Why does a CEO of a compound pharmacy insist on the personal injury or workers compensation space?  Why does every report from Greg Sundem refer that he “is” doing business in multiple states under his very special new platform?  He does know about Google, right?

Here is a simple fact that substantiates Greg Sundem’s insistence that he has a special wand and go can do business in any state at any time:

Every state has laws and regulations guiding pharmacy standards and requirements, addressing issues such as required licenses for each facility and for the credentialed pharmacists and other employees who work there. Virtually every jurisdiction also has requirements for secure storage, recordkeeping, the forms or pads used for patient prescriptions, labeling, and safety protocols related to origins, authenticity, chain of custody, expiration dates of products, purity, sterility and storage, among others. This includes the extra, explicit authority granted to "compound" or mix pharmaceutical ingredients into a patient-ready product. Numerous existing pharmacies have the authority to prepare such products for patients, based on prescriptions written by doctors or other prescribers. Some of these practice requirements have origins dating back 30 to 50 years, when large drug manufacturers played a much smaller role as the source of medication. State rules are updated periodically, commonly under the jurisdiction of individual state Boards of Pharmacy, which operate in the 50 states.

OK so lets say he does have the magic wand, if he does not indeed have a magic wand he should be really concerned that the SEC and Pharmacy Regulators are going to need to see it.  He has claimed more than once they “are shipping” to other states…

Now if all of the above has been overcome since March mwaaah don’t think so but if it has now this.

Why the personal injury space you say Greg Sundem, because he can claim very exaggerated profit margins at time of delivery.  Problem is, the profit margins are not real.  The personal injury profit margins are reduced years later when a PI case is settled by the attorney who promptly cuts all healthcare providers margins to increase the claimants take on the case. So wait three years to get maybe $3.00 of a $50.00 billable.  In some states, the patient can refuse any payment of liens on their case.  Therefore the suppliers are left to sue the patient…  This is assuming you sold product in the first place, which is not currently being done nor will it.

Trust me I was in that business and that’s how it works. 

Not to mention how far off his quoted numbers of automobile accidents in this last update from him.  Is he saying that they have a special formula compound medicine for those in automobile accidents?  Love to see that just had a fender bender of my own, would love to feel better.

Back to the confused look on Greg Sundem’s face now will have him coming back and rethinking the workers compensation model…..  Stay with me it gets better.

The real truth is, the workers compensation margins are much greater.  There published pricing guideline to support the “retail” prices for workers comp compounds ingredients.  O wait I forgot Greg Sundem is skilled at implementing software networks that can predict when the phone is going to ring and to know better than anyone the ingredients to a script that has not even been issued yet will get themselves ordered put into the tube and call Fedex to come pick it up from California for a patient in need in New York…  Wait what? 

Now you know what it is like to listen to Greg Sundem talk in person.  No really, if you were having a conversation about the margins in this pretend conversation because that is the only kind he is capable of having and you asked? So Greg if why are the margins better in one vs the other? That ramble would be the typical answer.  Head spinning yet, don’t worry after one conversation with him you will be all the smarter not to have another one with him.

That random rambling insert into the conversation would be a very typical spew from Greg Sundem when you just want to know why the margins for workers comp or PI is better than all of the rest of the industry.  He would key in on something neither of you know anything about like the “ingredients and delivery” so that he could make it up to move away from the question you asked in the first place.  Don’t forget this would come after his stupid “pre lie” laugh he does as in “you wont believe this” yep your right I wont…

Total asinine statement to say the PI’s margins are greater than workers comp.?  Based on what?  The absolute undisputable truth is, the accident market for compounds hardly registers in trends, applications etc.  Too specialized and untrusted.  Ah the benefits of Google and no real industry or legal trend research…

So why the back and forth between Workers Comp and PI space?

My guess is that what “he” thinks is that the entry to either market is not the demand a solution or lack thereof, but more there are sales reps willing to sell it.  Maybe?

