Strategic Readiness
Changing conditions, markets and opportunities have many organizations reevaluating and crafting revised strategic and financial plans to answer such questions as,
- What will the business look like tomorrow, next year, in five years, or even in ten years?
- Should we partner with another organization, sell, buy or stay status quo?
- Should we expand our service offerings, consolidate operations, focus on core competencies or go after different market opportunities?
- How will changes in the market, state government, at the federal level or in the regulatory environment impact operations?
- How can we protect the bottom line while continuing to provide excellent patient care?
An independent, unbiased review by Insight can help you to vet your Strategic and/or Financial Plan,validate the numbers and give you the confidence you need to proceed or the clarification to make additional adjustments before you expend time and resources.
Insight's approach to a Strategic Readiness Assessment is two-pronged: We assess your Strategic and/or Financial Plan objectively to determine financial viability and conduct facilitated sessions with the Leadership Team.
Phase 1: The Objective Assessment
In a Strategic Readiness Assessment, we don’t create a Strategic or Financial Plan. Instead, we review what you and your team have created. We will work with you to obtain a factual understanding of the current state of the organization. Then we will:
- Provide an objective review of your strategic plan, which may include your financial plan, capital plan, strategic initiatives, financial assumptions and any other documents/data
- Evaluate the underlying assumptions particularly in light of changing business models, market shifts and the potential impact health reform might have on existing financial and strategic plans
- Determine the viability of the strategic or financial plan by testing the financial and volume assumptions utilizing interviews with physician leaders and management personnel, as approved by the CEO, to help gauge the clinical strength and potential for volume (organic) growth
Our comprehensive review process focuses on the feasibility of the strategic plan.
- Is the plan realistic?
- Does is it address organizational vulnerabilities and opportunities?
- Does it have the buy-in of physician leaders and of executive leadership?
- Does it include all of the capital necessary to position for the future?
- Are the necessary elements in place to prepare for and execute upon the plan?
Insight can generate an analysis of alternative scenarios (including volume, reimbursement or other) that may positively or negatively impact the financial projection as well as review your future direction with respect to its current operations and planned strategic initiatives for the next five to ten years.
Phase 2: The Subjective Assessment
By engaging the Leadership Team in several facilitated discussions, the Insight team will be positioned to understand and draw conclusions based on the answers to such questions as:
- What are or could be the compelling reasons for considering a merger, sale or acquisition or for justifying no change to corporate structure?
- If you are considering a change in the corporate structure, what are the specific advantages or impediments that the potential partner, acquisition, merger or acquiring entity brings to the deal table?
- How realistic are the objectives of any potential partnership deal? What are the conditions, the ‘deal breakers’?
- What degree of control is your organization willing to give up to achieve longer-term objectives of providing excellent healthcare services for the greater community good?
Facilitated discussions are designed to provide your Leadership Team with an open, candid and confidential environment to test your theories and discuss your strengths and weaknesses. The Insight team is composed of seasoned executive-level consultants who themselves have faced similarly tough and complex decisions. These executives are ready to help you and to guide the conversation to focus on the critical issues so that the decision you finally make is well-reasoned, financially sound, and operationally desirable.
Whether your organization is planning for an acquisition, a merger or partnership, or assessing the viability of remaining a standalone organization, a Strategic Readiness Assessment can help to close the gaps in your plan and position you to move forward with purpose.
