The ever-changing healthcare landscape has made it increasingly difficult for small medical practices to stay competitive in the market. A merger may be the most feasible option for practices to provide the highest quality services to patients while still maintaining strong financial viability. While a merger integration is beneficial, there are a lot of details and logistical steps to consider. The decision to merge with or acquire another medical practice is more complicated than ever. There is an ever-increasing set of essential areas that must be assessed when determining the right strategy for you.
It requires a high degree of collaboration and communication amongst the leadership of both merging entities. Several moving parts need to be accounted for, including contractual agreements and other legal considerations. When you work with the practice management advisory and consulting division at Healthcare Information Services (HIS), we provide for the framework for a process to run smoothly for all parties involved.
When merging or integrating practices, HIS can work with your team to perform all necessary due diligence on the deal. Due diligence is an important part of the acquisition and merger process representing the detailed investigative process of analyzing any and all fundamentals of the merging practices. It is a critical step in understanding how both businesses operate as well as identifying the opportunities and weakness of the proposed integrated practice.
An exhaustive due diligence effort helps clients recognize any financial, legal, or operational risks that may not be visible at the surface level. No two medical practices are alike, it’s important that a diligent effort is made in order to obtain any information that would be relevant in the assessment of the viability of a merger or acquisition of a physician practice and its assets.
efficient, organized manner. Healthcare practices need to participate in efforts that promote consistent alignment across the care continuum. The main goals of practice integration typically are:
● Improve the quality of care
● Reduce or control the cost of care
● Improve access to care and the overall patient experience
● Increase revenue and profitably
● Decrease operating costs
● Improve negotiating and purchasing power
At HIS, we understand that each practice is unique. When choosing a partner, it is essential to make sure that your goals and objectives align with each other through due diligence and a systematic approach. Our team of highly-trained professionals has more than three decades of experience in the healthcare industry, and we are committed to finding the perfect match for your specific business needs. We value you as our client the same way you value your patients.
At HIS, our dedicated experts, state-of-the-art technology, and long-standing reputation of success is what sets us apart from other revenue cycle management and consulting firms across the country. Our practice management and consulting services work to provide the foundation for a smooth merger or acquisition. The only way to truly experience the HIS difference is to begin a partnership with us today. Contact our office to schedule an initial consultation and learn more about what we can do for your practice.