This special episode of the podcast focusses on the challenges of mergers and acquisitions, using occupational health business Medigold Health as a case study. Ben interviews Alex Goldsmith, Medigold’s CEO and James Syrotiuk, their CFO.
Medigold Health
Medigold Health is a leader in the occupational health sector and recently acquired a competitor business, Health Management Limited, in early 2023. The move saw them double in size, becoming the largest occupational health business by head count in the UK, with over 1100 employees including 600 clinicians. Alex describes the acquisition as important to the business’s survival long term, with demand rising and resources becoming scarcer over the coming decade.
Delivering health and wellbeing services has remained at the top of their agenda, but the merger has caused some issues that have prevented them from performing at their best. Introducing new technologies and integrating systems has proved a challenge.
Business Merger Challenges
One key system, the phone lines, were a particular problem. Customers could not contact customer service and have their queries answered, causing more exasperation among the customer base.
Alex was facing questions from customers and staff and offered assurances that the problems would be alleviated soon, but they took longer to fix than imagined. Alex thanks customers for their patience and celebrates that the issues have given rise to a much more efficient business now that the new systems have been properly implemented.
Investments have been made to improve the customer experience and clinical quality, allowing clinicians to spend less time on administrative tasks and more time working with patients. Furthermore, reports are now of higher quality.
Would Alex have done everything differently? While he feels he got there in the end, Alex feels he could have done more to bring people on the journey, especially with customers, ensuring they understood the long-term improvements and benefits.
Ben thanks Alex and James for their honesty and is glad to hear that the business has righted itself. Alex says it takes time to turn an ocean liner around, but they are now pointed in the right direction.
Watch and listen to the full podcast:
