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Ask the expert: What are some of the benefits of physicians and hospitals joint venturing?

Medical Staff Leader Connection, October 8, 2008

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Many hospitals have created successful joint ventures with physicians on their medical staff. The positive results of a successful joint venture are:

• Physician and hospital interests are better aligned
• Physicians perceive that the hospital can "get the job done"
• Physicians are more apt to comply with cost-control and pay-for-performance initiatives because they directly affect physician income
• Physicians feel that hospital leadership cares about them
• The hospital and its physicians develop a greater sense of trust by accomplishing something together
• Physicians and the hospital are willing to try more win-win initiatives in the future

Joint ventures appeal to a subset of physicians who are entrepreneurial. The true entrepreneurs on your medical staff will drive these joint venture opportunities. Physicians who are either frustrated with declining incomes or at least not adverse to risk will likely invest in a joint venture even if they are not active participants. But it is important to remember that a growing number of physicians are more interested in security than entrepreneurial opportunities, and hospitals should provide a safe haven for them as well.

This week's question and answer are from The Greeley Guide to New Medical Staff Models by Richard A. Sheff, MD, CMSL and William K. Cors, MD, MMM, FACPE, CMSL.

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