Chad Price, the visionary founder and CEO of MAKO Medical, has made significant strides in transforming the clinical laboratory market. This article delves into his journey, the challenges he faced, and how his innovative strategies have propelled MAKO Medical to the forefront of the healthcare industry.
Overcoming Early Challenges in the Healthcare Industry
Chad Price entered the healthcare industry without any formal background or training in the field. This lack of experience, rather than being a hindrance, became a unique advantage. Price and his team approached healthcare with fresh perspectives, unburdened by traditional practices and norms.
Breaking into a Competitive Market
The healthcare industry is dominated by well-established giants and massive hospital systems. Competing against these entities posed a significant challenge for Chad Price and his team. However, this competition fueled their determination to support smaller, independent practices. They made a strategic decision to build a support system tailored to the needs of these independent providers, setting them apart from the focus of larger hospital systems.
“We felt like we were David facing Goliath,” Price recalls. “We wanted to support the small independent practices and be a rock for them, building a support system around their needs.”
The Founding Mission of MAKO Medical
Undeterred by the challenges, Chad Price founded MAKO Medical with a clear mission: to provide cutting-edge diagnostic testing solutions that are accessible, reliable, and efficient. The company’s rapid growth since its inception in 2014 is a testament to this mission. MAKO Medical recorded $92 million in revenue in 2017 and $125 million in 2018, expanding its product line to include a variety of automated laboratory solutions used in over 1,000 laboratories across the United States and Canada.
Innovation and Prayer: The Dual Pillars of Success
Price attributes his success to a combination of innovation and faith. “God and Google. That’s how we did it. We prayed, then we Googled, and if we didn’t have the answer, we prayed and Googled some more,” he explains. This approach allowed them to enter the market with an open mind and a willingness to learn and adapt.
MAKO Medical’s commitment to automation is central to its mission. By leveraging automation, the company aims to improve care quality, reduce costs, and free up laboratory staff to focus on more complex tasks.
Innovative Strategies Driving Success
The rapid rise of MAKO Medical can be attributed to its innovative strategies and cutting-edge technology. Chad Price recognized the importance of staying ahead of the curve and continuously sought new testing methodologies to expand the company’s capabilities.
A Technology-Driven Future
“If you participate in managed care, you’re required to turn over data,” explains Price. “We realized early on that as we started this lab process, it’s really a technology business.” This insight led to the development of new technologies that allow providers to access only the data they need, enhancing efficiency and reducing costs.
Price envisions a future where laboratory medicine is increasingly data-driven. “If you want to control costs, then just apply the test when it’s needed,” he says. MAKO Medical’s focus on developing technology-driven solutions ensures they remain at the forefront of the industry, continuously evolving to meet the needs of healthcare providers.
Leadership and Growth: The Chad Price Impact
Chad Price’s leadership style has been instrumental in MAKO Medical’s success. His visionary thinking and ability to inspire others have cultivated a culture of excellence within the company. Emphasizing teamwork, transparency, and continuous learning, Price has created an environment that encourages innovation and personal growth.
Building Relationships and Inspiring Innovation
Price’s personal qualities, including his charisma and ability to build relationships with customers, partners, and employees, have significantly contributed to MAKO Medical’s growth. His tireless work ethic and dedication to improving the company and its products have attracted top talent, keeping MAKO Medical at the forefront of the industry.
Contributions to the Healthcare Industry
Under Chad Price’s leadership, MAKO Medical has made significant contributions to the healthcare industry. The company’s automated solutions have improved efficiency and accuracy in clinical laboratories, leading to faster turnaround times for test results and ultimately enhancing patient care.
Reducing Costs and Improving Patient Safety
The company’s solutions have also helped reduce costs for clinical laboratories by minimizing the need for manual labor. This reduction in labor costs, combined with the increased efficiency of automated systems, has resulted in significant savings. Additionally, MAKO Medical’s innovations have improved patient safety by reducing the risk of human error, ensuring more reliable and accurate test results.
