The relationship between hospitals and physicians has changed dramatically in recent years because of the increasingly competitive healthcare environment. Many healthcare executives have struggled to find a balance between collaborating and competing with the new breed of physicians. A relationship familiar to the healthcare leader may provide a useful framework for effectively addressing physician relations in today's healthcare setting. The physician-patient relationship experienced tensions similar to those facing the hospital-physician relationship, and informed consent arose to establish clear expectations between physicians and patients. Healthcare leaders might consider adopting an informed-consent philosophy in their physician relations. Four basic components of informed consent govern the physician-patient context: (1) an assessment of the situation, (2) an explanation of the treatment, (3) an exploration of the alternatives, and (4) a documentation of any agreement. These four components can be adapted to the hospital-physician context to foster productive partnerships in today's healthcare landscape.