What Hospice Boards Should Know About Strategic Restructuring
Due to a number of forces, hospice boards are increasingly drawn into looking at opportunities for affiliation with other organizations….certainly other hospices, but also non hospice entities as well. In this Hospice Governance Academy Spotlight Interview, Bill Musick, President of Integriti3D, interviews Scott Cotenoff, Partner at La Piana Consulting, a firm well-known for their pioneering work on opportunities for affiliations between organizations. Scott talks with Bill about the general concept of strategic restructuring, key success factors, and the challenges boards should anticipate.
Segment 1: The Basics
La Piana Consulting thinks of strategic restructuring, which includes mergers and joint ventures, as a subset of the broad array of strategic relationships organizations can enter into. In considering strategic restructuring, organizations should focus on mission alignment first and foremost.
In this first segment, Scott Cotenoff introduces the concept of strategic restructuring and shares insights into trends and drivers for these types of relationships in the hospice industry.
Segment 2: Key Success Factors
Scott Cotenoff shares keys for success when it comes to restructuring with new partners, as well as challenges to anticipate. At the end of the day, it is about focusing on the opportunities and the strengths that both organizations bring to the table:
- Complimentary Missions
- Orientation Toward Risk and Growth
- Shared Vision for What a Successful Partnership Looks Like
- Past Experience
- The Absence of an Immediate Crisis
Segment 3: For-profit vs. nonprofit Mergers
Scott Cotenoff discusses the differences between for-profit and nonprofit mergers that board members may need to take into account during strategic restructuring. There is a distinct orientation for each type of organization, and it is important to keep these differences in mind.
- Financial Implications
- Advancing Missions and Strategies
Finally, hospice-focused board development
The Hospice Governance Academy was created to provide industry-specific content directly to hospice leaders. HGA is an easy, online learning platform that ensures your board has a shared base of core hospice governance knowledge and is up-to-date on trends and issues facing hospice care today. Content is contributed regularly by industry recognized experts.