Michael Smith retires after 5 years of service; Jeff Schwaneke Named to Agilon Board of Directors
AUSTIN, Texas, August 10, 2022–(BUSINESS WIRE)–agilon health, inc. (NYSE: AGL), the trusted partner that enables physicians to transform health care in our communities, today announced that Michael Smith will be leaving the Board of Directors of agilon health after more than five years of service. Upon Smith’s retirement, Jeff Schwaneke was elected an independent member of the Board of Directors effective immediately. Schwaneke is the former Executive Vice President, Healthcare Enterprises for Centene Corporation, a Fortune 50 company and leading healthcare company.
“On behalf of the Board of Directors, we would like to thank Michael for his dedication, leadership and contributions over the past several years, including his prior service as Chair of the Audit Committee,” said Ron Williams, President of the council. “We are delighted to welcome Jeff to the Agilon Healthcare Board of Directors. We are confident that his extensive leadership, financial and industry experience will be invaluable during an important period of growth for the company.
During his 13 years at Centene, Schwaneke held numerous positions and was instrumental in raising capital, directing acquisitions and driving the seamless integration of newly acquired companies. In his last role as executive vice president, Health Care Enterprises, Schwaneke oversaw Centene’s $35 billion pharmaceutical business, including Part D Medicare, dental and vision companies, and clinics owned by Centene. company. Prior to this role, he served as Chief Financial Officer and Treasurer from 2016 to 2021, and during his tenure revenue 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 to the agilon Board of Directors during a critical time for the company and wish him well in retirement,” said Steve Sell, President and Chief Executive Officer. general. “Furthermore, I am excited and confident in the important role Jeff will play on our Board of Directors as we build a new model of primary care with our physician partners and seek to transform health care at the community level. “
Prior to joining Centene, Schwaneke served as Assistant Controller and then Chief Accounting Officer of Novelis, Inc. Prior to Novelis, Schwaneke held various finance and accounting positions at SPX Corporation and PriceWaterhouse Coopers. Schwaneke graduated from the University of Missouri and is a CPA.
“I am thrilled to join the agilon Board of Directors at a time when the healthcare industry is changing at a rapid pace,” said Jeff Schwaneke. “I look forward to the opportunity to serve on the board of a company that is playing a vital role in helping shape the future of healthcare by empowering physicians to focus on the overall health of their patients. aged.
About Agilon Health
Agilon Health is the trusted partner enabling physicians to transform healthcare in our communities. Through our partnerships and dedicated platform, agilon is accelerating physician groups’ transition to a value-based comprehensive care model for elderly patients at scale. agilon provides the technology, people, capital, process and peer network access that enables physician groups to maintain their independence and focus on the overall health of their most vulnerable patients. Together, agilon and its physician partners are creating the healthcare system we need, one based on the value of care, not the volume of fees. The result: healthier communities and empowered physicians. agilon will be the trusted partner in 17 diverse communities and is here to help more of our country’s best physician groups and healthcare systems have a sustainable and prosperous future. For more information, visit www.agilonhealth.com Join us on Twitter, instagram, LinkedIn and Youtube.
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These risks and uncertainties that could cause actual results and results to differ from those reflected in the 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 growing expenses; our ability to identify and develop successful new geographies, physician partners and payers, or to implement our growth initiatives; our ability to execute our operating strategies or 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 income we receive; our ability to obtain contracts with Medicare Advantage payers or obtain Medicare Advantage payments on favorable financial terms; our ability to recover start-up costs incurred during the initial stages of developing our physician partner relationships and program initiatives; significant reductions in our membership; the challenges for our physician partners in transitioning to a comprehensive 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 providing certain transition services in connection with the divestiture of our California operations; the lack of performance or ability of our subsidiaries to fund their operations, which could require us to fund such losses; our dependence on a limited number of key payers; the limited terms of our contracts with payers and that they cannot be renewed upon expiration; our reliance on our payers for member allocation and assignment, accuracy of data and reporting, and payment of claims; our reliance on physician partners and other providers to effectively manage the quality and cost of care and to perform obligations under payer contracts; our reliance on partner physicians to accurately, timely and sufficiently document their services and the law of potential misrepresentation or other liability if diagnostic information or encounter data is inaccurate or incorrect; reductions in reimbursement rates or the methodology applied to obtain reimbursement or discontinuation of federal government health care programs, from which we derive substantially all of our total revenue; statutory or regulatory changes, administrative rulings, policy interpretations and decisions of intermediaries and governmental funding restrictions, and their impact on governmental funding, program coverage and reimbursements; regulatory proposals to contain or reduce the cost of health care and our participation in these proposed models; the impact on our CMS revenue changing the methodology used to determine revenue associated with MA members; the potential that we may incur future debt; and risks relating 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 we 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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