PSA - Medical Simulation (MedSim) On Last Legs

Discussion in 'Medical Equipment/Device Sales-General Discussion' started by anonymous, Aug 29, 2016 at 10:46 AM.

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  1. anonymous

    anonymous Guest

    Forward this to your MD training managers. We make simulators, sim software and train your physicians for variety of devices, procedures. Your companies invest hundreds of thousands with us and a few, over a million. If you move quick, can capture decent trade in values for your equipment with competition so you aren't left holding the bag.

    Caveat emptor. If your companies don't reconsider doing business with us, start requesting independently verified financials before sending check.

    We used to innovate in space and had adequate resources. People facing customers, physicians and our developers really care and believe in our mission to help physicians improve their skills.

    Full disclosure, I am one of August departed. We went from well over 100 to about 25 staff with current leadership. Last two months revenue way under plan after years of steady decline. They let 20% of employees go. Company let go 4 on 8-11 with 1 week severance (not sign of strong balance sheet), key programmer quit 8-19, another person let go on 8-24 and 4 to 5 more involuntary departures coming. Not the sign of a company in good financial standing.

    Majority of people let go for getting on execs bad side or financial reasons (cutting expenses to bolster financials for Board updates), not performance. If people let go for performance, CEO and SVP Admin at top of list. Let's just say the execs don't do exit interviews because 99.99% departures bitter and contentious. The environment and execs are caustic.

    Most employees see writing on the wall. Key employees are aggressively working on exit strategies. Current staffing cannot support the business. Voluntary and involuntary departures will further erode its ability to complete projects on time, service existing customers.

    The two idiots running show have managed to keep jobs lying to board and deluding themselves to thinking they're doing great job despite glaring truths beating them about face. During nearly 3 years theyv run company, many many customers left, revenues always down to right, anything looking remotely close to covering overhead accomplished by cutting people and benefits. That doesn't reflect skills managing a business. They lack ability and ideas to grow revenues, have failed miserably. After 3 years, from theory to empirical fact.

    Boston Sci left, Medtronic left, Edwards scaling back and may transition, Spectranetics looking to transition, Gore scaling back soon and may transition, other customers following and Bard is unaware of our problems. Our sales person (yes just one full time, another bad sign) loses most of the time in field due to a history problems never addressed and not living up to customer promises.

    Any PR or announcements like MedAsset, ORZone recently are an attempt to make noise to help CEO find funding. They produce nothing after being announced. The MedAsset deal was specifically timed to bilk money from an investor. Suspect CEO kicked money to MedAsset to get them to agree. I called MedAsset to inquire and no one knows about arrangement months after it was released. ORZone likely similar scenario.

    We have 2 investors going through a financial advisor. He is doling out funds to CEO MBL like parents and a kids allowance. It's distrust and verify. CEO is meeting with board multiple times month. Neither happens if company stable, investors happy and execs doing good job. Our former CEO has $400-500K claim against the company and vendors are pounding on the door due to delinquent bills. Another sign how well business being run.

    The case studies, numbers on website ar borderline fictional. CEO and SVP Admin told to get independent verification, use healthcare economist. Instead two idiots, completely ignorant of industry did "calculations" not survive peer review or close examination. Remember, these people lie to Board about state of business, they have no problem lying to customers.

    Our compass next simulator is window dressing and fixes for years old problems. It cost a little over $130K to make changes (meaning not much done). CEO tells prospective investors it's a major leap forward. It isn't. Internals revised due to component obsolescence (not real changes for customer benefit), gui, dual lumen, aesthetics, durability modifications only.

    Here are execs responsible for impending demise of once good company. Be forewarned both play shamefully transparent good cop bad cop routine.

    http://www.medsimulation.com/About-MSC#container123

    Mary Beth Loesch CEO and former consultant. Never run or been responsible for anything she had to see through. Only skill is lack of domain expertise causing her to pursue ideas out that will never succeed. No product, technology, healthcare or medical device experience. Doesn't understand space as evidenced by company's current predicament. Thinks she's good with customers. Most ask for her not to come back. It's embarrassing

    MBL came up with brilliant idea to fund $20 plus mil hospital performance software product outside core business. Been complete disaster and dragged company down. She continued dump resources into it to save face but still failing. Now 100% of revenues from simulation side being dumped into this product that will never go anywhere, to detriment of simulation business

    MBL disclosed confidential portions of her employment agreement to staff. Bulk of incentives kick in if company sold. Why anyone would tell people working hard to keep company afloat that she's trying to hit it, quit it and doesn't care about fallout gives some insight into character. Her strategy now is cut company next to nothing, break even, sell because financials look OK on surface. I do not think it will survive rigorous due diligence or eye of moderately competent individual. The business will not b sustainable at that point and IP is deplorable.

    Board still keeps her around. Begs question why.

    Bob Vidal SVP Admin, sad, little man, zero principles, universally disliked in office, enjoys screwing peole over. Brother former Deputy Mayor here helped him get his jobs. Rumor his brother got smarts and integrity, BV didn't get any positives. Added bonus he doesn't manage his blood sugar so he's all over the show in office which can be entertaining. Most people walk away wondering how he got job.

