OSU Medical Trust Minutes

OSU Medical Trust

Thursday, June 25, 2026 1:15 PM CDT
@ OSU Medical Center, 2nd Floor Executive Boardroom, 744 W. 9th St., Tulsa

Agenda

Notice of the meeting was given in writing to the Oklahoma Secretary of State more than forty-eight (48) hours prior to the meeting, and the agenda of this meeting was posted at entrances of Oklahoma State University Center for Health Sciences and Oklahoma State University Medical Center twenty-four (24) hours prior to such meeting, excluding Saturdays, Sundays, and legal holidays, in compliance with the Oklahoma Open Meeting Act.

Attendance

Present:
Members: Clay Bullard, Michael Herndon, Barry Steichen, Johnny Stephens, Tracy Poole Guests: Eric Atkinson, Damon Baker, Kathy Cook, Mike Fields, Courtney Finocchiaro, Catherine Gann, Karlee Gholson, Melissa Macarthur, Finny Mathew, Eric Polak, Jessica Russell, Erica Woolf
Absent:
Members: Jay Helm, Brett Lessley

Call to order and establishment of a quorum (Presenters: Michael Herndon)
- The meeting was called to order at 2:20 PM by Michael Herndon who is chairing the meeting on behalf of Chairman Jay Helm. After a roll call, Michael Herndon declared that a quorum of the Trustees of the Oklahoma State University Medical Trust was present for the meeting.
Discussion, consideration, and possible vote to approve the minutes from the April 23, 2026 meeting, and any amendments made thereto by Trustees – ACTION (Presenters: Michael Herndon)
- File Name: Draft-OSU Medical Trust Minutes 4.23.2026.pdf
- Motion:
- Motion to approve the minutes from the April 23, 2026 meeting, and any amendments made thereto by Trustees.
- Motion moved by Barry Steichen and motion seconded by Tracy Poole. Aye: Bullard, Herndon, Stephens, Poole, Steichen Nay: None Abstain: None
Summary of the June 19, 2026, Quality Committee of the Trust Meeting (Presenters: Michael Herndon)
1. Information Only
  1. Quality Committee of the Trust Meeting Minutes
    - File Name: Quality Committee of the Trust Meeting Minutes April 16, 2026.pdf
  2. ACHC Post Survey Compliance Monitoring
    - File Name: ACHC Post Survey Compliance Monitoring - 2026.05.pdf
  3. Blue Team and Gray Team PI Dashboards presented 2026.06
    - File Name: Blue Team and Gray Team PI Dashboards 2026.06.pdf
    - Michael Herndon reported the committee thoroughly went over the policies that management continues to review and update. Three policy revisions were approved; water management policy, security management plan, and the hyperbaric clinical guidelines for emergency care.
      The committee reviewed the green and blue teams this time. The process improvement measure were looked at and everything that fell below thresholds were discussed.
      We continue to look at our ACHC post survey compliance. For the survey, there were several things they wanted us to address. And we have completed all of those except one action plan has to do with the documentation of suicide risk prevention. It has been done but the documentation needs to be completed.
Recommendations of the Medical Executive Committee from its June 17, 2026 meeting (Presenters: Kathy Cook)
- File Name: CREDENTIALING REPORT 2026.06.pdf
- The committee discussed the credentialing report as brought forward by the Medical Executive Committee. Trust members wanted clarification on two radiologists who were moving from teleradiology to on-site and if that would create a change in service levels. Management stated it would not create a change in service levels. All categories were approved as presented. After the votes were taken the Trust was made aware of a physician who requested privileges but was not advanced by the credentials committee because they did not meet criteria. No names were given.
  1. Discussion, consideration, and possible vote to approve the Organized Medical Staff Initial Appointments per the above attachment - ACTION
    - These were approved at Credential Committee and MEC.
    - Motion:
    - Motion to approve the Organized Medical Staff Initial Appointments per the above attachment.
    - Motion moved by Tracy Poole and motion seconded by Barry Steichen. Aye: Bullard, Herndon, Stephens, Poole, Steichen Nay: None Abstain: None
  2. Discussion, consideration, and possible vote to approve the Organized Medical Staff Reappointments per the above attachment- ACTION
    - These were approved at Credential Committee and MEC.
    - Motion:
    - Motion to approve the Organized Medical Staff Reappointments per the above attachment.
