurers and physician practices.
Many health systems have been seeking payor and physician partners for accountable care models and larger patient bases due to reimbursement pressures and supply and demand challenges, Mr. Langheim said, and those partnership styles vary from system to system and market to market.
Mr. Langheim presented four main strategic imperatives for hospitals and health systems to consider prior to a partnership, regardless of the market.
1. Understand the core value proposition. The first thing systems should decide on is what they want out of a partnership. "It has huge implications in terms of how you approach various partners…and the type of models that are ultimately approved of by the board," Mr. Langheim explained.
2. Find opportunities where all partners will benefit. On top of understanding what the system itself wants in a partnership, the health system should also understand what potential partners are looking for. "Try to find those win-win scenarios," Mr. Langheim said.
3. Capture created value.
4. Anticipate market response. Prior to finalizing a partnership, hospitals and health systems need to look ahead at what other provider organizations in the market might do as a result of the partnership. Mr. Langheim likened this practice to a chess player visualizing an opponents response before making a move.
Many health systems have been seeking payor and physician partners for accountable care models and larger patient bases due to reimbursement pressures and supply and demand challenges, Mr. Langheim said, and those partnership styles vary from system to system and market to market.
Mr. Langheim presented four main strategic imperatives for hospitals and health systems to consider prior to a partnership, regardless of the market.
1. Understand the core value proposition. The first thing systems should decide on is what they want out of a partnership. "It has huge implications in terms of how you approach various partners…and the type of models that are ultimately approved of by the board," Mr. Langheim explained.
2. Find opportunities where all partners will benefit. On top of understanding what the system itself wants in a partnership, the health system should also understand what potential partners are looking for. "Try to find those win-win scenarios," Mr. Langheim said.
3. Capture created value.
4. Anticipate market response. Prior to finalizing a partnership, hospitals and health systems need to look ahead at what other provider organizations in the market might do as a result of the partnership. Mr. Langheim likened this practice to a chess player visualizing an opponents response before making a move.