For physician partnerships to be successful, it is critical to pre-plan, have careful structuring, and maintain continued communication. Here are six areas that should be examined in great detail when undertaking this process:
- Structure: Think about how the practice is structure currently as well as potential future arrangements.
- Current owner(s): Consider internal perspectives to see what impact adding a physician partner would make.
- Potential partner(s): Keep in mind what the other physician wants from the partnership arrangement from a financial, operational, and strategical perspective.
- Creating a partnership: Consider how the partnership should be structured and think about factors like buy-in, real estate, the division of assets, and governance.
- Delivering partnership offerings: Be sure to understand all terms and tweak legal language in documents, if necessary.
- Ongoing communication: New partners should be on equal ground with other partners and brought up to speed with financial and operational metrics as well as any business ventures. Initiate regularly scheduled meetings in which business is discussed and all partners have the opportunity to have their voice heard