Within the healthcare space when it comes to possibly partnering with or acquiring another business, requiring financial documents and reports to determine a variety of numbers and projections is a crucial step in the decision-making process. However, when it comes to durable medical equipment (DME) providers and similar entities it is imperative to look past the name and stats on paper to understand what sets them apart from others in order to drive success.
1. Atmosphere
While business is just that, a business, generally a unique ecosystem exists within its walls, full of working people. The culture that exists as a byproduct of the ecosystem can be the driving force between achieving the bottom line or closing the doors for good.
In the health industry, companies that have more successful cultures usually have a strong sense of patient care, as they should. Instead of being hyper-focused on sales or reaching out to more leads, individuals that take the time to ensure each patient is comfortable and taken care of promotes motivation and positivity.
Staff members play a major role in creating the experience that customers receive and often impact the reputation that a business begins to gain over time. While you can give the walls a fresh coat of paint and redecorate to give a business a new fell, it’s reputation can be difficult to transform.
Stakeholders will often want to continue maintaining relationships with the familiar culture of the business that they have come to know. Individual workers are apart of the legacy behind a business’s name and may be beneficial in impacting the future.
2. Supporting That Atmosphere
When acquiring another business or partnering with them, it’s beneficial to ensure patients receive the same exceptional customer service they have become accustomed to having. This will help ease the transition for routine customers.
By maintaining existing customer service and other business practices both parties are able to help to preserve the atmosphere created by a seller. Their business is their legacy, and oftentimes they don’t want to see it instantly fade away.
Sellers may prefer to work with buyers who seem interested in their business as an existing culture. Buyers should look past what’s on paper to see if the atmosphere will assist with growing their current goals for a seamless transition upon the changing of hands.
3. Investing In That Atmosphere
Customer service practices take a while to grow and perfect. Sellers don’t want to see the culture they have cultivated fade away as a buyer takes over communicating with existing patients.
Patients and their opinions carry a lot of weight towards business reputation. Many new potential customers rely on reviews to educate themselves about the business before making a decision.
Not only are existing patients have the ability to impact business reputation, but the seller may care for them as well. They have taken the time to craft a meaningful repertoire and care for their health. They will consider the buyer’s ability to continue providing exceptional care and nothing but the best customer service to ensure that their needs are continuously being met.
When sellers look at buyers, they should heavily consider their level of dedication. They should look at the seller as if they were the patient and ensure the values align with that of a potential provider to themselves. For sellers, it is important to ensure the company you are reviewing has fostered a caring and supportive environment for their patients.
Preserving Business Culture
When you buy a new car you don’t get the driver or family that used to ride in it. There aren’t any hints or personality or family memories still attached to it. Essentially you’re buying a shell for you to fill with your own culture.
But when purchasing a business, remnants of its culture and legacy are included. Learning the impact that the business has on consumers and as a part of the local community can reveal much more than numbers on another spreadsheet.