However these dumbass’s don’t know how to get into that space legitimately.  They have no deliverable, process etc. to submit to State Pharmacy boards.  If they are working on it, lets see the states you submitted to?  O you haven’t sent them out yet, but you did ship some product?  Confused – me too.

The total tell here is simple, Greg Sundem keeps referring to the workers compensation or personal injury market. The out of “accident” market for compounds is larger than the accident market.  

The compound market in total has only a 1.4% annual growth rate.  That comes from markets other than humans!  Ding ding ding, I just gave Greg Sundem his next update.

So now that I need to get back to work and stop shaking my head in disbelief final closing comments:

• How can we be lead to believe that one company in a 1,000ft office with no staff or pharmacist in charge (they recently lost the only remaining original Mesa staff that understood the billing and collections process)  only two proven liars at the helm can penetrate that market in six months?  Try ten years even with todays advance methods of going to market. 

• Proof, here you go:bisworld.com/industry/compounding-pharmacies.html

The largest barrier to entry for potential industry entrants includes hiring a specialized work force, which is typically comprised of lab technicians and a pharmacist. Can’t do that without a payroll.  Employees must be trained in how to handle and manufacture pharmaceutical products, and firms face competition in hiring employees from traditional pharmaceutical manufacturers and pharmacies. Additionally, compounding pharmacies that specialize in sterile compounding, such as the preparation of injectable drugs and medication that goes into patients' body cavities or sterile areas, incur higher costs for purchasing equipment and maintaining a sterile environment to lower the risk for contamination”

• Ok lets pretend because that is a process in which Greg Sundem is most qualified for that we want to get in the compound business for real and stop the silly games.  Who actually buys the product being promoted here and I think we can agree that is “compound meds”.   The answer is simple the biggest users of compounds are – drum roll a real answer is coming up not a made up on the spot answer – it is wait for it Hospitals!  s**t who knew, how about the IBIS, Regulatory Systems, International Journal of Pharmaceutical Compounding etc.  (Not Greg Sundem, hey can’t blame everything on him)

The biggest users in the compound markets are hospitals.  So why not sell to them you say, well because the compounds are custom mixes made on the spot at the hospital for very dynamic reasons.  In being so, most if not all are used as a one-time application.  There is no inventory of topical of any scale. 

• Lets not forget the very reason Mesa Pharmacy was successful into launching into Praxsyn, they had a tangible product and market to whom they were doing business with.  “Tangible” not legit.

So again what the hell is the product and/or service that Praxsyn is selling so that all of the investors and public can get a return on their investments?

Do yourself a favor and Google any of the following:

Greg Sundem

John Garbino

David Fish

Can someone get someone on the phone to actually talk about placing an order?  Can someone get a picture or video of these actually going to work?  How about the landlord waiting around on rent, not much longer!

Please lets point to something here and get this over with.

Gregs own bio - was he in charge of creative writing at the only real verifiable job he had?  I would like to see his degree verfied.

Greg Sundem

Greg Sundem has over 24 years of experience in healthcare, operations, information technology, finance and business development. Greg has written software and managed the development of large scale projects such as writing “Smart Claims”, a medical claims processing system serving clients such as Northwest Airlines and other projects involving large hospital chains related to the exchange of data for claims processing purposes.  Smart Claims was used extensively by Family Health Plan, the first PPO in the US.  Other projects involve connecting over 5,000 bookstores across the country with electronic ordering including the integration of Barnes and Noble along with several independent book stores and chains, warehouse automation and many other systems.

Under Greg’s leadership at a book and magazine publishing company they grew into one of the largest private publishers in the US, this was done through improved IT systems developed in house and the implementation of an Oracle computer system with custom order entry and warehouse management components. Through this process Greg gained experience with facility management, site development and construction of warehouse and offices up to 100,000 sq feet. Greg has worked with city and state governments negotiating TIF and other financial incentives for the business.

Following the success in publishing, Greg was recruited to take on a Controller role at a holding company managing multiple moving and storage companies, portable storage companies and a leasing company. Greg opened a new business for this group, Larson Records and Storage, which turned into a very successful venture and currently is their most profitable company.

