Content is enabling provider and supplier organizations to make more strategic and effective business decisions in a rapidly changing market. Among the many forces driving change in healthcare are financial pressures, regulatory reform, systems change and standardization, and a surge in mergers and acquisitions.
This is the topic of a Learning Lab that Marisa Farabaugh, Associate VP, Resource Management, Wake Forest Baptist Medical Center and I will be tackling at next week’s ARHMM16 Conference and Exhibition (Wednesday, August 3 from 9:30 – 10:30 a.m.). We believe that there are three key areas in which content has become an instrument for making more strategic, informed and effective decision-making across the organization.
M&A can deliver great value but the process of integrating companies is complex and fraught with potential pitfalls – and without a clear analyses of accurate data as a basis for decisions, the obstacles to success mount.
Obstacles to success in M&As
• Lack of support from the management team
• Decisions based on relationships rather than sound business reasons
• Focused primarily on cost cutting or financial objectives
• Cultural differences and unrealistic expectations for overcoming; poor planning, communication and lack of physician support
• Reactionary rather than a strategic decision • Lack of investment in third party expertise
Keys to Success in M&As
Reducing risk and quickly capturing value can hinge on the quality of data available in the early stages of change even before the transition begins. Analyses of current accurate data can provide the clues for better decision making and highlight opportunities for success in a pending merger or acquisition. In fact, data is the unbiased voice where many of the other keys to success rely heavily on human elements such as careful communication and gaining buy-in from stakeholders.
From good data a clear implementation plan that outlines objectives, process and timeline for transition can emerge and market intelligence competitive data will help support territory analysis. Ultimately, a successful merger or acquisition is focused on better patient care, quality outcomes and financial enhancement, which will likely garner support from staff, patients and the community.
If you are planning to attend the AHRMM16 conference, we hope you’ll come by the session and join in the discussion on how content is empowering provider and supplier organizations to make more strategic and effective business decisions; actionable ways your organization can take advantage of content as a value-add tool throughout the supplier-to-patient process; and here some real-life case studies of how leading supplier and provider organizations are leveraging content to improve efficiencies and reduce cost.