Medical practice mergers are continuing to take hold. This doesn’t surprise me since I’ve been preaching the need for mergers as a long term “strategy” for many practices for the last 2 years. If you are thinking about merging with other physicians, keep in mind the following:
· Will the physicians and staff merging end up comfortable within the new “culture” of the merged group.
· Will the physicians be able to agree on a compensation model.
· Will the merger benefit both parties.
· Make sure there is strict due diligence done on any commitments being assumed by the new group.
· What is the impact of malpractice record on your insurance rates.
· Will you be merging into one facility and where and when will that be.
· Make sure adequate time is devoted to the training of staff and physicians on merged group systems.
Finally, do not underestimate the uneasiness of both staffs. Over communicate for several months.