Partnership has become a leading strategy to efficiently improve quality while continuing to meet the needs of the growing medically complex patient population. While common, partnership is most often thought of in terms of joint-ventures but come in many shapes and sizes. Every hospital and community is different, and therefore a one-size-fits-all partnership strategy does not work.
Learn about 3 hospital partnership models that can effectively meet growing complex patient needs in your local community.
Hospitals who partner with a focused rehabilitation and/or behavioral health expert can begin to see substantial benefit in their operations and outcomes. Whether it be addressing the growing complex patient population, relieving capacity strains within the inpatient setting or the emergency department, or combatting the ongoing staffing shortage, the right partner will have dedicated resources, expertise and national quality data to meet a hospital’s unique needs.
Three of the most effective partnership models include:
- Contract management agreement: This is an ideal option for hospitals wanting to maintain full ownership while also tapping into the expertise of a focused partner. Contract management can also be a great place to start when considering a long-term partner. It gives both parties time to confirm that the organizations are a strong fit before moving into a joint venture.
- Joint venture (JV): This option presents local hospitals with the opportunity to leverage the unique strengths, specialized expertise and resources of a specialized provider. All of which are designed to help the local hospital elevate its offering and expand patient access.
- Hospital merger and acquisition (M&A): Since 2021, M&A activity has seen a 25 percent increase and is expected to continue to grow for years to come.1 M&As may be best for hospitals that lack the resources necessary to optimize complex processes, including revenue cycle, supply chain and productivity. They may also be appropriate for hospitals lacking expertise in operating highly specialized service lines such as behavioral health.
Through these flexible partnership options, hospitals can effectively expand patient access in their local communities while also enhancing quality and operational efficiency.
Read our white paper, “Effective Hybrid Partnership Models to Enhance Hospital Performance and Outcomes” to learn how Lifepoint’s partnership solutions can benefit your hospital.