AUSTIN, Texas - agilon health, inc. (NYSE: AGL), a company partnering with physicians to transform health care, announced a leadership change within its clinical team. Dr. Benjamin Kornitzer will transition from his role as chief medical officer (CMO) to become a special advisor to the company starting March 1, 2024. agilon health is currently conducting a comprehensive search for a new CMO.
During the interim period, Dr. Karthik Rao, serving as senior medical director and vice president of network performance, will step in as the acting CMO. In collaboration with Dr. Kevin Spencer, the chief clinical officer (CCO), Dr. Rao will co-lead the clinical strategy of the company.
The CEO of agilon health, Steve Sell, expressed gratitude to Dr. Kornitzer for his significant contributions over the past four years, especially in advancing the company's clinical, research, and quality strategy. Sell recognized Dr. Kornitzer's role in building a strong clinical team and welcomed his continued involvement as an advisor.
Dr. Rao brings a decade of experience as an internal medicine physician and expertise in value-based care to his new role. His prior experience includes strategic work at McKinsey & Company, focusing on health care providers and government organizations. Dr. Rao's educational background includes a B.A. and a medical degree from Johns Hopkins University, with a residency at Massachusetts General Hospital.
Dr. Spencer, with over 25 years of experience, has a background as a CEO of an independent primary care practice and as a family medicine physician. He is also a founding partner of agilon health. His previous roles include CEO and chairman of Premier Family Physicians and founder and president of the Southwest Provider Accountable Care Organization (ACO). Dr. Spencer earned his medical degree from the University of Texas Health Science Center at Houston and completed residency at the Carolinas Medical Center.
agilon health partners with physician groups and health systems to transition to a value-based Total Care Model, focusing on senior patients. The company provides technology, capital, and a network of over 2,400 primary care physicians to support the transition to value-based care.
The information in this article is based on a press release statement.
InvestingPro Insights
As agilon health, inc. (NYSE: AGL) navigates a leadership transition within its clinical team, the company's financial health and market performance offer additional context to stakeholders. AGL has demonstrated a proactive approach to capital management, as evidenced by management's aggressive share buyback strategy, an InvestingPro Tip highlighting the company's commitment to enhancing shareholder value. This is further supported by the company's robust cash position, which currently exceeds its debt levels, suggesting a strong balance sheet.
Despite challenges in profitability, with analysts not expecting the company to be profitable this year, agilon health has shown significant revenue growth, with an impressive 68.89% increase over the last twelve months as of Q1 2023. The company's market capitalization stands at $2.88 billion USD, and while the P/E ratio is negative at -32.93, reflecting its current lack of profitability, the substantial revenue growth indicates potential for future financial improvements.
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