NEWS & INSIGHTS
MyHealth Centre voted Canada’s Best Managed Companies 2018
Suresh Madan established MyHealth Centre in 2013 with a philosophy built around three core principles not always successfully delivered by Ontario’s public health institutions: innovation, compassion and integrity.
“As patients, we’ve been [subjected to] extended wait times, frequent cancellation and rescheduling of appointments,” says the president and CEO of the Toronto-based company. “When you go to your appointment, there is a total lack of punctuality; you’re given a time of 9 a.m. for a test and it won’t be done until 2 p.m. Your day is gone.”
By comparison, managers at MyHealth’s network of 27 Ontario clinics are required to monitor the wait time for each procedure they offer (which includes cardiology, radiology and women’s care imaging). Any location that sees wait times creeping up receives either additional manpower or equipment, or extends its operating hours.
The goal, says Madan, is to provide patients with an appointment within two weeks of their initial referral—ideally within one week.
While it operates clinics in Toronto and Mississauga, MyHealth’s primary focus is on smaller Ontario markets—Orangeville, Simcoe, Sudbury, Whitby, etc.—many of which have a sizable senior population that struggles with timely access to key health care services.
Madan expects to grow the company to as many as 80 locations in the next five years. He also plans to add new services such as gynecology, and to expand services such as neurology that are currently being piloted in a handful of locations.
MyHealth delivered a record 600,000 OHIP-eligible services in 2017, up from 450,000 in 2016, while revenues grew by double digits to about $50 million. While it has incurred approximately $80 million in capital costs since it was established, it has been profitable since its first year of operation.
It has also been acknowledged as a Great Place to Work by the San Francisco-based Great Place to Work Institute, which certifies companies on the basis of employee surveys and an examination of their human resources policies and initiatives.
He finds it a particular point of pride when employees feel an even stronger affiliation with their firm than their chosen profession. “Instead of saying they are an X-ray technologist or cardiac sonographer, they say, ‘I work for MyHealth.’ ”
Madan spent more than 16 years running an investment fund called Excalibur Capital Management before forming MyHealth. Privately held, MyHealth currently has 40 shareholders, and Madan isn’t ruling out eventually taking it public. “We’re not committing to it yet, but it is clear that we will be growing. Our financial markets will provide guidance on the right path.”