Michael Smith to retire after 5 years of
service; Jeff Schwaneke named to agilon board
agilon health, inc. (NYSE: AGL), the trusted partner empowering
physicians to transform health care in our communities, announced
today that Michael Smith will retire from agilon health’s board of
directors after more than five years of service. Upon Smith’s
retirement, Jeff Schwaneke has been elected as an independent board
member effective immediately. Schwaneke is the former Executive
Vice President, Health Care Enterprises for Centene Corporation, a
Fortune 50 company, and a leading healthcare enterprise.
“On behalf of the board of directors, we would like to thank
Michael for his dedication, leadership and contributions for the
past several years, including his prior service as chair of the
audit committee,” said Ron Williams, Board Chairman. “We are
delighted to welcome Jeff to the agilon health board. We believe
his extensive leadership, financial, and industry experience will
be of tremendous value during an important period of growth for the
company.”
During his 13 years at Centene, Schwaneke held numerous
positions and played an instrumental role in raising capital,
leading acquisitions, and driving seamless integration of newly
acquired companies. In his most recent role as EVP, Health Care
Enterprises, Schwaneke oversaw Centene’s $35 billion pharmacy
business including part D Medicare, dental and vision companies,
and company-owned clinics. Prior to this role, he served as Chief
Financial Officer and Treasurer from 2016 to 2021, and during his
tenure, revenues grew from $20 billion to $125 billion. Schwaneke
joined Centene in 2008 as Corporate Controller and Chief Accounting
Officer.
“I would like to express my gratitude to Michael for his
dedicated service on the agilon board during a critical time period
for the company and to wish him well in his retirement,” said Steve
Sell, Chief Executive Officer. “In addition, I am excited and
confident in the important role Jeff will play on our board as we
build a new primary care model with our physician partners and look
to transform health care at the community level.”
Prior to joining Centene, Schwaneke served as the Assistant
Controller and then as Chief Accounting Officer of Novelis, Inc.
Before Novelis, Schwaneke held various finance and accounting
positions at SPX Corporation and PriceWaterhouse Coopers. Schwaneke
is a graduate of the University of Missouri and is a CPA.
"I am pleased to join agilon's board of directors at a time when
the healthcare industry is evolving at a rapid rate," said Jeff
Schwaneke. "I look forward to the opportunity to serve on the board
for a company that is playing a critical role in helping shape the
future of health care by empowering physicians to focus on the
whole health of their senior patients."
About agilon health
agilon health is the trusted partner empowering physicians to
transform health care in our communities. Through our partnerships
and purpose-built platform, agilon is accelerating at scale how
physician groups transition to a value-based Total Care Model for
senior patients. agilon provides the technology, people, capital,
process, and access to peer network that allow physician groups to
maintain their independence and focus on the total health of their
most vulnerable patients. Together, agilon and its physician
partners are creating the healthcare system we need – one built on
the value of care, not the volume of fees. The result: healthier
communities and empowered doctors. agilon will be the trusted
partner in 17 diverse communities and is here to help more of our
nation’s best physician groups and health systems have a sustained,
thriving future. For more information go to www.agilonhealth.com
connect with us on Twitter, Instagram, LinkedIn and YouTube.
Forward-Looking Statements
Statements in this release that are not historical facts are
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements include, among other things, statements regarding our
and our officers’ intent, belief or expectation as identified by
the use of words such as “may,” “will,” “project,” “expect,”
“believe,” “intend,” “anticipate,” “seek,” "target," “forecast,”
“plan,” “potential,” “estimate,” “could,” “would,” “should,” and
other comparable and derivative terms or the negatives thereof.
Examples of forward-looking statements include, among other things:
(i) statements regarding timing, outcomes and other details
relating to current, pending or contemplated new markets, new
partnership structures, financing activities, dispositions, or
other transactions discussed in this release; and (ii) statements
regarding growth opportunities, ability to deliver sustainable
long-term value, business environment, long term opportunities and
strategic growth plan including without limitation with respect to
expected revenue and net income, total and average membership,
Adjusted EBITDA, and other financial projections and assumptions,
as well as comparable statements included in other sections of this
release. Forward-looking statements reflect our current
expectations and views about future events and are subject to risks
and uncertainties that could significantly affect our future
financial condition and results of operations. While
forward-looking statements reflect our good faith belief and
assumptions we believe to be reasonable based upon current
information, we can give no assurance that our expectations or
forecasts will be attained. Further, we cannot guarantee the
accuracy of any such forward-looking statement contained in this
release, and such forward-looking statements are subject to known
and unknown risks and uncertainties that are difficult to predict.
These risks and uncertainties that could cause actual results and
outcomes to differ from those reflected in forward-looking
statements include, but are not limited to: our history of net
losses, and our ability to achieve or maintain profitability in an
environment of increasing expenses; our ability to identify and
develop successful new geographies, physician partners and payors,
or to execute upon our growth initiatives; our ability to execute
our operation strategies or to achieve results consistent with our
historical performance; our expectation that our expenses will
increase in the future and the risk that medical expenses incurred
on behalf of members may exceed the amount of medical revenues we
receive; our ability to secure contracts with Medicare Advantage
payors or to secure Medicare Advantage payments at favorable
financial terms; our ability to recover startup costs incurred
during the initial stages of development of our physician partner
relationships and program initiatives; significant reductions in
our membership; challenges for our physician partners in the
transition to a Total Care Model; inaccuracies in the estimates and
assumptions we use to project the size, revenue or medical expense
amounts of our target markets; the spread of, and response to, the
novel coronavirus, or COVID-19, and the inability to predict the
ultimate impact on us; security breaches, loss of data or other
disruptions to our data platforms; the impact of devoting
significant attention and resources to the provision of certain
transition services in connection with the disposition of our
California operations; our subsidiaries’ lack of performance or
ability to fund their operations, which could require us to fund
such losses; our dependence on a limited number of key payors; the
limited terms of our contracts with payors and that they may not be
renewed upon their expiration; our reliance on our payors for
membership attribution and assignment, data and reporting accuracy
and claims payment; our dependence on physician partners and other
providers to effectively manage the quality and cost of care and
perform obligations under payor contracts; our dependence on
physician partners to accurately, timely and sufficiently document
their services and potential False Claims Act or other liability if
any diagnosis information or encounter data are inaccurate or
incorrect; reductions in reimbursement rates or methodology applied
to derive reimbursement from, or discontinuation of, federal
government healthcare programs, from which we derive substantially
all of our total revenue; statutory or regulatory changes,
administrative rulings, interpretations of policy and
determinations by intermediaries and governmental funding
restrictions, and their impact on government funding, program
coverage and reimbursements; regulatory proposals directed at
containing or lowering the cost of healthcare and our participation
in such proposed models; the impact on our revenue of CMS modifying
the methodology used to determine the revenue associated with MA
members; the potential that we may incur future indebtedness; and
risks related to other factors discussed under “Risk Factors” in
our Annual Report on Form 10-K for the year ended December 31,
2021. Except as required by law, we do not undertake, and hereby
disclaim, any obligation to update any forward-looking statements,
which speak only as of the date on which they are made.
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version on businesswire.com: https://www.businesswire.com/news/home/20220810005774/en/
Investors Matthew Gillmor
VP, Investor Relations investors@agilonhealth.com
Media Megan Strothman
Director, Communications & Public Affairs
media@agilonhealth.com
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