    - Motion moved by Johnny Stephens and motion seconded by Tracy Poole. Aye: Bullard, Herndon, Stephens, Poole, Steichen Nay: None Abstain: None
  3. Discussion, consideration, and possible vote to approve the Organized Medical Staff Request for Staff Category Change per the above attachment - ACTION
    - These were approved at Credential Committee and MEC.
    - Motion:
    - Motion to approve the Organized Medical Staff Request for Staff Category Change per the above attachment.
    - Motion moved by Barry Steichen and motion seconded by Michael Herndon. Aye: Bullard, Herndon, Stephens, Poole, Steichen Nay: None Abstain: None
  4. Discussion, consideration, and possible vote to approve the Organized Medical Staff Request for Additional Privilege per the above attachment- ACTION
    - These were approved at Credential Committee and MEC.
    - Motion:
    - Motion to approve the Organized Medical Staff Request for Additional Privilege per the above attachment.
    - Motion moved by Clay Bullard and motion seconded by Michael Herndon. Aye: Bullard, Herndon, Stephens, Poole, Steichen Nay: None Abstain: None
  5. Discussion, consideration, and possible vote to approve the Organized Medical Staff Request for Resignations per the above attachment- ACTION
    - These were approved at Credential Committee and MEC.
    - Motion:
    - Motion to approve the Organized Medical Staff Request for Resignations per the above attachment.
    - Motion moved by Barry Steichen and motion seconded by Johnny Stephens. Aye: Bullard, Herndon, Stephens, Poole, Steichen Nay: None Abstain: None
FINANCE COMMITTEE (Presenters: Brett Lessley, Eric Atkinson)
1. Review of Month to Date and Year to Date May 2026 Financials (Presenters: Eric Atkinson)
  - File Name: OSUMT May 2026 Financial Presentation - Trust.pdf
  - Eric Atkinson discussed this in detail at the Finance Committee meeting. Highlights included:
    - Finished the month with net income consolidated over around $900,000 on a budget of $1.2 million that brought our YTD net income up to $14 million.
2. FY2027 OSU Medical Trust Operating and Capital Budget Presentation (Presenters: Eric Atkinson)
  - Open session discussion of the proposed FY2027 budget.
  - File Name: OSUMT FY27 Operating and Capital Budget.pdf
    1. Discussion and possible vote to enter Executive Session for the following purposes - ACTION (Presenters: Michael Herndon)
      1. Pursuant to 25 O.S. § 307(B) (Presenters: Eric Atkinson, Finny Mathew, Eric Polak)
        Confidential communications between the Board and its attorney(s) concerning pending or potential claims and/or litigation related to Medicaid cuts and/or other legal claims related thereto, where the Board’s attorney has determined disclosure will seriously impair the ability of the Board to conduct the investigation(s) and/or assess claims in the public interest as authorized under 25 O.S. § 307(B)(4).
        Discussion of confidential and/or proprietary information submitted to or compiled by the Trust under 63 O.S. § 3290(D); 25 O.S. § 307(B)(7); 12 O.S. § 2508; and 78 O.S. § 86; including the following: Review, discuss, and/or consider adoption, modification, and/or rejection of strategic plans which include marketing plans, financial statements, trade secrets, research concepts, methods or products, and other proprietary information including growth options, partnerships, market research/analysis, and potential costs of same as these items relate to Medicaid cuts.
        Motion:
        Motion to enter into Executive Session.
        Motion moved by Tracy Poole and motion seconded by Barry Steichen. Aye: Bullard, Herndon, Stephens, Poole, Steichen Nay: None Abstain: None
3. Discussion, consideration and possible vote to adjourn the Executive Session and reconvene to the Trust Meeting - ACTION (Presenters: Michael Herndon)
  - Motion:
  - Motion to adjourn the Executive Session and reconvene to the Trust Meeting.
  - Motion moved by Tracy Poole and motion seconded by Barry Steichen. Aye: Bullard, Herndon, Stephens, Poole, Steichen Nay: None Abstain: None
4. Discussion, consideration, and possible vote to approve the FY2027 OSU Medical Trust Operating and Capital Budget - ACTION (Presenters: Eric Atkinson)
  - This was discussed in length in the Finance Committee meeting and in Executive Session.
  - Motion:
  - Motion to approve the FY2027 OSU Medical Trust Operating and Capital Budget.
  - Motion moved by Tracy Poole and motion seconded by Barry Steichen. Aye: Bullard, Herndon, Stephens, Poole, Steichen Nay: None Abstain: None
