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Does Ownership Matter? · MSKMag OutLoud

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  SPEAKER_00: Does Ownership Matter?
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  SPEAKER_00: Written by Cameron Tudor.
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  SPEAKER_00: Article sponsored by Clinico.
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  SPEAKER_00: The two receptionist problem.
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  I was treating a private equity investor one afternoon when he
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  asked with genuine
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  curiosity why we employed two receptionists when technology
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  could easily let us get
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  SPEAKER_00: by with one.
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  SPEAKER_00: Fair question.
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  SPEAKER_00: After all,
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  SPEAKER_00: this is a man whose job involves finding inefficiencies in businesses and
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  SPEAKER_00: eliminating them.
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  He sees a line item that could be halved and naturally wonders,
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  why the waste?
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  SPEAKER_00: I explain that we don't want to sacrifice robustness for efficiency.
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  SPEAKER_00: We need contingency for when someone is ill,
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  SPEAKER_00: when the phones are running off the hook,
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  SPEAKER_00: or when a patient needs extra attention.
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  If our focus is to provide an exceptional patient experience
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  and a great place to
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  SPEAKER_00: work,
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  SPEAKER_00: then carrying a little fat is healthy.
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  It's what will ensure we're still here in 20 years,
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  still doing the good work.
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  SPEAKER_00: Patients can feel the difference.
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  SPEAKER_00: They know when they're in a place that isn't stripped to its bones.
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  SPEAKER_00: They sense when the atmosphere is calm, welcoming, and unhurried.
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  SPEAKER_00: They notice when staff are cared for, and that creates trust.
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  SPEAKER_00: And in healthcare, trust is everything.
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  SPEAKER_00: He nodded politely.
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  SPEAKER_00: I could see him thinking, soft, sentimental, inefficient.
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  Perhaps,
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  but I'll try to explain why I think ownership matters in
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  healthcare.
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  SPEAKER_00: Batting for both sides?
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  SPEAKER_00: I've been on both sides of this.
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  SPEAKER_00: Having bought and sold clinics,
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  I've sat in rooms with private equity-backed buyers who wanted
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  to roll up 100
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  SPEAKER_00: physiotherapy practices into a portfolio.
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  SPEAKER_00: Smart people,
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  SPEAKER_00: impressive spreadsheets,
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  beautifully polished pitch decks with stock photos of diverse
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  patients looking
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  SPEAKER_00: happy.
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  SPEAKER_00: Not once,
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  SPEAKER_00: literally not one single time,
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  did any of them articulate a guiding principle of providing
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  excellent patient care
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  SPEAKER_00: for reasonable profit.
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  SPEAKER_00: The question was always, how