Chad Price’s MAKO Medical Laboratories Recognized in Business North Carolinas Top 125 Private Companies
RALEIGH, NC — (Each year, NewMediaWire) — February 10, 2023 — Business North Carolina (BNC) releases its reputable list of the state’s largest companies. As part of the 2021 list, a massive 50 businesses had a revenue of more than $500 million and combined employment of more than 140,000 workers. The list included Chad Price’s company, MAKO Medical Laboratories, a disruptive medical company.
“We try to make the list more comprehensive every year by adding businesses that we may have overlooked previously. Newcomers include Kinston-based private jet operator FlyExclusive, Charlotte law firm Moore & Van Allen, Wilmington retailer Reeds Jewelers and Dunn-based grocery chain Carlie C’s IGA,” explained David Mildenberg, Jennings Cool Roddey and Neill Caldwell from BNC in a recent article.
“The list includes North Carolina-based companies controlled by private-equity groups,” the article continues. “But most of the businesses are closely held organizations, including many family-owned operations.”
MAKO Medical Laboratories was established back in 2014 and is located in Raleigh. Since the company was founded by Chad Price and his co-founders, it has grown exponentially. The business now employs 1,500 staff members across its two testing laboratories in the local district. In the following article, we will delve deep into the business’ journey so far.
A Gap in the Medical Testing Market
In 2014, Chad Price got together with his brother, Adam Price, and mutual friend, Josh Arant, to form what would become MAKO Medical Laboratories. The three savvy entrepreneurs were not experts in the medical industry by any means. However, they noticed a gap in the market and were eager to fill it. The co-founders saw that there was a lack of clarity, accuracy, and speed in the commercial medical testing sector.
Both Chad Price and Adam Price had witnessed this firsthand. Upon waiting for crucial medical results for their sister, who has health problems, they experienced a slow and lengthy process. Their combined frustration led them to look into alternative medical testing options that were available to the commercial market. When none were able to meet the criteria that the brothers had set out, they decided to start their own business.
Needless to say, the road to success was not straightforward. Since both Josh Arant and the Price brothers lacked medical knowledge, there was a gigantic learning curve they had to overcome. The first step in this process was learning about the medical testing industry, the vital legislation which is already in place, and how to establish effective science labs.
“The early days were rough,” explained Chad Price in an interview. “We started with no experience in healthcare, no training, no background in science or labs, and realized after we started we were now in one of the most heavily-regulated industries in the country. We started with two goalsdisrupt healthcare and use the revenue we create to fund the charities and causes we were all passionate about. The latter saved us.”
From the offset, Chad Price and his team have continually looked for ways to give back to the larger community. Placing this value at the center of the business mission has changed the way that MAKO Medical Laboratories has operated over the years. While the entrepreneurs were focused on changing the way that the healthcare system worked primarily, they also sought to support those who were less fortunate than themselves too.
Overcoming Many Financial Hurdles
Financing any startup is difficult. The average business has to deal with a variety of fees including office or site space, equipment and supplies, licensing, permits, utilities, staffing costs, insurance, legal fees, market research, and marketing activities. It’s no small feat.
When Chad Price and his co-founders set out, they had to make sure that they could cover all of the above. While the team could have sought help from investors, they decided that this route would be too restrictive. Wanting autonomy over the day-to-day operations and to have the ability to make the venture a charitable one, the founders agreed to self-fund the project. However, the team vastly underestimated the cost of this enterprise.
Towards the start of the MAKO Medical Laboratories journey, the money that the three men had began to wear thin. The team had to come up with innovative ideas as to how they could continue to fund the startup. “A group of us sold what we could, borrowed what we could, and put everything into the start of Mako Medical,” said CEO Chad Price in an interview on the subject of funding the startup. “We rented a 3,000 square-foot building, bought one piece of lab equipment, and hired one technician to help us run it.”
The financial struggles meant that the team had to think outside the box. That included utilizing personal equipment, working around the situation, and ensuring that every element of the setup was going well. “We used our personal cars to handle logistics, our personal phones to take calls, and personal computers to work on,” said Chad Price. “We all worked around a conference room table and took turns doing building and roof repairs.”
Despite the team’s best efforts, disaster was on the cards before too long. “Everything that could go wrongwent wrong,” admitted CEO Chad Price in an interview. The obstacles that the team had to overcome were not small ones. The initial equipment that they purchased was not right and broke down, the site had countless leaks, and there was even a break-in at the inception of the business. This string of bad luck happened in succession. From an outside perspective, it would appear that the odds were against the MAKO Medical Laboratories team. Many other entrepreneurs would have given up here.
However, the team pulled together and continued to work hard, despite the setbacks. This meant sacrificing their personal time to make sure that the company flourished in the long run. “Twelve-hour days turned into 20-hour days. Christmas was a painting day and New Years was used to redo flooring,” explained CEO Chad Price in an interview. The initial MAKO Medical Laboratories team worked around the clock and through the holidays too.
