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TRANSACTIONAL SUPPORT:
MERGERS, ACQUISITIONS, DIVESTITURES, AND JOINT VENTURES
As competitive
pressures continue to force medical groups (both independent and health
system-sponsored) to seek economies of scale, increase productivity,
and/or expand into new markets or services, many utilize mergers,
acquisitions, and/or joint ventures as vehicles to achieve such
objectives. To be successful, such efforts generally require:
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A detailed review
of the market and competitive landscapes
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An analysis of
the practice's current service mix and any "gaps" that may provide a
strategic opportunity
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Involvement of
senior management to forge "the deal"
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Construction of
an integration/implementation management plan and team (some or all of
whom were part of "the deal") that moves swiftly
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Development of
early warning "signals" that identify behaviors or potential obstacles
that may sidetrack the strategy (e.g., culture, management
personalities, insufficient resources dedicated to integration, poor
communication plan).
Although most
health systems will continue to implement strategies that draw them
closer to their medical staffs, there are others who wish to divest
themselves of the costs associated with owning medical practices and/or
employing physicians while retaining a strategic link to the group. As
a result, divestitures are generally even more delicate than
acquisitions in that the relationships of the remaining parties must not
only be clearly defined, they must also be amicable, built on mutual
trust, and maintain community benefit.
Partners' senior
consultants bring extensive experience and expertise in supporting a
variety of transactions whether as a third party or as a representative
of a participant. Partners also works with the participants' legal and
tax advisors to ensure the transaction is properly consummated.
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