A familiar name has been appointed to lead the “next phase of growth” at a Martin Ventures-founded startup.
Former SmileDirectClub (Nasdaq: SDC) Chief Financial Officer Kyle Wailes has been named CEO of Nashville-based Wellvana, according to a news release. He replaces Dr. Worthe Holt Jr., who retired in October.
Founded in 2018, Wellvana builds networks of independent physicians, backed by care coordinators, designed to reduce operating costs and improve patient care using value-based care models, according to the release. These models offer financial incentives to physicians, health systems and other providers based on quality of care.
The company currently manages more than 50,000 patients across six states, including Arizona, Florida, Georgia, Michigan, New Mexico and Texas, according to the release, and has plans to add three more states in 2022.
Wellvana is financed by Martin Ventures, which was founded by health care entrepreneur Charlie Martin, and several San Antonio physicians. Martin Ventures CEO Devin Carty is chairman of Wellvana.
“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,” Carty said in the release. “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.”
Wailes joined SmileDirectClub in 2018 after working as CFO at Nashville-based Intermedix. While at SmileDirectClub, Wailes led the Nashville-based teledentistry company through its 2019 initial public offering and helped it reach profitability a year later. SmileDirectClub is one of Middle Tennessee's 10 largest publicly traded health care companies, according to Nashville Business Journal research, with $656.7 million of revenue in 2020.
Wailes will continue to own a “significant” amount of equity in SmileDirectClub, according to a news release announcing his departure from the company, and will help support the transition to a new CFO through March 1.
“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,” Wailes said in the release. “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.”
Martin Ventures is coming off a successful year, highlighted by the sale of home-health startup and portfolio company Contessa Health to Amedidys for $250 million and the launch of Reimagine Care LLC.