    Of course as former school superintendent that worked for failed tech companies he has a place in healthcare and medical devices. The public sector, especially school administration, is known for its competence. We don't let him out of office in front of visiting customers. Worse than the CEO.

    Good example of his character, BV convinced Edwards Lifesciences, one of our largest customers, to invest over $2 mil. He brags in office how secured it with collateral worth nothing (first gen Simantha simulators bringing in no revenue). Who tries to screw over one of their largest customers then brags about it publicly? Worst part, bulk of funds didn't go where they supposed to.

    CEO keeps him around. Begs the question why.

    Few glassdoor reviews about us. More are coming from my peers. Since execs continue to spin tales and lie, employees will be sure they are held accountable.
    https://www.glassdoor.com/Reviews/Medical-Simulation-Reviews-E263509.htm

    Can't recommend MedSim. Feel bad for former colleagues but they need to get out. Many hanging on for equity so diluted its worth nothing. Company just skin and bones.

    Look at either Simbionix or CAE. They continue to invest in their simulation platforms and innovate. Additionally have the resources to take care of their customers and execs with integrity.
     

  2. anonymous

    anonymous Guest

    Left MSC earlier this year. Worried doors would shut unannounced. Total blessing. Agree w post. They need to go. Never encountered two more unprofessional people in my career.

    MBL & BV had an all hands meeting 8/22. They were asked if paychecks were bouncing soon. They denied it. Not one person believed them. In addition to the prior post, here's why.

    At the prior all hands meeting, these two told the employees if things got really bad they would take one for the team and forgo their salaries. 2 bad months, 4 people let go for financial reasons, not perf, yet they pulled in full salaries the last 3 months.

    If that doesn't give insight into their complete lack of character, I don't know what does.

    Jim Tobin formerly Boston Sci is a Board Member and investor. Surprised he's ok getting wool pulled over his eyes and signed off hiring 2 senior people with no experience in space. He did acquire Guidant which was a colossal mistake. No one is perfect.
     
  3. anonymous

    anonymous Guest

    Worked there briefly. I quit. It was obvious those two asshats have no clue how to run a company or knew what they were doing.

    Read glassdoor reviews. It's pitiful and laughable. Obvious BV ad MB wrote the two positive reviews. Couldn't get any employees to back them up.

    Like the pity tactic they're using, "playing with big boys" and "making best of it". They seem to forget THEY are the reason the company is up shit creek.

    The number of people that hate those two is quite impressive. With all the departures, fully expect many more posts to happen.
     
  4. anonymous

    anonymous Guest

    A couple IT roles are now empty. If a tech co. does not replace this type head count, their balance sheet is not in good shape.

    Board is also at fault for current fiasco. They agreed to hire these two
     
  5. anonymous

    anonymous Guest

    More people being let go soon. We'll be 20 pppl or less. Place is a complete shitshow. OP right, Mary Beth and Bob cut people and didn't take a pay cut though promised they would in that mteting. Just wrong.
     
  6. anonymous

    anonymous Guest

    Former coworker told me about thread. These 2 mgrs are the worst. Company is too small to svc customers or support new biz. They compartmentalize and fudge info they give to board so they never hear bad news or get full story. Someone on it needs to wake up. These people are liars. Anyone dealing with them should go into discussions with eyes wide open and be prepared to be lied to, that includes customers. They wild do anything to accomplish their short term goals which means keeping revenue stream from drying up. Not surprised at all they let people go so they could keep their paychecks.
     
  7. anonymous

    anonymous Guest

    Feel bard for Bard Peripheral. We were working on a project when I was unceremoniously kicked to the curb for "expense reasons". Customers deserv better.
     
  8. anonymous

    anonymous Guest

     
  9. anonymous

    anonymous Guest

    bob vidals glassdoor review: "Just a blast!!!!!!!!!!!!!!!!" is wacked. evidence of his blood sugar and personality disorder.
     
  10. anonymous

    anonymous Guest

    Speak of the devil,. he's in Europe for a couple more weeks. There's an air of competence and morality in the office. Of course this is dragged down when MB isn't traveling and walks in the door.

    We don't even have a real CFO. Just a contractor that looks good on paper when they speak to investors. Another sign the company is going down the tubes! Couple more cuts on the way soon so Bob and MB can keep pulling in full salaries.

    When key people leave soon, company will collapse.
     
  11. anonymous

    anonymous Guest

    So much scoop here. No takers for funding. If it looks like a turd and smell like a turd.

    Cpl coworkers just told me Mary Beth will be presenting at the Prime Health Challenge www.primehealthco.com I hope they do due diligence before putting Medical Simulation on the agenda. This seems to be more oriented towards startups. We are well over a decade old. Nothing new about the company, including HPI.

    Going to call a few former medsim colleagues. Get them to sit in. ask pointed and contentious questions about the business.
     
