Speak Up
Integrity is the Bottom Line
In business, we've traditionally referred to profitability as the “bottom line.” In the end, though, experience has shown that the ultimate bottom line—the foundation for the long-term success of any enterprise—is integrity.
I joined the medical diagnostics testing industry in 1995, a turbulent time when companies were paying substantial fines at the federal and state levels for billing fraud and abuse. My own company had incurred several hundred million dollars in penalties, and our reputation suffered.
In the field, integrity is perhaps the most important enabler of profit. After all, reputations are created over decades, but can be destroyed in seconds. We’re committed to producing alums who, much like yourself, lead with these lessons in mind.
Our employees showed their distaste with their feet—voluntary employee attrition approached 50 percent—and our customers were unhappy, too. I had two overflowing inboxes: one with physician complaints about poor quality and service, and the other with patient complaints about complex and incomprehensible billing practices. We gave the impression of being solely focused on profit, achieved through whatever means possible, rather than serving our customers.
The result? Steeply declining financial performance and, ultimately, the spinoff of the company as a new enterprise, which hit the New York Stock Exchange with a thud on day one of trading. A leading investment bank wrote that the new company, Quest Diagnostics, was a new name for an old, poorly regarded enterprise in an ethically challenged industry, and would be lucky to last a year.
It sounds bad—and it was.
However, by building a team throughout the organization that had common values, starting with integrity, we turned the company around, and created tremendous financial value for investors, a respected name in the eyes of customers, and an exceptional place to work for our employees. “Integrity is the Bottom Line” became a prominent slogan across Quest Diagnostics, and the new direction made the difference. Now is the time for integrity to be the bottom line in business schools.
At Questrom, we’ve been busy redefining our curricula across undergraduate and graduate programs with a clear theme in mind: ethics matter. We recognize that business leaders around the world are viewed by many with indignation after years of scandals. What’s more, we recognize our vital role in preparing the next generation of leaders for the workforce—leaders who understand that integrity, not just profit, is crucial in all that we do.
As an alum, you know firsthand that, in the field, integrity is perhaps the most important enabler of profit. After all, reputations are created over decades, but can be destroyed in seconds. We’re committed to producing alums who, much like yourself, lead with these lessons in mind.
Our roots are deep here. The BU College of Business Administration was founded in 1913, led by our publication’s namesake, Everett W. Lord. Dean Lord developed a business creed that we still use today as our compass for the future. Doing good never goes out of style.
