Clinics, Consolidation and Bad Advice: An Investor’s Unfiltered View of MSK

Overview:When HMDG sold, most people assumed it was a simple acquisition. It wasn’t. Michael Schumacher sits down with new owner Ben Marcilhacy to talk openly about buying an agency, why he walked away from building a clinic group, and what he’s learned from seeing hundreds of MSK businesses up close. They cover culture, integrity, corporate creep, data, patient experience, and why MSK is changing faster than most clinics realise.Show Notes:Ben originally spent months travelling the UK trying to buy physio clinics. After multiple LOIs and rounds of due diligence, he abandoned the plan. Not because clinics were bad businesses, but because he realised he’d never control the core product: clinical care.A long call with HMDG changed everything. A year later, he bought the company.In this episode, Michael and Ben dig into:• Why HMDG’s honesty is an asset, not a liability• How to scale without becoming a corporate caricature• Why integrity still decides who HMDG works with• The difference between clinics that know their numbers and those guessing• Why dashboards don’t matter if you never act on the data• The three to five metrics that actually drive clinic growth• Why younger patients expect healthcare to feel like every other modern service• How experience, speed, and convenience now decide winners and losers• Why consolidation is happening, who will regret it, and why spreadsheet logic collapses when real patients are involvedThis is one of the clearest conversations yet on what actually drives MSK businesses, what the market is becoming, and what clinics need to fix now.What You’ll Learn• How HMDG maintains honesty while scaling• Why clinics overcomplicate data• The essentials of patient experience in 2025• The risks and myths of clinic consolidation• Why investors often misunderstand MSK• The future shape of private MSKWho This Episode Is For• Clinic owners who want clarity, not fluff• Anyone considering selling or buying a clinic• MSK leaders worried about corporatisation• Founders who avoid their numbers but know they shouldn’tGuest DetailsGuest: Ben MarcilhacyRole: Owner of HMDGBackground: Google, software, healthcare investmentSpecialisms: Strategy, systems, scaling service businessesLocation: LondonWeb: www.hmdg.co.ukVisit https://hmdg.co.uk for further information.   Follow Michael on LinkedIn. https://www.linkedin.com/in/mjschumacher100