Healthcare Strategic Growth Blog

Heed these Warning Signs and Prevent Costly Consequences

By Sean Conway

When signing on with an outside partner for strategic growth insights and support, there are a variety of factors to consider.

• Should you use an outside partner’s software platform, or develop your own?

• Would a consulting firm or a services team be a better fit vs a technology platform?

• Should you choose the partner who can do a little bit of everything, but may not specialize in one area? Or go with multiple partners, each with their own specialty?

Ultimately, the right choice depends on your organization’s unique needs. But, if you find yourself noticing any of the following things as you walk through the evaluation process with a new partner, take note, as it could be a warning sign for a less-than-stellar partnership down the line. Any one of these issues could lead to costly consequences that may not seem important early on, but could cause big problems for your hospital as the relationship progresses.

The planning, strategy, and execution of a strategic growth plan can be daunting for any size healthcare organization. Most healthcare groups need assistance from one or more outside partners for various aspects of the process. Your choice in partner(s) is a big one and is not something to jump into hastily: contracts can make up a significant portion of your budget and onboarding is long and time-consuming.

Before you get started, it’s important to know what qualifies a vendor as a good strategic growth partner for your specific needs. We’ve compiled a list of the five most important qualities you should look for and think about when pursuing a vendor partnership: