Strategies for a Successful Merger or Acquisition: Choosing the Best Technology Vendor for the New Organization

In today’s performance-based market, where the focus is placed on improving health, not just providing care, healthcare organizations are becoming more creative with their strategies for generating both short and long-term success. More than ever before, healthcare organizations are finding the market more competitive as insurance reform has opened the door to consumer choice. In order to thrive in this changing and challenging business climate, many hospitals and healthcare organizations are leveraging mergers and acquisition strategies to build long-term sustainability.

According to Mukesh Gangwal and George Whetsell, managing partners with Chicago-based Prism Healthcare, size matters in healthcare. Yet, as health systems grow and expand, one of the challenges they face is the relationship between the individual hospitals and shared services that are managed by a corporate office.1

Workforce management is often a shared service that deserves careful attention following any M&A transaction. A newly integrated workforce that’s well managed can be better optimized to meet the needs of the organization as a whole. On the flip side, if the workforce is not successfully integrated, opportunities to leverage economies of scale and better utilize the workforce enterprise-wide can be lost.

As part of a merger or acquisition integration plan, healthcare organizations must make the determination about which workforce management vendor and solutions will become part of their go-forward strategy. Post-transaction, workforce management needs can change dramatically, especially if it involves the joining of multiple facilities.

Before making a final decision on which technology and vendors will become part of the go-forward strategy, healthcare organizations should consider several criteria to make the best choice for their workforce.

Integration

Tracking and managing a workforce that is divided between multiple facilities is complicated. Integrated workforce management strategies that are effective across all venues provide the greatest value. Fully integrated technology delivers the business intelligence that can provide the link between outcomes and financial measures. This can help align clinical and financial goals, lead to reduced labor costs, increased employee satisfaction, and improved patient care.

Healthcare expertise

The business of healthcare is unique, especially when it comes to managing the workforce. Solutions that work for other industries simply aren’t enough to meet the complex needs of workforce management. Vendors that focus on the healthcare industry bring clinically enabled solutions and offer support focused on needs specific to healthcare. This not only saves time, but it saves money both in the short-term and the long-term.

Partnership

Healthcare is an increasingly competitive and complex industry with razor-thin operating margins. If long-term success is the goal, any investment in technology should meet current needs and move the organization forward. A workforce management partner will be with you every step of the way, ensuring your investment works hard for you today, tomorrow and 20 years from now. A workforce management vendor will sell you the technology and provide support, but may not be as invested in your success.

Vision

Long-term success in the healthcare market will depend on how engaged healthcare workers are, how effectively the workforce is managed and deployed, and how well the workforce is empowered to achieve both clinical and financial goals. A workforce management vendor should be able to support an organization’s workforce management strategy and should have a strong solution offering that meets the needs of today, while also providing a solid vision for how they can manage the healthcare workforce of the future.spesifikasi android

Workforce management strategies can play a large role whether a merger or acquisition is successful. When the end goal is managing and deploying all employees in a way that improves both clinical and financial outcomes, it’s important to align with a vendor/partner that provides the solutions that best support the newly formed organization’s mission and goals. While it may seem daunting to consider different solutions, the work you do up front today will pay off in the long run because you will have chosen the right fit for your entire organization’s needs today, and in the future.

For more information about workforce management strategies before, during and after a merger or acquisition, check out our white paper.

 

1http://www.beckershospitalreview.com/hospital-transactions-and-valuation/60-statistics-and-thoughts-on-healthcare-hospital-and-physician-practice-m-a.html?tmpl=component&print=1&layout=default&page=

 

Back to All Posts

Permanent link to this article: https://www.apihealthcare.com/blog/healthcare-staffing-best-practices/strategies-for-a-successful-merger-or-acquisition-choosing-the-best-technology-vendor-for-the-new-organization