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Kyle Wailes, former CFO of SmileDirectClub (NASDAQ: SDC), has been appointed as the new CEO of Wellvana, effective immediately. This leadership change comes at a pivotal moment for Wellvana, which aims to enhance value-based care and reduce healthcare costs. The company currently manages over 50,000 risk lives across six states and plans to expand further. Wellvana partners with national health insurance companies and the Centers for Medicare & Medicaid to improve healthcare outcomes.
Positive
Kyle Wailes brings extensive experience from SmileDirectClub, which can enhance leadership.
Wellvana is positioned for growth with plans to expand operations into new states.
Negative
The leadership transition may create uncertainty during this period of growth.
Kyle Wailes, previously CFO of SmileDirectClub, launches Wellvana into its next phase of growth
NASHVILLE, Tenn.--(BUSINESS WIRE)--
National value-based care company Wellvana announced today that its Board of Directors has appointed Kyle Wailes as its new Chief Executive Officer, effective immediately. Mr. Wailes was previously Chief Financial Officer for SmileDirectClub Inc. (Nasdaq: SDC).
(Photo: Business Wire)
Mr. Wailes joins Wellvana’s executive leadership team at a time of significant growth for the company. Wellvana has a mission to reduce healthcare costs and improve outcomes by empowering physicians to succeed with value-based care agreements. With unique physician alignment models and deep clinically integrated networks, the Company reduces the administrative complexities placed on physicians, helping them to prioritize patient relationships and quality of care. The Company currently manages over 50,000 risk lives across six states: Arizona, Florida, Georgia, Michigan, New Mexico, and Texas, with plans to launch in three additional states in 2022.
Wellvana provides unique and flexible partnership models for physicians moving to value-based and financial at-risk models. The Company has strong partnerships with national health insurance companies and the Centers for Medicare & Medicaid (CMS), with top tier improvements in Shared Savings, Medical Loss Ratio (MLR) and Star ratings.
“The healthcare ecosystem will continue to shift to a model that financially rewards physicians for good health outcomes and experiences for the patients. Wellvana is a proven leader in partnering with physicians to successfully navigate this important shift towards sustainable, value-based care structures,” said Devin Carty, Chairman of the Wellvana Board of Directors and CEO of Martin Ventures. “The Wellvana Board of Directors is confident that Kyle Wailes is the leader to build on Wellvana's tremendous momentum. Kyle is a seasoned leader with extensive experience growing and scaling companies, partnering with physicians, and delivering value to investors. We are lucky to have him as our next CEO.”
Prior to joining Wellvana, Mr. Wailes was the Chief Financial Officer of SmileDirectClub, a global leader in tele-dentistry, where he played an essential role in the startup’s success, along with their IPO in 2019. Prior to SmileDirectClub, Mr. Wailes was with Intermedix, a leading provider of technology-enabled services for over 15,000 health care providers, where he served in different leadership capacities, including as Executive Vice President of Physician Services and Chief Financial Officer. Mr. Wailes graduated from Brown University with a bachelor’s degree in pre-medicine and neuroscience and holds an M.B.A. from the Kellogg School of Management at Northwestern University. Mr. Wailes lives in Nashville, Tennessee with his wife and three kids.
“I made the decision to come to Wellvana to help solve real problems in the healthcare system. Until we can align convenience, outcomes, access, and cost for patients, the healthcare industry is missing a massive opportunity for care transformation – and Wellvana does exactly that,” said Kyle Wailes. “Wellvana is a catalyst for systemic change that reimagines and simplifies healthcare, making it easier to practice, to access, and to navigate. I’m thrilled to be joining this incredible team and making a difference for the healthcare ecosystem, our physician partners, and ultimately in the lives of patients.”
About Wellvana: Wellvana is a value-based care company whose mission is to reduce healthcare costs and improve outcomes by empowering providers to succeed with value-based care. The Company does this by reducing the administrative complexities placed on physicians and enabling them to prioritize patient relationships and quality of care. Wellvana believes that value-based care is local care, so its unique physician alignment approach enables physicians to determine what is best for their practices, empowering physicians to connect patients to the best resources and specialists, and make decisions that serve their communities and populations. Wellvana is headquartered in Nashville, TN, and currently serves healthcare providers in six states across multiple payers. For more information, visit www.wellvana.com.
What is the significance of Kyle Wailes being appointed CEO of Wellvana?
Kyle Wailes' appointment as CEO is significant as he brings experience from his role as CFO at SmileDirectClub, which may enhance Wellvana's strategic direction.
What are Wellvana's goals under the new CEO Kyle Wailes?
Under Kyle Wailes, Wellvana aims to reduce healthcare costs, improve outcomes, and expand its value-based care models across more states.
How many risk lives does Wellvana manage and in which states?
Wellvana currently manages over 50,000 risk lives across Arizona, Florida, Georgia, Michigan, New Mexico, and Texas.
What experience does Kyle Wailes have in the healthcare sector?
Kyle Wailes has extensive experience in healthcare, having served as CFO at SmileDirectClub and in leadership roles at Intermedix, focusing on financial and operational growth.
