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.
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.