– USA, IL – Accretive Health, Inc. (OTC Pink:ACHI) today announced that its Board of Directors has appointed Joseph Flanagan, currently President and Chief Operating Officer of Accretive Health, as President, Chief Executive Officer and member of the Board, effective immediately. Dr. Emad Rizk and the Board of Directors have mutually agreed for Dr. Rizk to step down from his positions as CEO and member of the Board. Dr. Rizk will be available over the next several weeks to help ensure a smooth transition.
After careful consideration of the business, client and market needs moving forward, the Board of Directors of Accretive Health has appointed Mr. Flanagan as CEO in order to drive continued operational excellence, technology leadership and value creation for its client partners. The Board believes Mr. Flanagan is the ideal choice to accelerate the growth and scaling of the Company as it begins its next phase of expansion.
“The Board is positioning Accretive Health to maximize growth and value by building on a strong operational foundation that includes great talent, an unparalleled technology platform, a strong financial position with resources to invest in growth and value generation, and unique operational capabilities to deliver upon and extend beyond our substantial committed growth with Ascension,” said Steve Shulman, Chairman of Accretive Health’s Board of Directors. “Joe Flanagan is an action-oriented, world-class operations expert who takes a performance-based approach and demands accountability, making him the perfect leader to leverage Accretive’s strong position to generate greater growth and value.”
Mr. Flanagan brings years of uncommon experience in driving standardization and operating efficiencies with meaningful and measurable results and has thoughtfully applied these skills to the complexities of the ever-changing healthcare revenue cycle. He has spent years working as the most senior operator across the entire company and has in-depth experience with problem-solving, organizational scaling and driving value for Accretive Health’s customers.
The Board began a course for succession when Mr. Flanagan was promoted from Chief Operating Officer to President and COO. At that time, he began his review and integration process, which was executed more quickly and effectively than expected.
“Having worked operationally inside Accretive Health and also with our existing and potential clients and other leaders in healthcare while at Accretive, I believe in this company and I am honored and energized by the confidence the Board has placed in me,” Mr. Flanagan said. “Accretive Health is poised for growth and there are value creation opportunities that we will realize by leveraging our operational, technological and financial strength.”
Mr. Flanagan joined Accretive Health in June 2013 as the Chief Operating Officer, and has been responsible for delivering operational discipline and measurable client value creation throughout the company. He is an accomplished executive, having served as Senior Vice President of Worldwide Operations and Supply Chain at Applied Materials Inc. Mr. Flanagan also held executive positions in global operations for Nortel Networks Corporation as President of Business Services, and SVP of Global Operations, and earlier in his career held a number of positions at GE.
“The Accretive team and I have worked to help position the company with a strong platform to support future growth,” said Dr. Rizk. “I have been honored to be part of this important leader in the healthcare industry, and I’m proud of the team for our accomplishments over the past few years.”
“On behalf of the Board of Directors, I want to thank Emad for his contributions to Accretive Health,” Shulman added. “He brought valuable general healthcare leadership expertise to help strategically position the company for future growth and value creation.”
About Accretive Health
Accretive Health is a leading provider of revenue cycle services and Physician Advisory Services to healthcare providers. Accretive Health’s mission is to help healthcare providers strengthen their financial stability so they can deliver better care at a more affordable cost to the communities they serve, increasing healthcare access for all. Accretive Health’s distinctive operating model includes people, processes, and sophisticated integrated technology/analytics that help customers realize sustainable improvements in their operating margins and improve the satisfaction of their patients, physicians, and staff. Accretive Health’s customers typically are multi-hospital systems, including faith-based or community healthcare systems, academic medical centers and independent ambulatory clinics, and their affiliated physician practice groups.
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