How is it that the CEO who owns the 'Bone Smart' website/message board needs over a million a year to finance that? Seriously, it does not cost a fraction of that much to run a website and message board unless of course the excess 'expenses' associated with it go toward SALARY. His status as 'non profit' is also exploited by him for FOR PROFIT endeavors such as: jrhamedical.com/
He needs to be more transparent and disclose what his salary is and also what his FOR PROFIT financial interests are for having this non profit org.
So here's a guy who's got MULTI MILLIONS coming in salary for his for profit endeavors who has set up a 'non profit' to promote the joint replacement industry (for profit industries) via corporate sponsors and requesting more millions--and from the general public of patients mind you. He's got enough of HIS OWN money to run his website.
Enough of these 'non profit' corp CEOs raking in cash like that. There oughta be more TRANSPARENCY laws .
Savvy entrepreneur exploits loop holes of non profit status to promote for profit corporate endeavors.
CEO, Richard Warner has set up the non profit 'charity' corp: 'FARM ortho' under the premise of 'helping people' with joint problems as to help 'educate' them about the benefits of joint replacement via his website and message board; 'Bone Smart'. In effect, he has set up a venue to PROMOTE the joint replacement INDUSTRY which is a FOR PROFIT industry and bring in more patient CONSUMERS to this industry for which he has vested financial interests in promoting. Hence the premise for it existing as non profit; 'to help educate' patients resolves to furthering his own financial interests in increasing the market share of potential patients and with that, garnering venture capital to develop and build for profit joint replacement centers. He is also on the board of directors and CEO of of start up venture to develop and build joint replacement centers which is clearly a 'for profit' endeavor.
Hence, I call into question the 'altruistic' premise of his non profit status that his website; 'Bone Smart' arises from the spirit of 'charity' or 'education' when it's so closely tied into MARKETING the joint replacement INDUSTRY as to increase market share while this same non profit status is used in pursuit of venture capital to build and develop his for profit financial endeavors. Further investigation is needed as to which loop holes exist in which non profit status can be also EXPLOITED this way for personal financial gain in the way he is conducting.
It is an industry he has vested financial interests in given that he is also CEO and founder of a start up corporation aimed at developing and building joint replacement centers. His non profit 'charity' status aimed at 'educating' or 'raising awareness' to consumers on the value of joint replacement (he has the largest and most well visited patient website in that venue) resolves to a type of MARKETING the joint replacing industry as to increase the market share of patients. In turn, his ability to do that results in a type of 'leverage' where he can use his non profit charity status to further his own for profit financial goals in development and building of joint replacement hospitals (as to garner VENTURE CAPITAL) for such.
In that way, his non profit status is disingenuous given it is tied into promoting joint replacement while garnering private investors in his for profit corporate endeavors to develop and build profitable joint replacement centers.
I appreciate the candor and concern the author has expressed in this post. There are two sides to any given viewpoint and please allow me to express an alternate point of view. I do believe there are dishonest people who set up non–profits for their personal enrichment. The Foundation For The Advancement In Research In Medicine, Inc. and its patient outreach program BoneSmart does not qualify for this tag of “Personal Enrichment”. It was founded by a grateful post operation hip replacement gentlemen 15 years ago by the name of Richard Warner. (That’s me) I would guide you to a video which further lays out the goal of the Foundation in the video section of our platform http://bcove.me/zobnuohx When my hip needed replacing in 2000, I found little or no online support for my malady. I was also very grateful for the research Dr. Ian Clark had done on a non-FDA approved ceramics for hip replacement. I was also grateful to Dr. Allan Gufterson for his skill in implanting a ceramic hip, which was his first time experience with this technology. In honor of these two doctors I founded FARM. As to my personal enrichment there is none. For the first 10 years in heading the foundation I took no salary, and have been on a stipend since then. The stipend meets the regulatory guidelines for CEO compensation. Please see financials posted on GuideStar.org http://www.guidestar.org/organizations/26-0019433/foundation-advancement-research-medicine.aspx In addition, FARM pays stipends to our Forum moderators of 17. This coupled with an approximate $40,000.00 per month spend on Search Optimization programs, a marketing firm, website management and two top executives running sponsorship and management programs brings the operating budget to nearly 1 million dollars a year. We could expand our outreach programs to help patients further if we had added donations. In 2008 one of the FARM board members came to me with the idea of building small but highly efficient joint replacement hospitals using the technology showcased on our platform. The Joint Replacement Hospitals Of America LLC was formed in 2008 and as of this date no hospitals are built. Why? – The regulatory environment in California is highly complex and nearly 7 years have gone by with daily challenges to overcome. JRHA is For Profit and I see no reason that I should shy away from any financial rewards that may come with this complex project. The sole purpose of JRHA is to provide hip and knee replacement patients a facility which focuses on efficiency coupled with best practices. With new technology planed for these hospitals our surgeons can provide a platform for patients to leave the hospital within 24 hours of surgery – a far cry from my 5 days in the hospital in 2000. Thank you for allowing me to express my viewpoint. I welcome any and all questions. Warmest Regards, Richard Warner
Review from Guidestar