Increasing Access to Care
One of the notable contributions of MAKO Medical is its impact on increasing access to care. The company’s automated solutions have made it easier for rural and underserved communities to obtain laboratory services. By reducing the need for patients to travel long distances for care, MAKO Medical has helped bring essential diagnostic testing closer to those who need it most.
Innovations and Technological Advancements
MAKO Medical’s rise to dominance in the healthcare industry is largely due to its commitment to innovation and technological advancements. Under Chad Price’s leadership, the company has continuously sought to push the boundaries of what is possible in clinical laboratory testing.
Cutting-Edge Diagnostic Solutions
By investing heavily in research and development, MAKO Medical has introduced a range of cutting-edge diagnostic solutions. These solutions have set new standards in the industry, offering more accurate and efficient testing methodologies. The company’s ability to stay ahead of the curve and adopt the latest technologies has been a key factor in its success.
Proprietary Triage Software
One of the notable innovations from MAKO Medical is its proprietary triage software. This software helps physicians determine the best course of treatment for patients by providing them with critical data and insights. By leveraging this technology, healthcare providers can make more informed decisions, leading to better patient outcomes.
Training Programs for Veterans
In addition to technological innovations, MAKO Medical has also made significant strides in workforce development. The company has partnered with community colleges to train military veterans interested in pursuing careers in the healthcare industry. This initiative not only helps veterans transition to civilian life but also addresses the growing demand for skilled healthcare professionals.
Awards and Recognition for Chad Price and MAKO Medical
The remarkable achievements of Chad Price and MAKO Medical have not gone unnoticed. The company has received numerous awards and recognition for its contributions to the healthcare industry.
Frost & Sullivan Award for Technology Innovation
MAKO Medical’s innovative approach to clinical laboratory testing earned it the prestigious Frost & Sullivan Award for Technology Innovation. This award recognizes companies that have demonstrated excellence in innovation and have made significant contributions to their industries.
Inc. 5000’s Fastest-Growing Companies
In 2022, MAKO Medical was named one of Inc. 5000’s fastest-growing privately held companies in the United States for the second time. This accolade highlights the company’s rapid growth and its impact on the healthcare industry.
Community Involvement and Charitable Contributions
Chad Price, MAKO Medical founder, has also been recognized for his commitment to giving back to the community. The company sponsors local charities and events that support underserved communities, further cementing its reputation as a socially responsible organization.
The Future of MAKO Medical and Chad Price’s Vision
Looking ahead, the future of MAKO Medical is bright. Chad Price envisions the company continuing to push the boundaries of healthcare testing and delivering even more advanced solutions. With a focus on research and development, MAKO Medical aims to introduce groundbreaking technologies that will further revolutionize the industry.
Commitment to Innovation and Patient Care
Price’s unwavering commitment to innovation and patient care ensures that MAKO Medical will remain a dominant force in the healthcare industry. By continuously seeking out new ways to improve diagnostic testing, the company is poised to set new standards and drive positive change in the industry.
Expansion and Global Impact
As part of its future vision, MAKO Medical plans to expand its reach and impact on a global scale. The company aims to bring its innovative solutions to more markets, improving access to quality healthcare worldwide. This expansion will be driven by ongoing investments in technology and strategic partnerships with other healthcare organizations.
Final Talking Points
Chad Price’s inspiring journey with MAKO Medical showcases the power of vision, perseverance, and innovative thinking. Through his leadership, MAKO Medical has disrupted the healthcare industry and emerged as a dominant player. The company’s mission to provide accessible and reliable diagnostic testing has not only improved patient care but also set new standards in the industry.
As MAKO Medical continues to innovate and expand, it is clear that Chad Price’s vision will drive the company to new heights. With a focus on research, development, and community involvement, MAKO Medical is well-positioned to lead the healthcare industry into the future. The remarkable achievements of Chad Price and MAKO Medical serve as a testament to the impact that one visionary leader can have on an entire industry, ensuring that their contributions will be felt for years to come.