Chad Price, the visionary founder, and CEO of MAKO Medical, has been at the forefront of revolutionizing the healthcare industry. With a deep understanding of the challenges and opportunities in the field, he has successfully built MAKO Medical Laboratories into a dominant force.
Early Challenges and The Disruptive Nature of the Healthcare Industry
Challenges and complexities have always surrounded the healthcare industry. Fortunately, Chad Price, MAKO Medical’s co-founder recognized this and understood the need for disruptive solutions.
However, breaking through the established norms and traditional systems posed its own set of challenges. For instance, Chad didn’t have the required background or prior experience in healthcare to guarantee his chances of making a significant impact in the sector.
“The interesting part is that we entered the space without healthcare experience. So we weren’t classically trained, didn’t go to medical school, or had no medical background. We didn’t go to college for this,” explains Chad Price, MAKO Medical founder. “So we truly entered into healthcare with no experience at all. And that’s a refreshing story for those frustrated right now in healthcare.”
The second major challenge was competition from well-established health service providers. But this aspect encouraged Chad and motivated him to customize his approach.
“Well, I think when we looked at the business again, we realized there were two big giants. And then when we looked at healthcare, we realized there were a lot of massive hospital systems and they have their place and when we’ve all gone to a hospital for an emergency, we felt like we’re the David and Goliath, so we wanted to support the small independent practices,” he says.
“We made a decision early on that our focus would be on them and building a support system around what they needed, not building support systems around what the hospital may need. And so it was a decision we made early that we wanted specifically to carve out our business and be a rock for the independent providers,” said Price.
The Founding of MAKO Medical and Its Mission
Undeterred by the hurdles, Chad Price started MAKO Medical with a clear mission — to provide cutting-edge diagnostic testing solutions that are accessible, reliable, and efficient.
With a team of dedicated professionals, he set out to build a company that would redefine the standards of healthcare testing.
Since 2014, the firm has experienced record-setting growth — raking in $92 million in 2017 and another $125 million in 2018 alone. MAKO Medical has since expanded its product line to include a variety of other automated laboratory solutions. These solutions are useful in over 1,000 United States and Canadian laboratories.
He explained his secret to success as “God and Google. That’s how we did it. So we prayed and then we Googled, and then we prayed some more and we Googled. And if we didn’t have the answer, we did more Googling. So we went into it with an open mind.”
Chad continues, “if we could be the third competitor that’s different, truly different, that the consumer and patients would want an option. And so we put all of our hope and prayers into the fact that we assumed Americans would want a third option that they have never really had before.”
The revolutionary business aims to “transform the clinical laboratory through automation.” Furthermore, the company founders believe that automation can help improve care quality, reduce costs, and free up laboratory staff to focus on more complex tasks.
The Innovative Strategies That Propelled MAKO Medical to Dominance
The business’ super-fast rise to dominance is a result of its innovative strategies. Chad recognized the importance of staying ahead of the curve and investing in cutting-edge technology. He saw the need for a more efficient and accurate way to perform clinical laboratory tests.
By constantly seeking out new testing methodologies and expanding their capabilities, MAKO Medical was able to offer comprehensive diagnostic solutions that surpassed industry standards. This commitment to innovation propelled the company to dominance and revolutionized how healthcare providers approached diagnostic testing.
As a testament to this fact, Chad Price, MAKO Medical CEO says, “If you participate in managed care, you’re required to turn over data. So we realized early on that as we started this lab process, it’s really a technology business. So we’re developing new technologies that allow the practice and provider to have the data that they want, but only the data that they need.”
“I think the future of laboratory medicine is going to be more data-driven. I think that’s how you reduce utilization and control cost,” he continues. “If you want to control cost, then just apply the test when it’s needed. And so we’re going to use methods like that and new technology as it continues to evolve. And that’s stuff that we’re building already.”
Chad Price’s Leadership Style and MAKO Medical’s Growth
Central to MAKO Medical’s success is Chad Price’s exceptional leadership style. Known for his visionary thinking and ability to inspire others, Price has cultivated a culture of excellence within the company.
His emphasis on teamwork, transparency, and continuous learning has fostered an environment encouraging innovation and personal growth. He is also a tireless worker, always looking for ways to improve the company and its products. These attributes, in turn, have attracted top talent and kept MAKO Medical at the forefront of the industry.
In addition to his leadership style, Price’s personal qualities have also contributed to MAKO Medical’s growth. He is a charismatic and inspiring leader who can build relationships with customers, partners, and employees.
MAKO Medical’s Contributions To The Healthcare Industry
Under Chad Price, MAKO Medical founder, the business has made real waves in the healthcare world. The company’s products and services have significantly contributed to the healthcare industry in the following ways.
1. Improved Efficiency and Accuracy
MAKO Medical’s automated solutions have helped improve clinical laboratories’ efficiency and accuracy. This move has led to faster turnaround times for test results, which can help to improve patient care.
2. Reduced Costs
The company’s solutions have also helped to reduce costs for clinical laboratories. Automated solutions significantly reduce the need for manual labor, which can save money on overall staffing costs.
3. Improved Patient Safety
Chad Price, MAKO Medical founder’s innovations have helped to improve patient safety by reducing the risk of human error. Automated solutions are less likely to make mistakes than human technicians.
4. Increased Access to Care
They have also helped to increase access to care by making it easier for rural and underserved communities to obtain laboratory services. Automated solutions are vital in remote locations, as they reduce the need for patients to travel to receive care.
In addition to the above, MAKO Medical has made several other contributions to the healthcare industry. For example:
- The business has developed a proprietary triage software that helps physicians to determine the best course of treatment for patients.
- MAKO Medical has partnered with community colleges to train military veterans interested in a career in the healthcare industry.
- Chad Price, MAKO Medical founder has sponsored local charities and events that support underserved communities.
Awards and Recognition for Chad Price and MAKO Medical
The remarkable achievements of Chad Price, MAKO Medical founder, have not gone unnoticed. The company has received numerous awards and recognition for its contributions to the healthcare industry.
From accolades for innovation and technology to commendations for exceptional customer service, MAKO Medical consistently maintains its reputation as a leader in the field.
For instance, the company has received numerous awards, including the Frost & Sullivan Award for Technology Innovation in the Clinical Laboratory Market. In 2022, the company was among Inc. 5000’s fastest-growing privately held companies in the USA for the second time. These awards serve as a testament to Chad Price’s vision and the unwavering dedication of the entire MAKO Medical team.
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, Chad plans to continue introducing groundbreaking technologies to revolutionize the industry further. His unwavering commitment to innovation and patient care ensures that MAKO Medical will remain a dominant force for years.
Chad Price’s inspiring journey showcases the power of vision, perseverance, and innovative thinking. The remarkable business has disrupted the healthcare industry through his leadership and emerged as a dominant player. With a mission to provide accessible and reliable diagnostic testing, MAKO Medical has improved patient care and set new standards. While the business has already broken ground in the industry, there are more innovations yet to come. In the coming years, we can expect to see further landmark moments for this business. Chad Price ensures that MAKO Medical will continue inspiring and transforming the healthcare industry.
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