As hospitals and healthcare organizations consolidate, the impact on foundations is often overlooked. You may find yourself at the helm of foundations you know little about and have questions about how to manage. Our last email addressed the importance of doing a search to learn which foundations you may be in charge of as the result of a merger. Now it’s time to look more closely at each foundation in your care.
Crowdsourced experience can help
Our research into separate foundations for nonprofit healthcare organizations has unearthed a good set of questions about how to assess foundations. They’re sourced from public records, health service CFOs and other key decision makers in the hospital revenue community.
Working through these questions can help you take stock of each foundation you’re overseeing.
Get under the hood
Use this worksheet to document the status of each foundation in your care. This will put you in good shape to drive their strategic planning and make better decisions to support each foundation’s mission.
As you work on your foundation inventory, you may run into questions that threaten to stall your progress and tempt you to delay this work. Every day that your separate foundations are not assessed individually and as a group is another day that you’re not taking advantage of management and cost efficiencies that could make a tremendous difference in your bottom line.
Contact your Healthcare Relationship Manager to continue the conversation.