Greg was recruited from his Controller position to become COO for MedFinance and Lawsuit Cash Advance.  At MedFinance Greg was able to build a nice personal injury portfolio in the Las Vegas area, this portfolio was cash flowing and providing operating capital for MedFinance to expand into the Illinois workers compensation market. While building that market Greg looked to close a gap with the quality of care in the Peoria area and opened Universal Patient Care, a clinic serving injured workers.

Due to the success of this venture, serving over 100 patients on clinic days, Greg opened a second facility in the Joliet area and was rapidly growing the company through expansion of the provider network and vertical expansion with clinics to be followed by surgery centers. Greg also managed the 50M lending facility through DZ bank and was responsible for all aspects including audit, underwriting guidelines, operations, sales, and IT systems.

Greg gained valuable experience and helped establish case law and built portfolios. Through this experience he was able to learn what works and what doesn’t work in the area of healthcare finance.  Greg is an expert at Illinois Workers Compensation medical receivables.

Greg has a Bachelor of Science from the University of Minnesota with majors in Computer Science, Economics, and a minor in Statistics. Greg is a resident of Las Vegas with his family and currently working with a variety of funding entities and hedge funds.

After taking other peoples projections, process etc. looks like he helped himself to someone elses business plan.  While I am not going to share the entire plan here, the following is exactly as Greg provided in his bio.  While we have no problem with someone gets interested in an industry that jump in, but to continue to lie and grossly overstate your experance is just more of the same problem with Greg.  It makes me wonder if his education claim is legit?

Greg Sundem BIO

Greg Sundem

Greg Sundem has over 24 years of experience in healthcare, operations, information technology, finance and business development. Greg has written software and managed the development of large scale projects such as writing “Smart Claims”, a medical claims processing system serving clients such as Northwest Airlines and other projects involving large hospital chains related to the exchange of data for claims processing purposes.  Smart Claims was used extensively by Family Health Plan, the first PPO in the US.  Other projects involve connecting over 5,000 bookstores across the country with electronic ordering including the integration of Barnes and Noble along with several independent book stores and chains, warehouse automation and many other systems.

Under Greg’s leadership at a book and magazine publishing company they grew into one of the largest private publishers in the US, this was done through improved IT systems developed in house and the implementation of an Oracle computer system with custom order entry and warehouse management components. Through this process Greg gained experience with facility management, site development and construction of warehouse and offices up to 100,000 sq feet. Greg has worked with city and state governments negotiating TIF and other financial incentives for the business.

Following the success in publishing, Greg was recruited to take on a Controller role at a holding company managing multiple moving and storage companies, portable storage companies and a leasing company. Greg opened a new business for this group, Larson Records and Storage, which turned into a very successful venture and currently is their most profitable company.

Greg was recruited from his Controller position to become COO for MedFinance and Lawsuit Cash Advance.  At MedFinance Greg was able to build a nice personal injury portfolio in the Las Vegas area, this portfolio was cash flowing and providing operating capital for MedFinance to expand into the Illinois workers compensation market. While building that market Greg looked to close a gap with the quality of care in the Peoria area and opened Universal Patient Care, a clinic serving injured workers.

Due to the success of this venture, serving over 100 patients on clinic days, Greg opened a second facility in the Joliet area and was rapidly growing the company through expansion of the provider network and vertical expansion with clinics to be followed by surgery centers. Greg also managed the 50M lending facility through DZ bank and was responsible for all aspects including audit, underwriting guidelines, operations, sales, and IT systems.

Greg gained valuable experience and helped establish case law and built portfolios. Through this experience he was able to learn what works and what doesn’t work in the area of healthcare finance.  Greg is an expert at Illinois Workers Compensation medical receivables.

Greg has a Bachelor of Science from the University of Minnesota with majors in Computer Science, Economics, and a minor in Statistics. Greg is a resident of Las Vegas with his family and currently working with a variety of funding entities and hedge funds.