Arcadia Health Solutions has named Karl Stubelis of Athenahealth to be its new chief financial officer. Stubelis' last day as CFO for Athenahealth is this Friday.
Stubelis will lead capital strategy for Burlington, Mass.-based Arcadia, which makes tools to aggregate EHR and claims data and to manage population health. Arcadia's platform and applications serve 3000 provider practices across the country, pulling data from more than 40 EHR vendors and from various claims systems.
"Karl's a proven financial strategist and crisp decision-maker who rolls up his sleeves to get the job done," said Arcadia CEO Sean Carroll in a statement.
In his new role, Stubelis will support the growth of the company, which at the end of last year closed $30 million in series C funding. "The $30 million worth of capital is providing us a great foundation to grow to a new level," Stubelis said. "I'm going to be making sure that we're investing wisely and driving fiscally responsible operational growth."
Stubelis said he is excited to be joining Arcadia on the cusp of the healthcare industry's move to value-based care from a fee-for-service model.
"Healthcare is one of the most broken industries," he said. "I can't think of another industry that uses faxes and pagers. There's a lot of room for improvement, and this move from fee-for-service to a value-based system is promising."
Stubelis leaves Athenahealth after a little over a year with the vendor. The company had a rocky start to 2017, with a $1.4 million net loss for the first quarter of 2017. In Stubelis' absence, Jack Kane will serve as interim CFO for Athenahealth until the company appoints someone to the position permanently.