Ramsay Health Care is a fantastically profitable blue chip Australian company with enviable prospects — well capable of paying its employees fairly and staffing its hospitals appropriately.
In a recent interview, respected financial commentator Alan Kohler introduced Ramsay CEO Chris Rex with a glowing appraisal of the company’s economic performance in the past decade:
“Ramsay has been a wonderful investment for those willing to stick with it over the past 10 years – compound annual growth rate of 24 per cent, since you took over a few years ago, 27 per cent, and since 2012 the stock has tripled. A fantastic performance. And now you are the biggest private hospital operator in France,” he said.
Ramsay recently became the largest private health provider in France when it purchased Générale de Santé with its 115 facilities and 15 per cent of that market.
Chris Rex told Kohler there were four pillars to Ramsay’s impressive growth and its rosy future prospects:
Chris Rex says that central to the company’s success is a corporate philosophy – the Ramsay Way – “which I think captures the drive, the enthusiasm and also the caring nature of the people who work in the health care sector. That has been the backbone of not just what we’ve done but also how we’ve done it.”
He went on to describe this philosophy as “about doing the right thing. Our motto, if you like, is ‘people caring for people’. We care for patients obviously and it’s incredibly important for a healthcare business to be obsessive about maintaining high quality care for patients, but equally we care for our people, the people who make this company great.
“When people actually see managers within the organisation, board members or the chairman clearly exhibit those behavioural traits, everybody sees a company they believe as having the same values as those working at the bedside or any other part of the hospital. It’s a very dynamic process but one that requires a lot of human interaction to believe in the things that we espouse.”
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