Meeting the challenge of a group practice turnaround.
Many healthcare organizations that acquired group practices to enhance their market share have found that the practices have not met their financial goals. Turning around a financially troubled, hospital-owned group practice is challenging but not impossible for healthcare organizations that take certain basic actions. Direction, data, desire, dedication, and drive must be present to effect the financial turnaround of a group practice. The healthcare organization needs to evaluate the practice's strategy and operations and identify the issues that are hindering the practice's ability to optimize revenues. Efforts to achieve profitable operations have to be ongoing.
Deloitte Consulting, Chicago, Illinois, USA. lporn@dc.com
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D005377:Financial Management, Hospital / Q000379:methods*; D006123:Group Practice / Q000191:economics*; D006754:Hospital Restructuring / Q000191:economics*; D007857:Leadership; D009937:Organizational Objectives; D020443:Practice Valuation and Purchase / Q000191:economics*; D014481:United States