Category: Public relations

How to Communicate to Staff During M&A

Posted on by Brian Lee

INTRODUCTION

Mergers and acquisitions (M&A) among health systems and IDNs seem to be a regular occurrence. In fact, PwC called 2016 the year of “merger mania.” While it’s a must to explain the benefits of consolidation to patients, stakeholders and the community, employee and volunteer communication is arguably more important. In other words, position internal communications as a priority over external communications.

Reasons include reducing anxiety about layoffs, removing uncertainty and improving morale. A Northwestern University study said “high quality communication has a positive relationship with employee outcomes, such as satisfaction, commitment and decision to stay in the organization.”

HOW YOU SHOULD COMMUNICATE TO STAFF DURING A MERGER OR ACQUISITION

  • Set goals. What do you want to accomplish from your communication efforts with physicians, nurses, PAs, volunteers, etc? You’re likely looking to kill the rumor mill, reinforce desired behaviors, have staff parrot your messages, keep staff from bolting and ensure staff feel like their needs are being met/heard.
  • Have senior leadership budget time for internal communications. Your IDN’s senior leadership is probably extra busy during the time of an M&A, but they need to devote time to staff. Write talking points for the senior leaders, and perform “media training” with them.
  • Communicate frequently. Hospital leadership may be restricted from revealing many details, but pass along what you can via email, intranet, etc., and do so on a regular basis, preferably no less than weekly. In addition, give talking points to department heads and team leaders to disseminate to their staffs and volunteers.
  • Communicate alongside the other provider. Whether you’re the acquiring health system or the health system being acquired, the leaders of both organizations need to participate in the communication process. The aforementioned Northwestern study said staff found this participation to be important. In addition, both communication departments should coordinate their efforts.
  • Plan for leaks. You may already have a contingency plan in place for external communications in case of a leak, but you need to have one for internal communications, too. Figure out what to do and what to say from pre-deal to closing day.

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Three Things to Include in Your Funding Round Press Release

Posted on by Brian Lee

Press Release WritingINTRODUCTION

Congratulations, your healthcare IT startup has raised a round of funding. Now, how do you get media coverage? One tip for announcing a round of funding includes writing and distributing a press release. This is important because it’s a cost-effective communication method, and it creates brand awareness among your target audience and next round of potential investors.

Don’t let writing a press release be a daunting task. Include the following three things in your next funding round release.

1. Include all relevant details in first paragraph

An informative title isn’t enough. Journalists expect the most important information be included in the first paragraph, so include the who (your company), what (e.g. raised $1 million in its Series A financing round), when (e.g. that closed on Monday), why (e.g. to grow staff and expand marketing efforts) and how (e.g. HealthX Ventures led the round). Give the media basic information of the investment, supplemented with the investors who participated in the round. Use words like “largest funding” or “record setting” to keep readers’ interests.

2. Supply a useful quotation

Keep in mind that quotations that list simple facts are worthless. Your health tech startup’s CEO or founder should use pre-determined talking points in a quotation, and those talking points should stress value. Bad: “We had three investors in a round that lasted five months.” Good: “This money will further our mission of helping providers reduce costs.”

3. Include additional background info

Don’t assume every reporter knows the entire history of your company. After the quotation, consider including a paragraph to recite major points (e.g. “since completing the Pulse@MassChallenge accelerator program in 2016, [your company] has raised $2.3 million, grown to 12 full-time employees and increased annual revenue to $4 million”). From there, add information that would support a story (e.g. statistics, immediate next steps, new hospital clients, etc.).

FOR MORE INFORMATION

Revelation PR, Advertising & Social Media offers healthcare IT companies and startups services related to media relations, email marketing, investor relations, tradeshow marketing, content marketing and social media management. Please contact Brian Lee, brian [at] experiencerevelation.com or 608-622-7767.

Joining the other side

Posted on by Brian Lee

LakersKobe Bryant’s agent, Rob Pelinka, will soon be joining the Los Angeles Lakers as the team’s general manager, according to reports. The media have been questioning whether Pelinka will be a good fit, seeing how he has no front office experience, and all of his contract negotiations have always been from the player’s side, not the team’s side. Continue reading “Joining the other side” →