This episode features Mark Cherney, Executive Chairman at U.S. Urology Partners & Chairman & Co-Founder at Prologics Healthcare. Here, he discusses how to adjust strategy in a recession, how to operate as a CEO when things are more challenging, what qualities a great CEO needs to have, and more.
Summary
Adjusting Strategy in a Recession: Insights from CEO Mark Cherney
Mark Cherney, Executive Chairman at U.S. Urology Partners & Chairman & Co-Founder at Prologics Healthcare, shares his insights about how to adjust strategy in a recession, how to operate as a CEO when things are more challenging, what qualities a great CEO needs to have, and more. He has been through various recessions and economic downturns, making him an expert in the field.
Strategies for Adjusting to a Recession
In healthcare specifically, Mark advises to look at areas where costs can be reduced, such as administrative labor, product and supplies, and scheduling processes. He also emphasizes the importance of focusing on innovation to increase revenue, as it is difficult to raise rates in the healthcare industry.
Importance of Communication and Transparency
Mark Churney values the importance of communication and transparency when leading a company as a CEO. He emphasized the need to be honest and open with all stakeholders, including partners and associates, in order to minimize surprises and maintain trust.
The Need for Access to Capital
During challenging times, Mark highlighted the importance of having access to capital and a supportive financial sponsor.
The Qualities of a Great CEO
Mark Cherney believes that a great CEO needs to have a passion for their work, be strategic thinkers, and have excellent communication skills. Additionally, the ability to balance confidence with humility can help a CEO to become a respected and effective leader.
In conclusion, Mark Cherney provides valuable insights on how to adjust strategy in a recession, how to operate as a CEO during challenging times, the qualities of a great CEO, and more. His experience and expertise make him a valuable source of information for any individual looking to lead their organization through times of economic uncertainty.
Note: This is an AI generated transcript, not edited by a staff writer and is solely intended for educational purposes. If you have any questions/concerns, reach out to podcasts@beckershealthcare.com
This episode aired on 09/14/2022 and can be listened here.
Subscribe to Beckers Healthcare Podcast here.