NASHVILLE, Tenn.--(BUSINESS WIRE)--naviHealth today announced a series of strategic steps aimed at furthering the company’s positive momentum and driving continued growth entering 2014, including the naming of a chief executive and chief financial officer.
“This has been a terrific year for naviHealth,” said Tom Scully, chairman of naviHealth and General Partner, Welsh, Carson, Anderson and Stowe. “We are excited about being on the cutting edge of modernizing post-acute care. The overwhelming market interest shows that both insurers and providers recognize the value of the company’s offering. The 2014 roll-out of CMS’s Bundled Payments for Care Improvement initiative, in which naviHealth is a leading participant, will make 2014 an even bigger game-changer.”
As naviHealth continues its rapid growth trajectory, its existing investors, led by Welsh, Carson, Anderson and Stowe, recently invested a significant amount of new capital. naviHealth’s existing investors also include BlueCross BlueShield Venture Partners L.P. (BCBS Ventures), Ascension Ventures, Universal American and Select Medical Corporation. This funding will support the continued scaling and expansion of naviHealth’s business in 2014, as the company builds on the significant growth it achieved in the past year. Entering 2014, naviHealth is operating in 16 states and managing the post-acute care for approximately 1.5 million lives, which accounts for over $500 million in annual medical spend.
naviHealth also announced that Clay Richards has added the title of chief executive officer. Richards has served as the company’s president since its founding in 2012.
Scully said, “Since our founding two years ago, Clay has played an integral role in nearly every element of naviHealth’s development. His leadership in constructing a first-class team as well as his terrific relationship with clients made it clear that it was time for Clay to formally add this title.”
Prior to joining naviHealth, Richards spent five years in leadership positions with Healthways, Inc., including his roles as business unit leader of the health plan market and general counsel.
naviHealth also announced the addition of Karey Witty as the company’s executive vice president and chief financial officer. Witty will oversee all financial management, technology and analytics activities at the company and play a key role in the evaluation of strategic and business development opportunities.
As a seasoned executive in the managed care industry, Witty brings extensive relevant sector and leadership experience to naviHealth. During his career, Witty has served in several executive management roles for leading healthcare services organizations, including CFO for HealthSpring Inc., one of the country’s largest Medicare Advantage Plans, prior to its acquisition by Cigna, as well as CFO for Centene Corporation, a leading Medicaid managed care and specialty service provider. In 2013, HealthSpring became a client of naviHealth’s.
“Karey is a great fit for naviHealth,” said Clay Richards. “He has the perfect background to help us manage our growing business as we continue to enhance our technology, analytics and risk management platform. He is a superb addition to our team and further validates the value proposition we are delivering to our customers and strengthens our position as the market leader for delivering post-acute management services.”
About naviHealth
naviHealth partners with health plans, health systems, accountable care organizations and post-acute providers to manage the entire continuum of post-acute care. The Company utilizes evidence-based protocols and technology-enabled services to optimize care and align all stakeholders. naviHealth has more than 12 years of experience managing post-acute care and currently serves approximately 1.5 million Medicare lives.