The Chartis Group Releases White Paper - "Can Hospital Mergers Deliver Real Value? The Answer is Yes... If You Do It Right"
CHICAGO, Dec. 11, 2019 /PRNewswire/ -- The rapid pace of merger and acquisition activity across the healthcare provider industry should lead to real value – delivering benefits in service expansion, care coordination, efficiencies and cost savings, capital avoidance and population health. However, hospitals and health systems often fall short of realizing their vision for the future enterprise. This paper, "Can Hospital Mergers Deliver Real Value? The Answer is Yes… If You Do It Right" provides a framework for hospital executives to answer the critical questions: "What is our future vision for what we can achieve together, and how are we planning to successfully execute?"
The paper also includes an overview and early results from the recent Beth Israel Lahey Health merger, and outlines Chartis' role in establishing an integration management structure, partnering with leadership to define the future vision for the new enterprise, and supporting an Integration Management Office (IMO).
Ann Edwards, a Director with The Chartis Group, leader of the firm's Enterprise Performance Improvement Practice and co-author of the paper noted, "Clear goals, timely decision-making, and early planning around governance, operating philosophy and management structure are all essential to guide the new organization through its post-merger integration journey."
Pre-merger requirements and expectations can overwhelm merging organizations. A long list of "must haves" and supporting capabilities need to be in place just to get to Day 1, some of which include: new leadership, governance and management structures; an internal and external communications strategy; and new financial reporting, legal requirements and regulatory approvals. It is critical that leadership set priorities to enable realization of the vision for the integration, and then commit the time, energy and resources required to get the work done.
Gene Corapi, a Principal with The Chartis Group and co-author of the paper, commented, "Mergers that lack careful integration planning and a structured process often lead to disappointing returns. Investing in early integration planning is crucial to realizing the vision for the future enterprise and the promised benefits to patients, providers and the community."
About The Chartis Group
The Chartis Group® (Chartis) provides comprehensive advisory services and analytics to the healthcare industry. With an unparalleled depth of expertise in strategic planning, performance excellence, informatics and technology, and health analytics, Chartis helps leading academic medical centers, integrated delivery networks, children's hospitals and healthcare service organizations achieve transformative results. Chartis has offices in Atlanta, Boston, Chicago, New York, Minneapolis and San Francisco. For more information, visit www.chartis.com.
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SOURCE The Chartis Group
