Healthcare Veteran Brings Growth Experience to Continue Momentum
DURHAM, NC JANUARY 17, 2018 - PatientPay, the leading end-to-end patient payment solution focused on the financial challenges facing specialty healthcare, announces the appointment of Lou Silverman to their Board of Directors.
“Lou’s experience in building nimble companies that drive rapid growth and industry change is unparalleled,” said Tom Furr, PatientPay’s CEO. “I am thrilled to have such an accomplished visionary and respected industry leader join our board.”
Mr. Silverman is currently the CEO of Advanced ICU Care where he has driven the growth of the company for the past four years. Prior to joining Advanced ICU Care, Mr. Silverman served for three years as CEO of Marina Medical Billing Service Inc., a technology-enabled provider of revenue cycle management (RCM) services for emergency department physicians. During his tenure, the number of hospitals served by the company grew by nearly 60 percent. Previously, he was CEO of Quality Systems, Inc., a healthcare information technology company that develops and markets administrative and patient record software to hospitals and physicians. During his eight-year leadership, the company's revenue grew nearly 800 percent to approximately $250 million, and its market capitalization increased nearly 30x to $1.2 billion. Prior to Quality Systems, Mr. Silverman was the COO of CorVel Corporation. Mr. Silverman’s corporations were named to Forbes Magazine’s list of 200 Best Small Public Companies for a total of 15 years. In addition to his executive role at Advanced ICU Care, he serves on the board of directors for a variety of healthcare-related companies, both public and private. He earned his MBA from Harvard Business School and his BA in American Studies (cum laude) from Amherst College.
“Tom and I looked for someone who would further strengthen our board’s breadth of talent with experience in growing healthcare companies and Lou certainly does that and more,” said E. Miles Kilburn of Mosiak Partners and current board member.
PatientPay’s patents and software leverage existing central billing office infrastructure to bill and reconcile payments using existing insurance claims – ultimately simplifying the entire billing process for specialty medical groups and RCM companies. This architecture enables PatientPay to align patient bills with their insurance carrier’s explanation of benefits (EOB) and provide flexible payment options, while simultaneously integrating analytics which provide smarter patient payment collection strategies. PatientPay’s platform gives its clients visibility into their entire patient payment strategy, starting with eligibility and estimation, and ending with early out call centers.
“PatientPay’s unique patient payment platform solves a significant problem that will only continue to grow as patient responsibility for their financial healthcare obligations increases in the coming years,” said Mr. Silverman. “The existing board and management team have put in place a sound strategy and I see a tremendous growth opportunity for PatientPay. I look forward to assisting in their continued efforts to build a leading patient payment company.”