CONTRACTUAL AGREEMENTS
1. Discussion, consideration and possible vote to renew Saint Francis Health Systemlinen agreement – ACTION (Presenters: Catherine Gann)
  - File Name: SBAR_Linen Service Renewal .pdf
  - Catherine Gann presented the SFHS linen agreement. Service with SFHS has been substantially better than the prior contractor. There is a modest increase in price. The Finance Committee recommended approval.
  - Motion:
  - Motion to renew Saint Francis Health System linen agreement.
  - Motion moved by Tracy Poole and motion seconded by Clay Bullard. Aye: Bullard, Herndon, Stephens, Poole Nay: None Abstain: Steichen
2. Discussion, consideration and possible vote to approve the FY2027 Saint Francis Management Agreement Metrics- ACTION (Presenters: Eric Polak)
  - File Name: SBAR FY2027 SFHS Scorecard.pdf
  - Eric Polak brought forward the SFHS Management Agreement Metrics for consideration. There was some discussion of the maximum amount of the quality performance incentive. Management is to seek clarification and bring it back to the next Trust meeting.
  - Motion:
  - Motion to approve the FY2027 Saint Francis Management Agreement Metrics.
  - Motion moved by Tracy Poole and motion seconded by Michael Herndon. Aye: Bullard, Herndon, Stephens, Poole, Nay: None Abstain: Steichen
3. Discussion, consideration and possible vote to renew Select Specialty Hospital lease agreement – ACTION (Presenters: Catherine Gann)
  - File Name: SBAR_Select Lease.pdf
  - Catherine Gann brought forward the Select Lease Renewal for consideration. Select has been a good partner for OSUMC. OSUMC has experienced growth and 7 West is the only remaining area for growth. For that reason, OSUMC has limited the term and renewals for this agreement. The notice period is enough to allow for OSUMC to plan for a remodel of 5 West or 6 West should they be needed. There is an increase in square footage rates as is consistent with FMV.
  - Motion:
  - Motion to renew Select Specialty Hospital lease agreement at the rate and terms presented by Catherine Gann.
  - Motion moved by Johnny Stephens and motion seconded by Tracy Poole. Aye: Bullard, Herndon, Stephens, Poole, Steichen Nay: None Abstain: None
4. Discussion, consideration and possible vote to renew Select Specialty Hospital professional services agreement – ACTION (Presenters: Catherine Gann)
  - File Name: SBAR_Select PSA.pdf
  - Catherine Gann brought forward the Select PSA Renewal for consideration. The agreement has been updated to include housekeeping services. Management verified the services covered the cost. This coincides with the Select Specialty Hospital lease agreement and will terminate if that agreement terminates.
  - Motion:
  - Motion to renew Select Specialty Hospital professional services agreement.
  - Motion moved by Barry Steichen and motion seconded by Johnny Stephens. Aye: Bullard, Herndon, Stephens, Poole, Steichen Nay: None Abstain: None
5. Discussion, consideration and possible vote to approve the FY2026 Cost Report Engagement with Forvis - ACTION (Presenters: Eric Atkinson)
  - File Name: SBAR FY2026 FORVIS Engagements.pdf
  - This is the cash component report of the Fovis engagement previously discussed at the Finance Committee meeting. The recommendation there was to move this forward to the Trust for approval of reimbursement services with Forvis. This was brought before the Board to be fully transparent and make sure there was no desire from the Trust to move away from Forvis as the partner. This was discussed in the Finance Committee and was suggested to be approved by the Trust.
  - Motion:
  - Motion to approve the FY2026 Cost Report Engagement with Forvis.
  - Motion moved by Barry Steichen and motion seconded by Tracy Poole. Aye: Bullard, Herndon, Stephens, Poole, Steichen Nay: None Abstain: None
6. Discussion, consideration and possible vote to approve the Resident Medical Professional Insurance Renewal - ACTION (Presenters: Eric Atkinson)
  - File Name: 26-27 Resident Premium Summary.pdf
  - Eric Atkinson brought forward the resident malpractice insurance recommendation. The binding of insurance is a reserved power of the Trust. There was an increase in the overall contract amount due to a higher number of residents covered.
  - Motion:
  - Motion to approve the Resident Medical Professional Insurance Renewal.
  - Motion moved by Tracy Poole and motion seconded by Barry Steichen. Aye: Bullard, Herndon, Stephens, Poole, Steichen Nay: None Abstain: None
