When the family’s goal is to diminish the damage an impaired leader can do without destroying the core trust and connection within the family, the stakes are high.
We’ve seen plenty of uncomfortable battles for control among family members play out in the media, or worse, the courts. When the leader is also the family patriarch or matriarch, it may seem impossible to challenge or even bring up a concern. Pushing out an impaired senior leader who is one of the owners can be tricky, especially when they have a controlling ownership stake and don’t acknowledge that impaired judgment. An impaired leader makes bad decisions and mistakes, misses opportunities, doesn’t follow through on commitments, and otherwise displays behaviors and attitudes that are inappropriate for their position of power, negatively impacting the people and the business. But that’s not what happens when it’s a privately owned enterprise.Īn aging leader may not be as strong or fast they used to be but is capable and functional in most areas. But his downfall represents a challenge that family businesses across the world face: What happens when a long-serving family business leader starts to lose a step, potentially jeopardizing the business? When the CEO of a public company starts to show impaired performance, their board (and shareholders) will swiftly usher them out. Russo may not be a typical family business leader. Of course, they all paid for his mistakes when Russo was arrested. His associates had known about his problems for years, but he would not listen to suggestions that it might be time to step aside for the next generation of leadership. He had begun to ignore his own best practices, using insecure communication to directly involve himself in criminal activity. Having led the “family business” with a disciplined, hands-on management style for years, the 87-year-old had started to get sloppy. Real outcomes.In the fall of 2021, the FBI finally caught up with Andrew Russo, head of the Colombo mafia family in New York. Our vision is to dramatically improve care at lower cost for patients when they need it the most – when they’re at home, on their own, or in between visits with their care providers. By promoting patient-clinician engagement through shared connectivity and virtual technology, we enable rich, real-time interactions between patients, clinicians, care professionals and support teams. The Medocity platform is specifically designed to enable and improve patient-centered care delivered outside the hospital setting, particularly for patients at home who have chronic conditions responsible for more than 80% of the nation’s annual healthcare spend. Our unique, innovative technology combines multiple telehealth capabilities onto a single, integrated care coordination and management platform, along with robust clinical intelligence including rules-based algorithms, alerts and decision support tools to help drive earlier detection and proactive interventions. Medocity, headquartered in Parsippany, New Jersey, is a recognized leader in comprehensive virtual care products and services including chronic condition management, televisits, and remote patient monitoring. Steve holds an MBA in Management from Montclair State University and Bachelors in Finance from William Paterson University.
He also was a key leader for operations in the integration between Express Scripts and Medco in 2012. Most recently he served as Vice President of Operations since 2008, managing business and financial operations spanning Fulfillment Operations, Contact Centers and Strategic Planning. He spent most of his career at Medco Health and Express Scripts in the Prescription Benefit Management (PBM) industry. Steve joins Medocity with over 20 years of executive experience in Healthcare and Operations. “It’s an exciting opportunity to make an impact and deliver better outcomes and savings to our clients” “I look forward to working with such a talented, entrepreneurial minded team that delivers real solutions and innovation to the complex healthcare system this country operates in.” said Karaty. As a member of the executive team, he will report to the CEO and President, Raj Agarwal. Steve will oversee Medocity’s overall business operations, client implementations and contact center. is pleased to announce the appointment of Steve Karaty as Vice President of Operations.