Partnerships in medical business: a framework for choosing the right key players

At a time when more and more physicians are opting for shared practices and embarking on business ventures, partnerships play a key role. The fate of a medical business is largely contingent upon the success of the partnership. In this article, the author introduces a practical framework for deciding whether to take on a partnership. The model considers six critical factors: financial compensation, special skill set, goal alignment, personality assessment, overall strengths and weaknesses, and trustworthiness. It also provides an evaluation of financial incentives. The paper also provides several action items for physicians.