7. Discussion, consideration and possible vote to approve 7th Anesthesia OR Site and authorization for Chairman to execute related contracts and amendments - ACTION (Presenters: Eric Atkinson, Erica Woolf)
  - File Name: 7th Anesthesia OR Site.pdf
  - Erica Woolf reviewed this was discussed in Finance Committee the potential growth and revenue for our 7th site OR. It is being recommended to increase staffing, including anesthesia provider for a 7th site.
  - Motion:
  - Motion to approve 7th Anesthesia OR Site and authorization for Chairman to execute related contracts and amendments.
  - Motion moved by Tracy Poole and motion seconded by Johnny Stephens. Aye: Bullard, Herndon, Stephens, Poole, Steichen Nay: None Abstain: None
8. Discussion, consideration and possible vote to amend the Management Services Agreement with the OSU Center for Health Sciences for OSU Medical Center Professional Services LLC (Presenters: Eric Polak)
  - Amendments to Exhibit B include:
    - Clarify that OSU-CHS is not due reimbursement if position is directly employed by OSUMCPS LLC
    - Removes the 1.0 FTE for referral coordinator and establishes a $5 per referral fee
    - Establishes a $3 scheduling fee
  - File Name: CLEAN Amendment OSUMCPS and OSUCHS management agreement updated 6.22.26.pdf
  - This was voted on then determined to recall the vote and table item until the August 27, 2026 meeting. It was requested to make sure the amendment includes fees for referrals and make sure letter for fair market value supports the amount.
  - Motion:
  - Motion to approve amendment the Management Services Agreement with the OSU Center for Health Sciences for OSU Medical Center Professional Services LLC if the fair market value supports it.
  - Motion moved by Clay Bullard and motion seconded by Johnny Stephens. Aye: Bullard, Herndon, Stephens, Poole, Steichen Nay: None Abstain: None
  - Motion:
  - Motion to rescind the vote in favor of the contractual agreement.
  - Motion moved by Clay Bullard and motion seconded by Barry Steichen. Aye: Bullard, Herndon, Stephens, Poole, Steichen Nay: None Abstain: None
  - Motion:
  - Motion to table and revisit this at the August 27, 2026, meeting.
  - Motion moved by Clay Bullard and motion seconded by Barry Steichen. Aye: Bullard, Herndon, Stephens, Poole, Steichen Nay: None Abstain: None
Discussion, consideration and possible vote to proceed with the Collinsville Medical Office Building - ACTION (Presenters: Eric Polak)
- recapped discussion from Finance committee, updated that budget had been reduced.
- File Name: SBAR_Collinsville_Medical_Office_Building_2026.06.25.pdf
- File Name: OSU_Collinsville_MOB_Business_Plan_2026.06.25.pdf
- File Name: OSU_Collinsville_Board_Presentation 2026.06.25.pdf
- Eric Polak brought forward the Collinsville project for consideration. Management was tasked with continuing to reduce expenses related to the project. The use of a temporary building to see patients was discussed. The Trust asked for more detail around the implementation plan, sequency of primary care, and urgent care, all to return at the next meeting. Trustees also wanted the CFO to verify all net income impacts were recognized in the respective budgets as they were not included in the proposed budget for approval.
- Motion:
- Motion to proceed with the Collinsville Medical Office Building with the caveats as presented and discussed.
- Motion moved by Johnny Stephens and motion seconded by Michael Herndon. Aye: Bullard, Herndon, Stephens, Poole, Steichen Nay: None Abstain: None
Discussion, consideration and possible vote to establish the OSU Diabetes Comprehensive Care Center - ACTION (Presenters: Eric Polak)
- File Name: SBAR_Diabetes_Comprehensive_Care_Center 2026.06.25.pdf
- File Name: Diabetes_Comprehensive Care Center_Business_Plan 2026.06.25.pdf
- File Name: OSU_Diabetes_CCC_Board_Deck 2026.06.25.pdf
- The regional need of this service was discussed as ASJ recently shut down its Endocrinology services. The Trust asked management to consider philanthropic donations. There was discussion of securing contracts ahead of committing to the service line, but the Trust ultimately decided that it would be more difficult to grow the program in that manner. There is overlap between some services of the center and service provided by the hospital. The Trust discussed approving the physician hire now and bringing back the entire center concept to understand the overall budget impact net of impacts to all entities under Trust oversight.
- Motion:
