How New Collaborations are Creating Opportunity for Leading Health Organizations
In July 2015, we hosted a Peer Colloquium Panel Discussion as part of our Health Practice Executive Education Program. Panelists included:
- Samuel Moskowitz, President at MedStar Franklin Square Medical Center
- Dennis Murphy, Chief Operating Officer at Indiana University Health System
- Steven Sonenreich, President and Chief Executive Officer at Mount Sinai Medical Center
- Peggy Troy, President and Chief Executive Officer Children’s Hospital of Wisconsin
The group covered numerous topics during the discussion and the word “partnerships” came up time and time again. It was interesting to hear how these leaders are leveraging partnerships to support more effective growth strategies.
Partnership in support of population health
Most organization are utilizing partnerships, in part, to help ramp up their efforts in supporting population health goals. In order to achieve super clinically-integrated networks, organizations are looking towards partnerships that will help them more effectively manage populations – whether that be with employers that allow them access to large segments of population or with organizations that provide an aspect of care not currently included in the health system’s current offerings. As Mr. Murphy, the future CEO of Indiana University Health System mentioned,
Skilled nursing facilities and assisted care facilities are business models that we don’t necessarily want to get into, but we can utilize partnerships to create access to the resources we need to better manage chronic or complex patients.
Specialty centers such as children’s hospitals are interested in partners that value the unique services the hospital brings forward, particularly those that allow them to become more involved in lower-level acuity activities, giving them greater access to a larger population.
Streamlining capital investments through strategic partnerships
We also heard how some partnerships are allowing health systems to expand their presence geographically, without having to invest a large amount of capital. Using third party sources to help cover a broader footprint allows capital to be conserved for investing in a denser footprint on main medical campuses. These partnerships can also be an effective entry strategy into a new region, allowing organizations to assess whether it is in their best interest to make a capital investment that would allow for more effective brand integration, or utilize third party facilities in a test market.
The Executive Summary highlights the major themes from the discussion. Download it here >
Interested in taking part in a future panel discussion? Let us know: