“Two’s company, three’s a crowd” is an idiom commonly used to describe the nuances of social interactions. While it might hold true in many contexts, Chad Price, founder of MAKO Medical, believes this saying doesn’t always apply when considering the broader healthcare sector. In this industry, introducing a third player — such as a strategic partner — can be transformative rather than disruptive.
Since launching in 2014, Chad Price’s MAKO Medical has achieved notable success in the healthcare sector by challenging conventional wisdom. Its rise among industry giants can largely be attributed to the adoption of strategic partnerships. These aren’t just alliances for the sake of scale – but collaborations aimed at introducing innovations and efficiencies that redefine healthcare delivery. Each one has been specifically chosen to serve a purpose.
In essence, CEO and founder Chad Price advocates that in healthcare, the principle of “two’s company, three’s a crowd” is not only outdated but counterproductive. Instead, the addition of a third strategic partner can bring about revolutionary changes, fueling advancements that benefit the sector and each partner as a whole.
In the following guide, we will be looking at his unique perspective and how it has led to great success. By diving deeper into MAKO Medical’s journey and its CEO and founder Chad Price’s philosophy, this article aims to shed light on how strategic partnerships can be game-changers in the complex world of healthcare. Here’s what you should know.
The Genesis of MAKO Medical: A Tale of Defying Odds
Before we dig into how MAKO Medical became so successful through its unique partnerships and approaches, it’s important to get an understanding for the challenging environment they came from.
As you may imagine, the healthcare business is packed with rules and complications and has many big companies that are already established. It’s not an easy place for newcomers, and that’s especially true for people like Chad Price. The young entrepreneur wasn’t experienced in healthcare, but he decided to jump in anyway.
Here’s where MAKO Medical did something different: While most new healthcare companies try to partner with big hospitals to grow quickly, MAKO went another way. They chose to work with smaller, local healthcare providers. These smaller operations are often ignored by the big players, but MAKO Medical saw them as a chance to try new things.
MAKO Medical: Founded on a Pioneering Spirit
When MAKO Medical started, it had one clear goal: to offer trustworthy, fast, and easy-to-use tests that would focus on the needs of patients. Since it first opened in 2014, the company has done more than just survive—it has flourished.
MAKO Medical exceeded a $700 million revenue within the first six years. But the company didn’t just sit back; it kept finding new ways to improve. It added automated lab solutions to what it offers, helping it to grow its business in over 1,000 labs in the U.S. and Canada.
When asked about the secret to such fast growth, Chad Price MAKO Medical CEO simply said, “God and Google.” These words sum up how a mix of faith and smart use of technology has helped the company solve problems in healthcare.
In short, MAKO Medical’s success story shows what can happen when you’re willing to take risks and try new things. The company stands out in a crowded market thanks to its mix of faith and tech-savvy.
The Power of Innovation: Beyond Lab Tests
While lab tests are certainly central to what MAKO Medical laboratory does, the company really stands out because of its strong focus on bringing in new ideas. They use the latest technology, including smart software and high-tech machines, to make sure that their medical tests are not just done, but are done accurately and quickly.
This dedication to using technology is a key part of how they do business. But they don’t just stop at testing. Understanding that healthcare workers today have to deal with a lot of information, MAKO Medical uses technology to filter out what’s not needed.
They give doctors only the most important and useful data, helping them to make better decisions without being buried under too much information.
The Captivating Leadership of Chad Price
When it comes to making any company successful, good leadership is usually at the heart of it, and MAKO Medical is a great example. Chad Price’s way of leading isn’t just good, it’s often called forward-thinking. He really believes in teamwork and creates a work atmosphere where working together is both valued and rewarded.
He’s also very open, sharing both the good and bad times with everyone, which helps build a culture where people trust and respect each other. Additionally, Price believes in never-ending growth. He always pushes his team to keep learning, change when needed, and get better, making sure that MAKO Medical continues to lead in a fast-changing field. His ability to draw people in isn’t just a personal quality; it’s a big part of building lasting relationships with everyone involved, from investors to healthcare professionals.
By mixing this kind of leadership with a focus on new ideas, MAKO Medical has set new high standards in healthcare. It’s not just a company that gives advanced testing solutions; it’s a leader that’s changing how healthcare providers use information and technology.
Making a Mark: Contributions to the Healthcare Sector
MAKO Medical is doing more than just tracking typical business numbers; they’re really changing healthcare for the better. Their use of technology isn’t just about having the latest gadgets. It’s a thought-out plan to make lab work more accurate and efficient.
This smart use of tech has had real benefits: it’s made things run so smoothly that they’ve been able to cut staff costs without cutting corners on patient care. Their tech upgrades have also made patient care safer by reducing the chances of mistakes in diagnosis.
But MAKO Medical isn’t just innovating inside the lab. They’re also working to bring healthcare to people who really need it, especially in rural and less-served areas. They’ve done this by creating their own system for managing healthcare resources, making sure that even far-off places get good, timely care.
Beyond that, they’re also having a bigger impact on society. MAKO has teamed up with local colleges to help train military veterans for healthcare jobs. They’ve also supported many local charities and events, which shows their strong commitment to helping the community.
Awards, Accolades, and Prospects
Chad Price and MAKO Medical have been turning heads in the healthcare world. The company has received several awards, including the respected Frost & Sullivan Award for their tech contributions in clinical labs. This puts them among the top innovators in healthcare.
Another high point was making it onto Inc. 5000’s list of the fastest-growing private companies in the U.S., not just once but twice. This really shows how well they’re doing and how they can grow.
Looking ahead, the company’s leader, Chad Price, isn’t just satisfied with past wins. He wants to keep making healthcare better. The aim isn’t just small changes — they’re looking to lead the way in researching and creating new healthcare solutions. In short, MAKO Medical sees their past wins not as a finish line but as just the beginning of even greater things.
The MAKO Alliance and the Future
In a field where big, well-known companies usually rule, MAKO Medical has come in and shaken things up. Thanks to strong leadership from Chad Price, this company has shown there’s room for more than just the usual players. MAKO Medical isn’t just tagging along; they’re changing how companies can work together in healthcare. The emergence of the MAKO Alliance alone is testament to this fact, offering a refreshing way for healthcare businesses to collaborate.
The so-called “super venture” is the first of its kind. “This has never been done, but other industries have done it,” explains Chad Price. “You’ve got insurance companies like Keystone that have brought many members together. You got MarineMax, which brought independent boat dealers together and created one brand. Safelite did it with auto glass companies. There’s lots of examples where you had many members come together to create one super company.”
The story of MAKO Medical and now the MAKO Alliance show that sometimes, a ‘third option’ can be more than just another choice—it can change the game entirely. It’s just what was needed, in more ways than one. Founder Chad Price is never one to play by the rules. Instead, he carves out his own and is leading the healthcare sector into the future.
Conclusion
Chad Price and MAKO Medical’s success hold some big lessons for us. Armed with a forward-thinking plan, the latest technology, and strong partnerships, Chad Price and MAKO Medical are a shining example for anyone looking to start a business in any field. The entrepreneur has shown how focusing on new ideas and caring about society, along with good leadership, can lead to remarkable results.
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