- Motion to establish the OSU Diabetes Comprehensive Care Center including the affiliated MA with the provider with a 90-day update.
- Motion moved by Michael Herndon and motion seconded by Johnny Stephens. Aye: Bullard, Herndon, Stephens, Poole, Steichen Nay: None Abstain: None
VA Update (Presenters: Eric Polak)
- Eric Polak gave the update. Highlights included:
  - Delay of opening of the VA due to a reassessment of their standards around steam valves. They have revised the standards after the plans were approved and everything was bid out. VHiT completed work and the VA is replacing any of the parts that are subject to the standard revision. This will be a six-month process. They did send out notices to staff who had accepted positions that your start date is delayed until November, somewhere between the November and January timeframe.
  - VA has received approval to transport patients to OSUMC until the skybridge is complete.
  - Finalizing affiliation and contract agreement.
  - They have made the agreement on the university side for OSU Emergency Medicine to staff the ER.
  - Continuing to work through on several joint hire opportunities or contracting services opportunities.
  - Dr. Stephens offered tours of Mental Health Facility and VA.
Oklahoma State University Medical Center President’s Update – Finny Mathew, MHA, President
- File Name: President's update Trust 2026.06.18.pdf
- File Name: Beckers Article CLABSI's.pdf
- File Name: Joint Board Meeting and reception Save the Date.pdf
- File Name: Cowboys and Clays Event.pdf
- Finny Mathew gave updates on the following:
  - Affordability/transparency - We found a link that didn't work, which was a clerical error, and corrected before we got the letter from CMS.
  - Market updates - There was focused attention on the national movement toward payment for value and capitation. There was brief discussion about how the organization should continue to review its structure to ensure it is competitive within the market. He also discussed general frustration with the healthcare industry about how RHTP grants are being
    administered.
  - The Trust was made aware of two privacy incidents.
  - There was discussion about the disruption of interventional radiology services and steps management is taking to address.
  - Erica Woolf mentioned the success of recent nursing recruitment initiatives. Since the implementation, we have had 43 nurses accept positions and only 5 declines.
    1. Construction Update (Presenters: Catherine Gann)
      1. File Name: Construction Update 2026.06.25.pdf
      2. Catherine Gann gave an update on the following:
        Hospital Expansion- completion date is set for May 2028.
        Gave update on costs
        We are finalizing our equipment planning right now. The design team has finalized mock-ups of our critical rooms, patient rooms, and one or two OR's and a procedure room.
        Scope reprocessing is being relocated to comply with new standards.
        We have hired a certified hyperbaric safety officer. We hope to have patients in those chambers by the end of July.
        ED flooring replacement is being completed currently.
Unfinished Business (Presenters: Michael Herndon)
- None
NEW BUSINESS – Mike Herndon, Chair (Presenters: Michael Herndon)
- Limited to Matters Not Known About and Which Could Not Have Been Reasonably Foreseen Prior to Posting of the Agenda Johnny Stephens wanted to acknowledge Jessica Russell and Karlee Belle Ghoulson for attending.
  Barry Steichen asked for a future agenda item for dedicated time to talk about how we
  are doing making sure we are following our mission of putting teaching first.
ANNOUNCEMENTS (Presenters: Michael Herndon)
1. Next regularly scheduled Trust meeting: Thursday, August 27, 2026, at OSUMC 744 West 9th St. Tulsa
  - Eric Polak mentioned October 1st is Orange Impact which is our big scholarship fundraiser for the year for OSU-CHS and OSU Medicine that funds a lot of our scholarships at the medical school. He thanked Barry Steichen and Deborah Dage because St. Francis is the presenting sponsor and made a significant gift.
ADJOURNMENT (Presenters: Michael Herndon)
- Motion:
- Motion to adjourn the meeting at 4:07 PM.
- Motion moved by Barry Steichen and motion seconded by Clay Bullard. Aye: Bullard, Herndon, Stephens, Poole, Steichen Nay: None Abstain: None

Minutes signed off by Oklahoma State University Medical Trust Secretary, Michael Herndon.

If you would like a copy of these minutes, please reach out to Terri Tinkler atosuma@okstate.edu.

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