Turnaround distressed physician practices. 20 tips for success.
Physician practices are restructuring through merger and acquisition, and sale to practice management companies and to hospital systems. Many also are expanding internally by recruiting new physicians and opening additional offices. For many these strategies are working, but many others are experiencing operational and financial distress and failure that arise from rapid organizational growth without concomitant infrastructural change. Further, in the last several months, many national and regional practice management companies have decided to withdraw from the business, and others have declared bankruptcy. The number of physician practices that are in financial and operational distress is unprecedented. These groups require a solution, as proposed in this article.
Wolper
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L. Wolper, Inc., Great Neck, NY 11021, USA. lwolpinc@aol.com
D016361:Bankruptcy; D005375:Financial Audit; D005376:Financial Management / Q000379:methods*; D006123:Group Practice / Q000191:economics* / Q000458:organization & administration; D009935:Organizational Affiliation; D020443:Practice Valuation and Purchase; D014481:United States