This story appears in the September issue of Utah Business. Subscribe.
Once a month, Utah Business hosts Founder Friday, a free event sponsored by BONCO, Kiln and KaJae that showcases the wisdom of Utah-based founders. In August, Kiln hosted the conversation between Utah Business Editor-in-Chief Melanie Jones and PACS (Providence Administrative Consulting Services) co-founder, CEO and chairman Jason Murray.
1. Clarify your “why” and articulate it often.
Murray says the “why” behind PACS’ growth is improving patient lives while changing the cultural narrative of post-acute healthcare.
“It’s incredibly rewarding to see the transformation and what that means in the life of the patient,” Murray says. “Our business model of taking distressed, underperforming facilities that are broken and deploying our model to start seeing that transformation is incredibly rewarding for us. We’re changing lives in a way no other industry can.”
2. Stay agile by understanding market nuances.
When PACS acquires a new facility, the company implements a decentralized leadership model that empowers the facility’s administrator with the autonomy to execute their business plan. With hundreds of facilities spanning multiple states, Murray emphasizes the importance of staying attuned to each location’s unique dynamics — from regulations and reimbursement rates to litigation concerns.
“If I tried to stay abreast of all of that from Farmington, [Utah,] I would never know,” Murray says. “With the decentralized model and having our administrators in charge, we stay agile because we can adjust based on the nuances of every individual market.”
3. Not all capital is worth it.
As PACS grew, investors frequently approached Murray and co-founder Mark Hancock for a piece of the company. The co-founders adamantly declined outside capital in order to maintain control of the organization.
“In our sector, the wrong capital partner will be at best benign for a company and at worst lethal for a facility,” Murray says. “There are sad examples of that. … Sometimes your focus shifts from quality care for the patient to making sure you get returns for your capital partner. We made the conscious decision not to take outside capital.”
4. Nurture a culture of fun.
A career in healthcare is rewarding but emotionally taxing. That’s why Murray believes it’s critical to keep things light whenever possible.
“[While onboarding a newly acquired facility,] one of the questions we received from the staff was, ‘Does this mean that we can have a Christmas party?’” Murray recalls. “You cringe when you hear that, right? We said, ‘Yes, and we try to find parties for everything we do.’ That truly is who we are. We have fun, and we try to distill that all the way down to the administrators.”