Patients may be significantly impacted by mergers and acquisitions in the healthcare industry. While these business agreements may benefit the hospital financially and present opportunities, they may also have a negative impact on the standard of treatment and the patient experience. The possibility of lowered access to care is one specific issue surrounding mergers and acquisitions that directly impacts patients. Patients in the community may have fewer options as a result of the closure of smaller community-based healthcare facilities that have been acquired by larger healthcare organizations. In addition, service consolidation brought on by mergers may result in lengthier wait times and less access to specialized treatment.
Perhaps higher patient healthcare bills are another problem. Hospitals may be able to negotiate better reimbursement rates with insurers if they merge since they will likely have more negotiating power. Patients can subsequently be charged more out-of-pocket expenses and insurance premiums as a result of these higher rates (Stavroulaki, 2023). The company must effectively communicate its mission, vision, and values if it is to maintain the patient as its primary emphasis. This can be accomplished in a number of ways, such as by establishing a patient advisory board, asking patients for their opinions, and including patients in the decision-making process.
The institution should also place a high priority on accountability and openness. They should be willing to acknowledge and correct any flaws or failings and should report on their progress toward attaining their stated goals on a regular basis. The credibility of the hospital could suffer greatly if it starts to do business contrary to its stated mission, vision, and values (Stavroulaki, 2023). Patients and their families might stop trusting the hospital and go elsewhere for their care, which would result in a loss of income and reputation. Hence, it is imperative that the hospital uphold its declared beliefs and principles and put the interests of the patient first.
Reference
Stavroulaki T. (2023). Healthcare, quality concerns and competition law. Bloomsbury Publishing.