Top tips on making joint ventures tip top
While independence once held great value and autonomy, joint ventures (JVs) now allow radiology groups of all sizes to work smarter. Radiology practices benefit from the clinical and business intelligence and improved performance analytics JVs can bring, as well as the potential for predictive and prescriptive analytics, increased access to radiology capacity and sub-specialized radiology talent, benchmarking and economies of scale.
JVs also bring together a meeting of the minds: physicians and hospitals, two groups that have not been traditional teammates but are now reaping the benefits of shared collaboration on everything from clinical excellence to financial growth.
But how can you help make your JV a success? Here are some simple tips to keep in mind:
- All parties must be committed to focusing on the future of the partnership, rather than just the immediate returns. Short term and long term successes are both important. See beyond what is on the table.
- Be confident in the value you bring to the pact—and understand what your potential or current partners bring.
- Honesty, integrity and communication are a necessity.
- Good chemistry and a shared vision matter, too.
- Get comfortable with disagreement to bring on fruitful negotiation and what is best for all parties.
- The contract secures the terms and preserves relationships. Great partnerships require great protection. Know what you will get out of the deal, and how you will get out of it if the need arises.
Mary joined TriMed Media in 2003. She was the founding editor and editorial director of Health Imaging, Cardiovascular Business, Molecular Imaging Insight and CMIO, now known as Clinical Innovation + Technology. Prior to TriMed, Mary was the editorial director of HealthTech Publishing Company, where she had worked since 1991. While there, she oversaw four magazines and related online media, and piloted the launch of two magazines and websites. Mary holds a master’s in journalism from Syracuse University. She lives in East Greenwich, R.I., and when not working, she is usually running around after her family, taking photos or cooking.