As healthcare organizations grapple with the dramatic changes taking place on every front, one of the frequent responses is to enter into one of an array of possible business combinations with other parties. Those business combinations range from simple contracts to full mergers and acquisitions.
What they have in common, though, is the desire to create some benefit for both parties from working together that neither party could have achieved on its own. This approach can be a powerful tool when used with great care. It is common for business combinations to fall short of their desired outcomes not because the concept lacked merit but because the process was not led with the thoughtful nurturing that is required.
What steps can you focus on to assure successful business combinations?
Here are a few simple tips to consider.
- Choose Carefully
- Assure Alignment Between the Parties and Within Your Team
- Thoroughly Assess the Compatibility of Culture and Values
- Build a Foundation of Collaboration and Trust
- Communicate Like Crazy
The health care environment is more turbulent than ever before, demanding nothing short of transformational change. To meet this challenge, organizations need exceptional leaders with skills to design and execute a blueprint for success amidst rapid and dramatic change. Have you ever considered engaging an executive coach to help develop those individual and team skills? We at MEDI Leadership would love to talk with you about how we can help. Give us a call.