BURLINGTON, Massachusetts (July 17, 2017) — Arcadia Healthcare Solutions, a leading electronic health record (EHR) and claims data aggregation and population health management technology company, has appointed Karl Stubelis as its chief financial officer. As the newest member of Arcadia’s executive team, Stubelis will report to CEO Sean Carroll and will lead all financial operations while spearheading the company’s capital strategy in support of its growth plan.
Stubelis has extensive experience shepherding companies through periods of rapid growth, with more than 20 years in financial and operational executive leadership roles across a range of industries, including healthcare IT. Prior to Arcadia, Stubelis served as senior vice president and CFO at $1B electronic health record vendor athenahealth, where he led all aspects of finance for the publicly-traded, multi-national company. Stubelis had previously been vice president, corporate controller, and chief accounting officer at marketing and consulting firm SapientNitro Corporation.
“Karl’s a proven financial strategist and crisp decision-maker who rolls up his sleeves to get the job done. He has an impressive track record of driving organizational scalability to produce top and bottom line growth for health IT and SaaS businesses. We could not be more excited to add his blend of skills and experience to our team in this very formative phase for Arcadia,” said Carroll.
Arcadia closed $30 million of new growth capital (Series C) in Q4 of 2016 with new investors Merck Global Health Innovation Fund (“Merck GHI”), GE Ventures, and existing investors Peloton Equity, Zaffre Investments, and Morgan Stanley Alternative Investment Partners all participating. Arcadia followed this with its most productive first half of the year for new business in company history.
“With numerous new customers to implement, significant existing customer expansion under way, and fresh capital in the business Karl is joining Arcadia at an optimal time,” said Carroll.
“In my experience working with companies like Arcadia that are experiencing significant growth, a dynamic financial strategy coupled with a keen focus on execution is a requirement for total company success,” said Stubelis. “Arcadia has exceptional population health management technology, and I look forward to managing the capital strategy that further supports this impressive team’s remarkable reputation for innovation and customer satisfaction.”
Arcadia’s data aggregation and population health management platform Arcadia Analytics has received increasing amounts of attention from industry analysts, including Chilmark, Gartner, and KLAS. Arcadia Analytics was also awarded Frost & Sullivan’s 2016 Product Line Strategy Award for the North American healthcare data analytics market.
Supporting the health of more than 35 million patients, and the performance and operations of 3,000 provider practices nationwide, Arcadia’s technology platform and applications enable its customers to aggregate and harmonize clinical data from more than 40 different physical and behavioral health EHR vendors and multiple health insurance claims systems. With strategic direction from Stubelis, the company will continue to grow rapidly within the healthcare IT industry and invest in better supporting providers and health plans in the transition to value-based care.
Arcadia utilized Chasm Partners as the retained search firm in placing Karl Stubelis.
About Arcadia Healthcare Solutions
Arcadia Healthcare Solutions (https://www.arcadia.io) is an EHR data aggregation and population health management technology company supporting ambulatory networks taking on risk and transitioning to value-based care. Arcadia specializes in integration of data from more than 40 different physical and behavioral health EHR vendors, enriching it with claims and operational data, and using that data to drive improvements in patient care quality, practice efficiency, and financial performance. Trusted by independent provider groups, health plans, and integrated delivery networks nationwide, with expertise in both fee-for-service optimization and value-based performance environments, Arcadia supports providers with the benchmark data, insights, and outsourced services to excel in the evolving landscape of American healthcare. Founded in 2002, Arcadia is headquartered outside Boston in Burlington, MA, with offices in Seattle, Pittsburgh, and outside Chicago in Rockford, IL.
Alyssa Drew, Director, Strategic Marketing at Arcadia Healthcare Solutions