In the mid-1990s hospitals bought up physician practices like crazy. A few years later, as the cost of care skyrocketed and physician productivity plummeted, they sold them just as fast. Why? It could be because neither side took enough time to make sure their goals were aligned and their processes optimized for each unique environment.
If there’s one thing we can learn from the past, it’s that successful hospital/practice partnerships require each side to understand and work toward common objectives—whether those objectives are related to patient care or business processes.
Take the revenue cycle, for instance. Everyone wants an efficient, effective revenue cycle. However, hospitals are best at collecting low volumes of high-dollar claims, while practices excel at collecting high volumes of low-dollar claims. As a result, both sides must recognize that they’ll need very different tools and processes to achieve their common goal.
For more tips to create an effective hospital/practice alignment strategy, check out these short videos.