Quality Systems, Inc. (NASDAQ: QSII) announced today that
President and Chief Executive Officer Steven T. Plochocki, 63, will
retire from the Company, effective June 30, 2015. Plochocki has
served in this leadership role since 2008, and has been affiliated
with Quality Systems since 2004 when he was elected a member of its
board of directors.
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Rusty Frantz, Incoming President and CEO,
Quality Systems, Inc. (Photo: Business Wire)
Plochocki will serve out the remainder of his current term as
director, but will not stand for reelection at the Company’s Annual
Meeting of Shareholders, scheduled to be held August 11, 2015.
Following his retirement, Plochocki will continue with the Company
as a consultant for a four-month period to ensure a smooth
transition.
Plochocki will be succeeded by Rusty Frantz, 48, who will join
the company July 1, 2015. Both Plochocki and Frantz will be in
attendance at the Company’s previously announced Investment
Community Analyst Day to be held on Monday, June 8, 2015 in New
York City.
Most recently, Frantz spent eight years serving in varying roles
with increasing responsibility at CareFusion Corp., a San
Diego-based global medical technology corporation serving the
healthcare industry, providing products and services that assist
hospitals in improving the safety and quality of care.
From 2011 until March 2015, when CareFusion was acquired by
Becton, Dickinson and Company (BD), Frantz held the role of senior
vice president and general manager, global dispensing division.
During this time, he spearheaded a transformational medication
management strategy across three global brands – Pyxis, Rowa and
CareFusion Smartworks – which comprised $1 billion in global
revenue. This was a key strategic driver in the acquisition of
CareFusion by BD. Prior to heading the division, Frantz served as
vice president of research and development of the Pyxis business
unit, where he led the process to bring the highly successful Pyxis
ES medication dispensing solution to market. He also served as
general manager of Pyxis Perioperative Solutions, a leader in
hospital and health system supply management solutions.
Frantz also was chief technology officer and co-founder of
OutPurchase, a provider of cloud-based procurement solutions and
services. He began his career as one of the first employees at
Omnicell, a leading supplier of comprehensive automation and
business analytics software for patient-centric medication and
supply management across the healthcare continuum.
Frantz holds a Bachelor of Science degree in engineering from
the Maine Maritime Academy and a Master’s of Engineering from
Stanford University.
Plochocki reflected on his tenure with the Company, stating:
“For more than a decade, I have had the privilege of guiding
Quality Systems during what is believed to be the most exciting
time in the history of our nation’s healthcare system. I am
fortunate to have worked alongside a talented team of professionals
whose collaborative efforts enabled the Company to transition to a
full-service healthcare information technology (HCIT) provider. The
hard work of all our employees allowed Quality Systems to realize
double-digit growth for fiscal 2015, which is a testament to their
knowledge, hard work and dedication. And, over the past five years,
we have grown this Company four-fold to reach the half-billion
dollar revenue mark. While the industry keeps evolving through
reform and new payment models, Quality Systems remains in a strong
position as it continues to provide a broad range of products and
services the healthcare community needs to be successful in
competing in this new era of healthcare.”
Sheldon Razin, founder and chairman of the board, added: “The
entire Quality Systems team, along with the Board, thanks Steve for
his years of distinguished leadership and service. He has helped
define and shape Quality Systems into the global HCIT leader it has
become. Now, as we embark on our new fiscal year, we look forward
to the direction Rusty will provide and the contributions he will
make in his new role. Rusty’s extensive experience working with
global healthcare entities will bode well for Quality Systems and
the 85,000 providers we serve.”
About Quality Systems, Inc.
Irvine, Calif.-based Quality Systems, Inc. and its NextGen
Healthcare subsidiary develop and market computer-based practice
management, electronic health records and revenue cycle management
applications as well as connectivity products and services for
medical and dental group practices and small hospitals. Visit
www.qsii.com and www.nextgen.com for additional information.
SAFE HARBOR PROVISIONS FOR FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking statements within
the meaning of the federal securities laws, including but not
limited to, statements regarding future events, developments in the
healthcare sector and regulatory framework, the Company's future
performance, as well as management's expectations, beliefs,
intentions, plans, estimates or projections relating to the future
(including, without limitation, statements concerning revenue, net
income, and earnings per share). Risks and uncertainties exist that
may cause the results to differ materially from those set forth in
these forward-looking statements. Factors that could cause the
anticipated results to differ from those described in the
forward-looking statements and additional risks and uncertainties
are set forth in Part I, Item A of our most recent Annual Report on
Form 10-K for the fiscal year ended March 31, 2015, including
but not limited to: the volume and timing of systems sales and
installations; length of sales cycles and the installation process;
the possibility that products will not achieve or sustain market
acceptance; seasonal patterns of sales and customer buying
behavior; impact of incentive payments under The American Recovery
and Reinvestment Act on sales and the ability of the Company to
meet continued certification requirements; the development by
competitors of new or superior technologies; the timing, cost and
success or failure of new product and service introductions,
development and product upgrade releases; undetected errors or bugs
in software; product liability; impact of internal and external
privacy and security breaches; changing economic, political or
regulatory influences in the health-care industry and changes to
the regulatory framework applicable to our business; changes in
product-pricing policies; availability of third-party products and
components; competitive pressures including product offerings,
pricing and promotional activities; the Company's ability or
inability to attract and retain qualified personnel; changes of
accounting estimates and assumptions used to prepare the prior
periods' financial statements; and general economic conditions. A
significant portion of the Company's quarterly sales of software
product licenses and computer hardware is concluded in the last
month of a fiscal quarter, generally with a concentration of such
revenues earned in the final ten business days of that month. Due
to these and other factors, the Company's revenues and operating
results are very difficult to forecast. A major portion of the
Company's costs and expenses, such as personnel and facilities, are
of a fixed nature and, accordingly, a shortfall or decline in
quarterly and/or annual revenues typically results in lower
profitability or losses. As a result, comparison of the Company's
period-to-period financial performance is not necessarily
meaningful and should not be relied upon as an indicator of future
performance. The Company undertakes no obligation to publicly
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20150604006269/en/
Quality Systems, Inc.Susan J. Lewis,
954-389-3700slewis@qsii.com
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