Trends Are A Dime A Dozen, High Value Healthcare Companies Are Not
By Tom Schramski, PhD, CMAA
Volume 5 Issue 4, February 13, 2018
The language of today’s healthcare marketplace is infused with the word “trends” – reimbursement trends, trends in innovation, managed care trends, and trends of EBITDA multiples for acquisitions in healthcare. We seemingly cannot escape the self-delusion of perfect timing and prediction.
Leaders of the most successful healthcare companies recognize that trends are important. However, they primarily focus on building sustainable value that is relatively independent of trends, by consistently delivering the kind of results that partners, investors, and buyers appreciate.
Some key value building behavior for healthcare principals include:
- Knowing Thyself – There is a profoundly psychological and personal side of effectively positioning a business. Successful healthcare executives understand their personal goals and integrate this in their decision making.
- Being Clear – A clear vision and clear operational objectives enables internal alignment and allows everyone to make an on-going commitment to great results despite market fluctuations.
- Staying Fit and Agile – Business fitness includes a regular review of the operational dashboard for a company, making thoughtful adjustments, and encouraging experimentation with new products and services that could lead to new healthcare business opportunities.
- Networking With Competitors – The turbulence of the healthcare market often is rewarding for those leaders who seek out competitors for market intelligence and potential partnerships. Blessed are the facilitators and affiliators.
- Being A Customer – Successful healthcare owners walk in the shoes of their customers. They understand the value of their product and/or service for the customer and market to that personal meaning rather than the bottom line of their business.
Underscoring these behaviors and belief are basic preparation and discipline that characterize most successful enterprises. As the entrepreneur and Dallas Mavericks owner Mark Cuban noted, “…if you’re prepared and you know what it takes, it’s not a risk. You just have to figure out how to get there…” Great advice for today’s Trumpcare-era business owners who are looking to build remarkable value for themselves, as well as their employees, customers, and their larger community.
If you would like to personally discuss this article, the value of your healthcare company/practice, or how to get the best price when you sell it, you can reach Tom directly at firstname.lastname@example.org or 520.975.5347.