Guest post by Scott Kashman, chief administrative officer of Cape Coral Hospital, part of the Lee Memorial Health System in southwest Florida.
Sometimes your best successes will come from learning from the times you do not succeed.
Several years back, I was fortunate to lead a team toward a fully subscribed joint venture. It was a very well-received and successful joint venture including a surgery center, pain management center and endoscopy center.
When asked how we were able to pull together such a strong venture, I replied, "it was easy after we failed the first two times."
The first time we tried, there were not too many joint ventures, yet our health system knew it was a better long-term care model to collaborate with our local physicians. When we approached the physicians, they were reluctant and decided not to participate because there was little known about joint ventures. Even after sharing what was starting to take place around the nation, they declined. We agreed to consider reviewing the possibility in the future.
The next time around, there was more physician interest, yet it was mainly geared toward just one to two physicians wanting more power and shares compared to the other investors. It was a "win-lose-lose-lose" situation.