Success and Serving the Community
The hard work paid off and the team was able to overcome each setback that they were presented with. However, along the way, the co-founders had a clear vision of how the business would serve the community. The team members quickly started a pot of money that they could use to better serve the people around them. The move was the first spark of charitable action within the MAKO Medical Laboratories ranks and continues even now.
“Our entire team focused on causes and charities they were passionate about. We pooled together money to donate, volunteered, and did what we could to help. This became the fuel for our team and we pushed through every setback,” said Chad Price in an interview. “We ate together, did Bible study together, volunteered together, and always encouraged families to be apart so they would support what we were trying to build.”
Combining charitable moves with entrepreneurial spirit has catapulted the team to success. Fast-forward to this year, and the leading healthcare business has grown to become a market contender in its field. While the first few years of the company were challenging, the rewards that the business is reaping now speak for themselves. Almost a decade down the line, the entrepreneurs’ lives have changed in unforeseen ways.
“We now own almost every piece of lab equipment that is on the market and have a medical team that would rival the best hospitals in the world. We recently placed #284 on the Inc. 5000. A proud moment for our team,” said Chad Price in an interview. “What didn’t change? Our culture. Giving back and helping others is our primary focus.”
Hiring and Supporting Veterans
The brave men and women who serve our country often find it hard when they return home. The unemployment rates for veterans in the United States have historically been high. These individuals represent more than 5% of the country’s workforce. However, many ex-servicepeople find it hard to land the right job when they have left the forces. This problem is one that CEO Chad Price and his team wanted to tackle head-on. From the inception of MAKO Medical Laboratories, there has been a rush to employ veterans.
Adam Price, Chad Price’s brother and co-founder of the business, is a veteran himself, having served in the US forces for more than a decade. He is charged with managing the operations arm of the MAKO Medical Laboratories brand. The Shark Fleet is responsible for the deliveries of the tests and results. Ensuring that the team can deliver the quick results that customers need when awaiting medical tests is of the utmost importance.
“When we started, we had three goals that we vowed to stay faithful to,” says Adam Price, co-founder of MAKO Medical Laboratories. “1) We are a Christian company; 2) We will make it a priority to hire veterans who have honorably served our country; and 3) We will give back to the community with our time, money and service. We will never forget why we started Mako, which is the reason it’s so easy to get out of bed every morning!”
Handling more than 22,000 deliveries every day, the team boasts a remarkable 99.9 percent pickup success rate. Adam Price not only hires the trained and skilled individuals but also oversees the daily running of this vital department. To get this on point, he draws upon some of the talents that he honed when he was in the military. As you might imagine, the two skill-sets needed for these roles are strikingly similar, a fact that has been useful.
“The military does a great job of putting you in positions and having you figure it out with minimal training,” Adam Price, Chad Price’s brother and business partner, previously told GrepBeat as part of an interview on the subject. “Just like some leadership roles I held in the military, being one of the founders I had a huge responsibility in the role of a project manager to help get our building ready to begin operations.”
It takes a dynamic team to ensure the level of accuracy is always adhered to. Since military personnel have a high level of concentration, coordination, and logistics, the veteran team is primed for this particular job.
“Working with contractors, vendors, and landlords wasn’t something I was well versed in. I had a high level of confidence in managing people and projects because I had similar roles in the army. Being a convoy commander when I was in Afghanistan helped me understand the importance of building a good team,” said Adam Price. “Recruiting the best possible team is something I have been able to do at Mako, which has allowed for our growth and has allowed me to hire over 100 veterans since we have started.”
The Takeaway
Since its inception, MAKO Medical Laboratories has changed the way that the medical testing field operates. Under the trusty helm of Chad Price, this North Carolina business has gone from strength to strength. The latest honor, in the Business North Carolina (BNC) list is testament to the team’s unyielding community efforts and ongoing hard work.
About MAKO Medical Laboratories
Supported by an expert team of nationally-recognized doctors and PhDs, MAKO Medical Laboratories specializes in methodology development and pathological services. The game-changing testing company and labs prioritize patients by offering transparency.
Started in 2014 by Chad Price, Adam Price, and Josh Arant, it aims to disrupt the sector. Additionally, MAKO Medical offers support to veterans. The company combines a wealth of new technology including robotics, app platforms, and cloud-based tech. In response to the pandemic, the laboratories have adapted their services to offer accurate testing.
Chad Price is the CEO of MAKO Medical Laboratories. He has had a long entrepreneurial career previously co-founding BrideGenie and founding Element Services Group Mechanical LLC. He has played a major role in starting Cary Reconstruction, and is a board member for Trill A.I. Moreover, he currently offers tailored consulting services to companies embarking on new mergers or primed for growth.
Contact:
Chad Price
Originally published at https://finance.yahoo.com on February 10, 2023.
