Tips for merging your physician practice
Merging your physician practice with another has many potential benefits. Combined practices may allow you to increase your patient base, offer new and enhanced services and strengthen your position against competitors.
Mergers can be extremely complex and there are many factors that contribute to the ultimate success or failure of your practice merger. Before starting the merger process, think long and hard about the real reason for the merger.
Your focus should be on the long-term value of the merger and how it can help you provide more valuable services to your patients and ultimately benefit everyone. If you have had a slow couple of years and think merging is the only way to save your practice, you may want to rethink if merging is your best option.
Combining two different practice cultures
Once you’ve made the decision to merge your practice, there are various risks you should keep in mind throughout the entire process. One of the biggest challenges you will face concerns practice culture.
Your practice culture may be completely different than the culture of the practice you are merging with. Identify the areas where your cultures are similar, and where differences exist, work on solutions that will allow the two cultures to smoothly transition into one.
Communication and leadership
Communication plays a major role. Open and frequent communication with your employees about the impact of the merger and what they can expect through each step of the process can reduce complications and ease tensions.
Many employees will likely worry about being laid off during a merger, and this is understandable. The reality is that a merger will require a careful examination of each employee’s role and responsibilities, and some staff layoffs may be inevitable.
Having strong leadership in place is vital. Choosing leaders who are qualified to make difficult decisions regarding things like staffing can help increase the chance of a seamless transition.
This brief overview is just a brief glimpse of some things to consider when merging your physician practice. There are experienced legal professionals who can provide advice and guidance through your merger process.