Our Team

John Friend, J.D.

Managing Member

John Friend has practiced law in his native Arizona for over 28 years where he has concentrated his focus on health care and specifically on health care reform. Prior to helping form Value Stream Partners, Mr. Friend served as lead designer, implementer and CEO/Executive Director of Arizona Connected Care, one of the first MSSP accountable care organizations. Arizona Connected Care, known as AzCC, was one of three organizations chosen as pilot development sites.

Friend also served as Vice President of Business Affairs and as Associate General Counsel for Tucson Medical Center Healthcare. He has been affiliated with Tucson Medical Center since 1990 where he led the development of many integrated vehicles including the creation and administration of physician/institution service line management organizations.

As General Counsel for a pharmaceutical services firm, Friend helped develop and administer the first-ever national manufacturer-automated co-pay card program in the country.

He holds a Bachelor of Science degree in Managerial Finance and a Juris Doctorate degree, both from Arizona State University. He lives in Tucson, Arizona.

Jay Katz, M.D., M.M.M.

Managing Member

Jay Katz is a retired orthopaedic surgeon who was most recently affiliated with the Tucson Orthopaedic Institute, where he was a managing partner for 8 years, and Catalina Orthopaedic Surgery, also in Tucson. As a consultant with the Zimmer Corporation, he was part of the development team charged with designing a new Patellar Femoral Joint. He also was instrumental in conducting training courses including II Incision Total Hip Arthroplasty, Quad-sparing Total Knee Arthroplasty, Uni-knee Arthroplasty and Patello-Femoral Arthroplasty.

Dr. Katz has held facility staff privileges at Tucson Medical Center, Tucson Children’s Clinics for Rehabilitative Services, Mt. Graham Community Hospital, HealthSouth Surgery Center and HealthSouth Rehabilitation Institute of Tucson, El Dorado Hospital, and Carondelet St. Joseph’s Hospital. He is a Diplomate of the American Board of Orthopaedic Surgery, an active member of the American Academy of Orthopaedic Surgeons, a member of the International Arthroscopy Association, the International Society of Arthroscopy Knee Surgery and Orthopaedic Sports Medicine, and more. He has received numerous honors and awards, and has been published in several orthopaedic journals.

Katz holds a Medical Degree from Washington University in St. Louis, and a Masters of Business in Medical Management from the University of Southern California. He lives in Tucson, AZ.

Stuart Katz, M.B.A. F.A.C.H.E.

Managing Member

Stuart Katz is a business administration professional. He was most recently associated with the Orthopaedic Service Line at Tucson Medical Center where he directed and managed all aspects of the day-to-day operations of the TOI SLA, LLC for all in-patient and out-patient surgical and medical orthopaedic patients. During his tenure, the hospital performed approximately 6,500 orthopaedic surgeries annually with net revenues exceeding $61 million.

Prior to his work at Tucson Medical Center (TMC), Mr. Katz was the Executive Director of the Tucson Orthopaedic Surgery Center. He was Chief Executive Officer for Hawarden Community Hospital in Hawarden, Iowa, and Executive Director of the City of Austin and Travis County Health Federally Qualified Health Center system in Austin, Texas.

Katz is a Fellow of the American College of Healthcare Executives and has been in healthcare for more than 40 years. He lives in Tucson, Arizona.

Scott Slagis, M.D., F.A.C.S.

Managing Member

Scott Slagis is an orthopaedic surgeon most recently with the Tucson Orthopaedic Institute. He has been on staff with the Tucson Surgery Center, the Tucson Orthopaedic Surgery Center, Tucson Medical Center, Tucson Children’s Clinics for Rehabilitative Services, Northwest Medical Center, HealthSouth Rehabilitation Institute of Tucson, El Dorado Hospital, Copper Queen Community Hospital, and Carondelet St. Joseph’s Hospital. For the last eight years, Dr. Slagis has been the Medical Director of the Orthopedic Service Line at Tucson Medical Center.

He is a member of the Pima County Medical Society, Arizona Medical Association, Western Orthopaedic Association, and the Arizona Chapter of American College of Surgeons. Dr. Slagis is a fellow with the American Association of Hip and Knee Surgeons, American College of Surgeons, and the American Academy of Orthopaedic Surgeons. He is also a Diplomate with the American Board of Orthopaedic Surgery and the American Board of Internal Medicine.

Dr Slagis has been awarded one of the Best Doctors in America, and has published articles in numerous journals. He received his medical degree from the University of Southern California Keck School of Medicine. He lives in Tucson, Arizona.

Greg Waters, M.B.A.

Managing Member

Greg Waters is a business professional and most recently the Chief Executive Officer at Tucson Orthopaedic Institute in Tucson, Arizona. The practice included as many as 38 physicians, 18 PAs and nurse practitioners, 18 physical therapists, four clinical offices, two physical therapy centers and more. Prior to Tucson Orthopaedic Institute, he was the Chief Executive Officer at Desert Cardiology of Tucson, and Director of Medical Affairs for Corda Medical Care in Houston, Texas, a startup national physician practice management company for seven cardiology groups.

Mr. Waters owned and operated a marketing and consulting business for physicians and was also an editor with the Tucson Citizen. His presentations include “What you can achieve with a service line agreement,” and “How to use survey data to improve your practice.”

Waters received a Bachelor of Arts degree in Journalism from the University of Arizona, and a Masters of Business Administration in Health Care Management from the University of Phoenix.


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