Med One to One Fall/Winter 2023 ISSUE 77

View From The Board

View From The Board

By Lane Summerhays

I thought it would be useful to introduce you to Med One Group’s board of directors and explain a little about what we do. Board members include:

Larry Stevens co-founded Med One Group in 1991. He is the Chairman, President, and CEO of the Company. Med One has become a national leader in providing leasing, rental, and sales of critical patient care equipment to acute care hospitals. The company serves over 2,600 hospitals throughout the United States, Canada, and the Caribbean Basin.

Brent Allen co-founded Med One Group in 1991. He is the Senior Executive Vice President of the Company. Prior to starting Med One Group Brent and Larry worked together providing leasing services for multiple Utah banks.

Andy D’Ascenzo is the Vice President of Sales for ICU Medical which is a worldwide leader of infusion therapy products and medical devices. He has extensive experience in building successful high performing sales organizations for Qualcomm’s global Connected Health business and BD’s Alaris infusion device business.

William Brady is the co-founder and CEO of Troomi which offers smartphones engineered to protect children from the dangers of today’s social media environment. He has extensive experience in advertising, public relations, branding, and marketing.

Randy Emery has been a senior executive in the commercial insurance industry for over 25 years. Prior to entering the insurance industry, he was head of commercial lending at First Interstate Bank of Utah, and Citi Corp in Utah. Additionally, he serves on a number of corporate boards.

Robert Gross is a trusted advisor, attorney, organizational executive, corporate governance and leadership consultant, international diplomat, and corporate director. He was formerly President and CEO of First Interstate Bank of Utah and served as Chief of Staff for Utah Governor Michael Leavitt.

Richard Madsen is a Director and Shareholder in the Salt Lake law firm of Ray Quinney & Nebeker P.C. and manages all of the firm’s associate attorneys. He has been included on the list of The Best Lawyers in America in Banking and Finance Law. He has served as Med One’s corporate counsel for 12 years.

Mark Oligshchlaeger has extensive knowledge of multiple industries gained by executing acquisitions, divestitures, and restructurings. He is the founder and currently the President of Eider Capital. Mark was President and Chief Operating Officer of the Buckner Company, a leading regional property, and casualty insurance agency.

Leslie Snavely is the President of CHG Healthcare which is a leader in providing healthcare staffing nationwide, including placing physicians in temporary assignments. Her prior business experience includes branding, sales and marketing, and digital strategies. She is Vice Chair of the Board of the Women’s Leadership Institute.

Lane Summerhays serves on a number of corporate and community boards. He is formerly the President of WCF Insurance and has 45 years of experience in the insurance industry. He is a CPA and worked for two international public accounting firms.

Sheri Thomas is an Associate Professor, School of Accountancy, Brigham Young University. She has extensive experience in public accounting and consulting specializing in Enterprise Resource Planning. She was VP, Finance and Accounting for Coherex, a subsidiary of Johnson and Johnson.

Steve Weber has many years of experience as an executive and leader in the Information Technology Industry. Steve’s current position is President of Steve Weber & Associates, a strategic technology and leadership consulting firm. His expertise in cybersecurity and information technology has allowed him to advise CEOs, CFOs, and CIOs of many businesses.

Med One Board

This is a highly accomplished group with diverse backgrounds and experiences. We work with the company’s owners and Senior Executives to identify and prioritize strategic objectives, then leave the day-to-day execution to Med One’s management.

During the Utah Jazz-Chicago Bulls NBA finals in 1998, an avid Jazz fan went to the Delta Center for the crucial game six and felt fortunate to buy an upper bowl ticket from a “scalper.” He settled into his seat and instantly became absorbed in the hotly contested game. Even though he was really grateful to be in the arena, the upper bowl is a long way from the floor and it’s hard to really see the action very clearly.

During the first quarter he noticed an empty seat on the front row. What a shame. He continued to watch the seat to see if anyone came—no one did. By half time he was completely absorbed with the possibility of sitting in that seat. Did he dare try?

Finally, he made his way to the floor and approached the man sitting next to the empty seat.

“Is anyone sitting in this seat?” He sheepishly asked.

“No” the man replied and then added, “You are welcome to take it.”

The Jazz fan was overwhelmed with his good fortune but curious, “Why isn’t anyone sitting here?” he asked.

“Well, I have had these seats since the arena was built. My wife and I have never missed a game.” The man explained.

“Why isn’t she with you today? This is such a big game.” He asked.

“Well,” the man said sadly, “She passed away.”

“I am so sorry,” he offered and then asked, “Couldn’t you get a friend to come with you?”

“No, they are all at the funeral,” He concluded.

As in life, companies are faced with many challenging circumstances and choices. The Board meets quarterly with Senior Management to review the prior quarter’s results and discuss challenges and strategic issues. Major strategic issues include succession planning, revenue growth, product diversification, enterprise risk management, and national economic conditions. Succession planning includes identifying potential replacements for all Senior Executive positions, but more importantly the transition of overall management from the current owners to the next generation. This is a major challenge to every family-owned business, and Med One is preparing for this eventual transition. We also spend one-on-one time mentoring the Company’s Senior Executives.

This is a highly accomplished group with diverse backgrounds and experiences.

The current economy has been and continues to be challenging to the nation’s healthcare system. Low reimbursement rates for patient care, labor shortages, high interest rates and other factors have resulted in lower profitability for hospitals. These are Med One’s primary customers and as a result we share in their challenges. Strategically, we are seeking new sources of revenue and ways to help our existing customers solve their problems.

The Board members are divided up to participate in committees including:

Audit and Risk Committee selects and contracts with outside certified public accountants to perform the company’s annual financial audit. The committee also works closely with selected members of Senior Management to oversee the company’s Enterprise Risk Management program. This important function identifies and develops plans to mitigate major business, financial and environmental risks that could threaten the company’s ongoing viability.

Human Resources Steering Committee reviews best practices for operating procedures, succession planning for key positions and overall compensation methodologies.

Information Technology Steering Committee helps with overall prioritization of the company’s software development and hardware needs. It also monitors the company’s response to cybersecurity risks.

It is an honor and privilege to serve on Med One Group’s board of directors. We take our responsibilities seriously and work hard to provide effective oversight and input to improve the company’s future.