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Tips for a successful merger with another health care practice

Merging your health care practice with another one can lead to numerous benefits, the most notable being the monetary savings. Because both businesses are well established and successful, you may believe a merger will be simple and smooth and result in immediate advantages.

However, mergers can easily backfire due to missteps. This new business move must meet certain requirements to be effective. Utilize the following tips to help your merger be a successful one.

Match your company culture

Finances are not all that matter. The more similar your company cultures are, the fewer challenges you will likely face. You need to act as one practice or else the merger will be in name only. Cultural aspects to consider include:

  • The goals of the practice
  • The physicians' methodology
  • The workplace environment
  • The scale of customer service

Joining together means acquiring joint liability as well, so make sure you agree on how to run the new practice.

Do what is best for both parties

A common mistake in mergers is watching out for what is best for your location, employees or patients only instead of considering the long-term benefits for the combined business. Continuing to show preferential treatment to staff members, use inefficient traditions or maintain dual leadership is more harmful than helpful. Be willing to make changes and compromises for the better. If you are unsure whether a specific decision is wise, or if you question the merger altogether, seek the legal advice of an attorney.

Upgrade your workplace

Having a larger practice may require a more complex electronic health records system to properly maintain the higher volume of data and offer management features. Although this may be expensive initially, it is sure to be cost-effective in the long run. Additionally, do not skimp on hiring qualified medical professionals to assist you. Sharing the workload means you can get more done and increase your profits.

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