"I always knew that my exit strategy would be to sell or merge, and my PNC advisors have been terrific throughout the process. Press Ganey has the resources to take PatientImpact to the next level."
The Next Phase of Entrepreneurial Success
Entrepreneurs start businesses for a variety of reasons: to do what they love, escape the 9-to-5 blues, build wealth on their own terms or, sometimes, build a business they can sell. PNC client Patty Riskind has earned success on all of these fronts.
Patty is the founder of PatientImpact, a company that helps healthcare providers - physicians, outpatient facilities and hospitals - capture feedback from their patients in real time (through e-mail surveys) so they can deliver more patient-centric care and increase their profitability. She worked in the healthcare field in the areas of strategic planning, marketing and process improvement for two decades before honing in on patient satisfaction research.
"I realized that one of the most important differentiating factors for patients in choosing one healthcare provider over another is customer service. Are the people friendly? Is the service prompt? Is the facility clean? Healthcare providers need to keep their finger on the pulse of their patients to provide outstanding customer service, and I knew I could help them by providing real-time research tools. I hired a programmer, built a product, and launched PatientImpact in 2004," Patty explains.
Just five years later, Patty received an offer from her largest competitor, Press Ganey, a firm also dedicated to improving the patient experience, which wanted to add electronic surveying to its product mix. With market share exceeding 45% of the hospital market, Press Ganey intends to grow its share of the outpatient market by building on PatientImpact's expertise.
"I always knew that my exit strategy would be to sell or merge," Patty says. "Press Ganey has the resources to take PatientImpact to the next level and expand on my original vision to enable patients to provide feedback to their doctors electronically."
How has PNC helped?
Patty was introduced to PNC predecessor, National City, through ATHENAPowerLink®, a mentoring program for women business owners that the bank supports in more than a dozen markets. "Once I saw the breadth of services and resources, I knew the bank could help me strengthen my business," she says. "It was great knowing that PNC was always there for me - always committed to my success."
Today, Patty oversees sales, marketing and business development in the medical services space at Press Ganey. "It's very gratifying seeing my business expand its presence nationally," Patty says. "The experience of starting, building and then selling a business has been incredible."