Tucson’s merger and acquisition advisory firm VERTESS recently offered tips for success designed to help companies sort out their priorities.
Managing partner Tom Schramski said that flourishing health care firms should indeed pay attention to key trends, from patterns in reimbursement methods and managed care to finances and innovation.
First, the company advised, “Know Thyself” in terms of positioning the individual business in the marketplace in alignment with personal goals. Second, ensure that goals and objectives are clear; third, keep the company flexible, consciously reviewing its operation on a regular basis and taking calculated risks via “experimentation.”
Networking with competitors ranks fourth on VERTESS’ advisory, perpetuating the concept of interfacing with others in the field both for potential information and alliances.
Finally, VERTESS recommends viewing the business from the perspective of customers to reassess the market value of products and/or services and to avoid getting stuck exclusively in the “bottom line” of dollar signs.
"Underscoring these behaviors and beliefs are basic preparation and discipline that characterize most successful enterprises," Schramski said.
Vertess assists health care entrepreneurs in identifying which trends are significant, with the long-range goal of maximizing return in the event of selling their companies.