PAR Excellence Systems Adds Former U.S. Department of Veterans Affairs Secretary Dr. David J. Shulkin to Board of Directors

CINCINNATI--(BUSINESS WIRE)--PAR Excellence Systems Inc. (“PAR” or the ”Company”), a leading, end-to-end provider of automated inventory management systems (“IMS”) solutions to the healthcare industry, today announced the appointment of the Honorable Dr. David J. Shulkin to its Board of Directors.

Shulkin joins the board of PAR having served as ninth Secretary of the United States Department of Veterans Affairs (the “VA”) after being confirmed by unanimous consent by the U.S. Senate in February 2017. Prior to his confirmation as Secretary, Dr. Shulkin served as the VA’s Under Secretary of Health during the Obama Administration. Before his confirmation as the Under Secretary of Health, Shulkin served as chief executive of leading hospitals and health systems including Beth Israel in New York City and Morristown Medical Center in Northern NJ. He currently serves on the Board of Trustees at Sanford Health, one of the country’s largest rural healthcare systems, having previously served as Executive Vice President. Secretary Shulkin has been named one of the “One Hundred Most Influential People in American Healthcare” by Modern Healthcare.

Secretary Shulkin is a board-certified internist and received his medical degree from the Medical College of Pennsylvania. He completed his internship at Yale University School of Medicine, and a residency and Fellowship in General Medicine at the University of Pittsburgh Presbyterian Medical Center and has received advanced training in outcomes research and economics as a Robert Wood Johnson Foundation Clinical Scholar at the University of Pennsylvania. He continues to advocate on behalf of the country’s veterans by serving on the board of numerous nonprofits that serve veterans, is the host of the popular Policy Vets Podcast, and is the author of the recent book, “It Shouldn’t Be This Hard to Serve Your Country: Our Broken Government and the Plight of Veterans.”

“We are honored to welcome Dr. Shulkin to PAR’s Board of Directors,” commented Thad MacKrell, Chief Executive Officer of PAR. “Through his many years of service in the healthcare field, across government, non-profit, and private care settings, Dr. Shulkin is well-positioned to share rich insights and perspectives on how digital transformation can allow large healthcare systems to drive substantial gains in efficiency through automation and improved cost management. His deep knowledge will be invaluable as we accelerate our strategy of providing innovative, automated supply chain management solutions to complex healthcare customers.”

“Healthcare organizations are increasingly looking to mitigate labor and supply chain pressures and improve quality of care within constrained budget environments,” said Shulkin. “PAR’s unwavering commitment to the needs of the hospital and health system market and its compelling technology solutions will enable it to successfully continue meeting market demand. I look forward to working with Thad, the PAR management team, and OceanSound Partners to drive substantial value creation for its customers and shareholders.”

“Dr. Shulkin brings a unique combination of experiences across government, non-profit, and private healthcare markets. His insights will significantly enhance PAR’s efforts to help healthcare organizations save on their substantial supply and labor costs annually through inventory optimization, enabling healthcare professionals to focus on patients and care,” said Joe Benavides, Managing Partner of OceanSound.

About PAR Excellence
PAR Excellence is a leading, end-to-end provider of automated inventory management systems (“IMS”) solutions to the healthcare industry. Its comprehensive offerings, including cloud-based software, proprietary hardware solutions, and value-added services, enable healthcare systems to reduce costs by improving inventory management practices, decreasing medical errors, capturing labor efficiencies, and reducing administrative overhead. PAR Excellence serves many of the country’s largest and most complex government, non-profit, and private healthcare systems and integrated delivery networks (“IDNs”). PAR Excellence was founded in 1992 and is based in Cincinnati, Ohio. For more information, please visit www.parexcellence.com.

About OceanSound Partners
OceanSound Partners is a New York-based private equity firm that pursues control investments in technology and technology-enabled services companies serving government and enterprise end markets. OceanSound employs a partnership approach, working closely with founders, entrepreneurs, and executives of middle market businesses to drive transformational growth. For more information, please visit www.oceansoundpartners.com.