Considerations before diving into a joint venture — 5 insights

Written by Megan Wood | May 25, 2017 | Print  |

If considering a joint venture, first think about various benefits and obstacles you'll find in your market, according to Diagnostic Imaging.

Here are five insights:

 

1. A major JV advantage is the ability to collaborate with other business partners to make decisions, and the entry into related businesses that previously had high barriers to entry.

 

2. Within a JV, you will share the financial responsibility with the other entity, sharing the risks and costs.

 

3. A partnership like a JV allows each partner to grasp resources they didn't previously possess.

 

4. Aligning cultures, management styles and incentives will prove as obstacles to creating a successful JV, however.

 

5. Disparities in commitment to project goals by either partner as well as poor tactical decisions by either party will harm the JV end goal.

 

More articles on practice management:
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Innovaccer's new initiative to help independent physician associations become ACOs

 

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