Mike Adams, Chief Executive of MedicX describes his busy working week.
The beginning of the week always starts with the 8am executive team meeting, which is a concise senior team briefing session and the main channel of communications for department heads to deliver updates on each part of the business. This particular week, the session is principally focussed on a new corporate portfolio acquisition MedicX has been working on for the last two months, due to complete within the week. Before making a decision to invest in any new healthcare real estate assets, the investment and healthcare teams deliver robust due diligence research reports on the acquisition properties ensuring MedicX only invests in best-in-class assets in the primary care and specialist care markets alongside the top-tier operators and healthcare professionals in the UK.
Next on my agenda is time allocated to digest the company weekly news bulletin on the group intranet, this provides a snapshot on the weekly activities and priorities from the wider team and any areas of focus. After this, I spend the rest of the morning in a marketing communications meeting, brainstorming ideas for the re-design of the Group website, debating the content for the imminent investor presentation and a debrief on journalist meetings from the week prior.
In the afternoon, I dash up to the City to meet with the cornerstone investor in the new and recently closed £200 million MedicX Healthfund II, delivering an update on the first properties due to be acquired for the new Fund. I eventually arrive back in HQ for 6pm, catch up with my PA, and then leave to make it just in time for a game of tennis at the club.
Tuesday started at 8am with the quarterly MedicX Healthfund I investor meeting in SW1, the regular meeting where I present the investment activity in the previous quarter and seek approval on the proposed future acquisitions. I then head over to West London to meet with one of the UK’s leading specialist care home operators to agree heads of terms on a forward funding deal, providing the capital to invest in their pipeline of properties.
Working lunch with the healthcare investment team at Knight Frank is squeezed in before jumping on the train back to the office to meet with the MedicX Chief Operating Officer for an update on the development and construction activity in the Group, as well as being the UK’s pre-eminent healthcare property investor, MedicX has its own in-house development team.
Every Tuesday, it’s my turn to be chauffeur to my four children, collecting each of them from the various after school clubs. My wife is a full time practising Doctor and Tuesday is the late night surgery opening hours, so after I’ve collected the children, I pick up Susie and we head home for the Tuesday family meal, all computers and gadgets are switched off whilst we enjoy quality family time.
Wednesday is off to a flying start, I head up to London for the annual Mayfair Capital Seminar at The King’s Fund where I am panellist on the “Investing in Alternative Assets”, moderated by Graeme Rutter of Schroder’s. Alongside the CEO of Grainger plc, Andrew Cunningham, and Fund Director David Faulkner from Unite, I deliver the investment prospects and sector performance of healthcare property in contrast to the student accommodation and private rented sectors. This event is the second event in the space of a month where I am a panellist or presenting on the healthcare property investment sector, in June I am heading up a debate at the annual Estates Gazette Alternative Assets Summit.
There is just enough time after the seminar to head back to the office and meet with my PA to sign off plans for the MedicX 2013 team away day. I am a great believer in team work and organising regular offsite events for the entire team to take part, helps to maintain the culture and values of MedicX throughout the business.
This Thursday was more than a typically busy day with back-to-back meetings in the office as well as a trip to Guernsey for the MedicX Fund board meeting.
Each Thursday, I attend the internal property and asset management review, analysing the assets within the portfolio to understand the performance metrics, where there is opportunity to realise asset management initiatives and any areas of concern. I encourage the team to be as close as possible to the properties and operators/tenants, from an operational, healthcare and financial perspective. At this meeting, I approve the business case for the extension of one of the properties in the portfolio, to help provide expansion space the GPs need to deliver better services to the patients. MedicX was founded in the basis of providing a better healthcare experience through the provision of new healthcare property, designed to meet the needs of the local community.
My next meeting is with my Chief Financial Officer, with the half yearly results due out at the end of May, now is the time I start preparing the analyst notes and presentations for the City and the round of media meetings to announce the results.
The day is concluded by heading to Gatwick to catch a flight to Guernsey for the MedicX Fund Audit Committee meeting late afternoon, which precedes the quarterly MedicX Fund Board Meeting on Friday. I’m now fully equipped with all the latest gadgets and use the flight time to prepare for the meetings and catch up on emails on my iPad. MedicX is moving towards being a paperless company so having board packs and audit packs stored virtually on my iPad makes it a lot easier to review and less to carry.
The MedicX Fund board meeting starts promptly at 9am, it’s the quarterly meeting for the board of directors and the investment advisor team as well as external advisers to the Fund. It’s a full day meeting with the agenda covering everything from corporate governance, investment activity and capital raising.
The day finishes with an hour telephone conference with the team back at HQ on recent HR activity. MedicX is in the process of recruiting new graduates to join the Group in 2013 and to expand the finance team. We’re always on the look out for new talent especially graduates looking to begin their career in the property sector.
Weekends are just as busy as the working week, if not busier. A combination of coordinating the extensive works on the new house, being taxi to the four children – did I mention they are aged 6 to 14, inviting friends round for supper, fitting in a tennis match or two and finishing off plans for the Adams family 2013 summer holiday.