It’s not what I say, but what you hear that has meaning for you. In all situations, clear communication is paramount to success and efficient operations. The ability to work together, understanding and leveraging different skill sets, leads to a better work flow. Knowing your strengths and weaknesses, and knowing when the time and situation are right for turning over control to a trusted partner, will help strengthen your competitive advantage and greatly improve your chances of success in the most challenging sector of business. We all need to get a lawn mower!
If what you say and what people hear are two different things, you’re in trouble. Creating clear and concise channels for communication and protocol on top of a foundation of trust and confidence go a long way. About the title of this post, I actually suggested, “We all need to get along more,” as in get along better, communicate better, find a balance of mutual respect. But the person to whom I was speaking replied, “What? We have a lawn mower, what are you talking about?” The misunderstood message can often be more harmful than no message at all.
Running a hospital is like running multiple businesses at once. All very different businesses; from emergency care to child birth, running a property and plant to specializing in multi-specialty care and disease management. The list goes on for quite some time in fact, as does the ever growing, multi-layered management and associated overhead. But what if you could manage different segments of your care through individual leadership, specializing in running only that type of care and with much greater efficiencies and segmented profitability? What if you could do that at no extra cost…in fact at a net savings and improvement to your bottom line? You can, and many hospitals are doing that quite successfully already.
Looking for an entree to the ACO? Remember what happened the last time hospitals bought out physician practices on a large scale? Remember when hospitals thought “physician alignment” was not critical and they forgot doctors have patients?
The joint venture business model is a model with many benefits. It’s not without challenges and it doesn’t work everywhere, but with the right partners, open minds and the ability to leverage the different skill sets of the partners involved, and the ability to achieve a balance of respect and shared goals, you can impact the face and cost of healthcare in the communities you serve. From a lender’s perspective, many JV’s have a much more solid foundation and greater viability for success in the outpatient space.