Privia Health (Nasdaq: PRVA), a technology-driven, national
physician enablement company, today announced that Parth Mehrotra,
currently the Company’s President and Chief Operating Officer, has
been named Chief Executive Officer, effective July 1, 2023.
Mehrotra is succeeding current CEO, Shawn Morris, who is retiring
and will remain on the Company’s Board of Directors.
Under Morris’ leadership since early 2018,
Privia Health progressed from a private, regional organization into
a publicly-traded company with national reach. During that time,
the Company entered eight new states, completed a successful IPO in
April 2021, and increased its implemented provider partners by more
than 125% to over 3,600.
“I am extremely proud of what Privia Health has
achieved during my five years as CEO. I have been privileged to
lead an outstanding executive team and over 900 mission-driven
Privians across the U.S., whose dedication to improving population
health, reducing healthcare costs, enhancing patients’ experience,
and improving the personal wellbeing of health care providers has
made Privia Health a leader in healthcare,” Shawn Morris said.
“I’ve worked closely with our Board of Directors to build and
implement a succession plan for a seamless transition. Parth has
operated as my partner to drive Privia’s success, and his
demonstrated leadership capabilities, deep healthcare experience
and superb execution of our long-term growth strategy position him
perfectly to succeed me as CEO to drive the next phase of Privia’s
growth and expansion.”
Mr. Mehrotra has served as President and COO of
Privia Health since 2018 and as COO of Brighton Health Group, the
preceding parent company of Privia Health, from 2016 to 2018.
“I want to thank Shawn for all he has done for
Privia Health and the entire provider and payer industry,” Mehrotra
added. “I have been deeply involved with growth-oriented healthcare
businesses, and it has been an absolute pleasure to partner with
Shawn to drive Privia’s growth strategy. I am honored to succeed
him, and I look forward to continuing to actively engage with Shawn
as he continues to serve as a Board member.
“I am excited to lead Privia Health during this
time of profound industry change and unprecedented opportunity for
physician enablement,” Mehrotra continued. “We will remain focused
on building one of the largest primary-care centric delivery
networks in the nation, and continuing to work with our employees
to serve our physician, health system and payer partners with the
highest level of service expertise and collaboration in the
industry today.”
Commenting on the planned succession and
Mehrotra’s appointment, David King, Chairman of the Privia Health
Board of Directors, said, “On behalf of the Board of Directors, I
would like to thank Shawn for his significant contributions to the
Company over the past five years. Our Board has been engaged in a
rigorous succession planning process in order to ensure a
successful leadership transition, and we unanimously agreed that
Parth is the best person to lead our Company in its next phase of
growth.
“Parth has proven himself to be a
highly-respected leader at Privia Health over the past seven years.
With a growing national presence and strong reputation as a leader
in physician enablement, the Company is well positioned for future
growth and long-term profitability. The Board looks forward to
continuing to work with Parth and the entire leadership team as
they work to build on Privia’s market momentum, strive to achieve
its mission, and create value for all of our stakeholders,” King
concluded.
Separately, Privia Health reiterated its
full-year 2023 guidance, in which all operating and non-GAAP
financial metric guidance initially provided on February 28, 2023
remain unchanged.
About Privia Health
Privia Health™ is a technology-driven, national
physician enablement company that collaborates with medical groups,
health plans, and health systems to optimize physician practices,
improve patient experiences, and reward doctors for delivering
high-value care in both in-person and virtual settings. The Privia
Platform is led by top industry talent and exceptional physician
leadership, and consists of scalable operations and end-to-end,
cloud-based technology that reduces unnecessary healthcare costs,
achieves better outcomes, and improves the health of patients and
the well-being of providers. For more information, visit
priviahealth.com.
Safe Harbor Statement
This press release contains "forward-looking
statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Such statements relate to our
current expectations, projections and assumptions about our
business, the economy and future events or conditions. They do not
relate strictly to historical or current facts. Forward-looking
statements can be identified by words such as “aims,”
“anticipates,” "assumes," “believes,” “estimates,” “expects,”
“forecasts,” “future,” “intends,” “likely,” “may,” “outlook,”
“plans,” “potential,” “projects,” “seeks,” “strategy,” “targets,”
“trends,” “will,” “would,” “could,” “should,” and variations of
such terms and similar expressions and references to guidance,
although some forward-looking statements may be expressed
differently. In particular, these include statements relating to,
among other things, our future actions, business plans, objectives
and prospects; and our future operating or financial performance
and projections, including our full-year guidance for 2023. Factors
or events that could cause actual results to differ may emerge from
time to time and are difficult to predict. Should known or unknown
risks or uncertainties materialize, or should underlying
assumptions prove inaccurate, actual results may differ materially
from past results and those anticipated, estimated or projected. We
caution you not to place undue reliance upon any of these
forward-looking statements.
Factors related to these risks and uncertainties
include, but are not limited to: compliance with applicable
healthcare laws and government regulations in the heavily regulated
industry in which the Company operates; the Company’s dependence on
relationships with its medical groups, some of which the Company
does not own; the Company’s growth strategy, which may not prove
viable and the Company may not realize expected results;
difficulties implementing the Company’s proprietary end-to-end,
cloud-based technology solution for Privia physicians and new
medical groups; the high level of competition in the Company’s
industry and the Company’s failure to compete and innovate;
challenges in successfully establishing a presence in new
geographic markets; the Company’s reliance on its electronic
medical record vendor, which the Privia Technology Solution is
integrated and built upon; changes in the payer mix of patients and
potential decreases in the Company’s reimbursement rates as a
result of consolidation among commercial payers; the Company’s use,
disclosure, and other processing of personally identifiable
information, including health information, is subject to the Health
Insurance Portability and Accountability Act of 1996 and other
federal and state privacy and security regulations; and those
factors referenced in Part II, Item 1A, other important factors
discussed under the caption “Risk Factors” in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2022. All
information in this press release is as of the date of the release,
and the Company undertakes no duty to update this information
unless required by law.
Contact
Robert BorchertSVP, Investor & Corporate
CommunicationsIR@priviahealth.com817.783.4841
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