Charles Nabit is an experienced healthcare entrepreneur who has developed and overseen a variety of companies across the industry, including those that provide long-term care, psychiatric and substance abuse treatment, rehabilitation and therapy services, home healthcare, and pharmacy operations.
After earning a BA magna cum laude from the University of the South and a JD from William & Mary Law School, Charles Nabit became the managing partner of Westport Group, a position he has held for more than 40 years. During that time, he has also served as president of his family’s private charitable foundation, the Nabit Foundation; chairman and CEO of Southport Financial, LLC; and chairman and CEO of Developmental Disability Management Services, LLC. His work through these companies has given him unique insight into both the challenges and opportunities on the business side of healthcare.
Achieving Success in an Evolving Industry
Charles Nabit understands that finding success as a healthcare entrepreneur depends on the right combination of experience and skills. A strong foundation in business administration is a given. However, it’s also essential to have deep practical knowledge of how the industry operates—its current unmet needs, inefficiencies, laws and regulations, best practices, infrastructure, and how all the players work together to deliver care.
Entrepreneurs also need to have the flexibility to innovate as times change, and especially to keep up with new developments in technology that can address pain points. These business leaders also benefit from having a positive mindset, both in terms of growing their ideas into viable businesses and bringing optimism to their interactions with staff, patients, and clients.
Success in the healthcare business requires a deft approach to marketing. Although healthcare is a universal need and has built-in demand, the competitive nature of the market means that those who advocate for themselves proactively are more likely to gain a larger share of the customer base. In addition, a robust sales approach is critical. Though many healthcare providers might not think of it in these terms, any treatment or service provided for compensation is a sale. When healthcare entrepreneurs adopt this sales-focused mindset, it can transform their business.
Successful healthcare entrepreneurs also recognize that “care” is an essential part of the industry—after all, it’s right there in the name. Healthcare is a person-centered industry, with patients at the heart of everything. The ability to connect and empathize with patients creates a better care experience and better patient outcomes. In addition, staff are more likely to learn and exhibit these soft skills when they are modeled by business owners and executives.
Finally, it is important to have a wellspring of resiliency when pursuing a career as an entrepreneur, particularly in the healthcare industry. Starting and running a successful business is difficult in the best of conditions, and healthcare faces unique challenges. The industry is highly regulated, technology is changing quickly, and costs are rising rapidly. It’s also an industry where the stakes are extremely high—people’s lives depend on good healthcare. A resilient ability to roll with the punches, learn from mistakes, and maintain an optimistic perspective during challenging periods is often the difference between success and failure as a healthcare entrepreneur.