  12. anonymous

    anonymous Guest

    Couple coworkers in office told me MB will be presenting at http://www.primehealthco.com its on our FB page. Wonder what lies she'll tell the audience. Hope the event does due diligence. Odd, seems oriented towards startups. We're over a decade old, dying on the vine, nothing is new or novel, especially not HPI. She has no expertise in the space.

    Sounds like desperate attempt to try to find an investor. Hear no takers from her roadshow. If it looks like a turd and smells like a turd.

    Few former colleagues let go may be interested in attending. Free tickets. Sure they'd like to ask some pointed questions about the business and call her out of any "inaccuracies".
     
  13. anonymous

    anonymous Guest

    IT Director quit, we have no IT department. Everything outsourced so Bob SVP Admin & Mary Beth CEO can keep their exorbitant salaries. Not a sign of stability for a tech company. Up to customers to decide if they are comfortable with a 3rd party managing their data. Don't think the vendor is hipaa compliant.

    18 ppl left at company. Others leaving soon.

    Partners MedAsset & ORZone openly communicating they wish they weren't doing business with us any longer. Mary Beth trying to dictate to both what they should do, theyre telling her to pound sand and hold her accountable for the problems.

    Mary Beth out of office ~3 days a week. No one interested in investing in this train wreck of a company. Good chance she's interviewing at the same time. Employees and vendors screwed over by her and Bob will be sure the legacy of their failures follow to next jobs.
     
  14. anonymous

    anonymous Guest

    Checked out glassdoor link above. Interesting read.

    Obvious your execs seeded positive reviews. Funny no one found their reviews helpful. Employee reviews rated higher. They confirm word on street from current, former Medical Simulation customers and former employees that moved to industry. None of it good.

    Will share thread with our training dept. We are in market but too many red flags. No way we will do biz with company run by these people.
     
  15. anonymous

    anonymous Guest

    Ahahahaha. Old Bob authored Dec 5 positive 'developer' review. What a t00ly overthehill moronic waste of space. https://www.glassdoor.com/Reviews/Medical-Simulation-Reviews-E263509.htm Added photo of Charles & himself. Wants ppl to think Charles wrote it. Very unlikly, no love between them. https://www.glassdoor.com/Photos/Medical-Simulation-Office-Photos-E263509.htm No current or former MedSim ppl will write anyting positive. These 2 dont get degree universal distaste every1 has for them. he & MB do great ostrich imitations when confronted with their perf and screw ups. Their heads arent in sand, theyre up each others asses.Fascinating to observ in the wild. Investors at office early this week. They need real scoop on MedSim before get lied to by Bob & Mary Beth (both pathological liars) & invest. Dec 12 Glaassdor rvw vry acurate how bad it is here.
     
  16. anonymous

    anonymous Guest

    Work at MDT Vascular. We dropped MSC & consolidated with a competitor Used to be one of their biggest customers. Simulator was finicky, unreliable. Training reps good. Writing on the wall they are going down. Also that Bob guy was very unpleasant to deal with and quite the liar. Really kind of ahole that didn't seem capable. If he was here he would've been fired. Gore and Edwards are looking. Spectranetics not happy either.
     
  17. anonymous

    anonymous Guest

    Latest investor MB courted passing. Smart money.
     
  18. anonymous

    anonymous Guest

    Spectranetics in da house. We are one of the few MS cust left & want out. Wake up Simbionix. We'd leave MS in a millisecond. You Need better conversion programs.

    Unfortunately we just renewed w MS for the near term. Staying out of necessity not preference. Will kick em to the curb when timings right, move on plan B. Execs have a history of dishonesty, selective amnesia, promising much, & under delivering. Big pita to deal with.

    Glad we are not only ones w similar experience & observations.
     
  19. anonymous

    anonymous Guest

    Another key departure!!! Trent, one of our very few top clinicals remaining quit to go work for Edwards Critical Care. Good for him!!!

    He wanted the hell out because Mary Beth and Bob are THAT BAD. Smart man!!! Edwards will be told the truth. Doesnt bode well for future business.

    Theyre stewing, think Edwards poached which violates an agreement. Both are so effing stupid, theyre actually thinking about going after one of our largest customers???

    These two are why he and every one else wants out. Ask anyone that works or worked here while theyve been in charge. Same story. Bob and Mary Beth.

    Investors stay away. Board, youre effing morons for not firing these two inept liars. When are you going to wake up??? Potential customers stay away. Existing customers, time to transition!!! Dont get caught holding the bag!!!

    16 remaining!!! Notice a trend??? We're at the end of the runway, not lifting off, time to bail!!!!
     
  20. anonymous

    anonymous Guest

    I quit. Place was a complete shitshow under their leadership. Neither had any idea how to manage or run a business. 16 employees left? Testament to what fuckups they are. Much happier working in industry. Those 2 talked a ton of shit after I left. Phunny, considering where the company is today, I bet 99.999999999% agree BV & MB can't make the cut.

    BVs bro was deputy mayor of Denver. Based on Bob in action at MSC, nepotism is the only reason why he kept his job.