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Evolent Health, Inc. (NYSE: EVH) specializes in improving health outcomes for individuals with complex medical conditions by offering solutions that simplify and reduce the cost of healthcare. The company partners with leading payers and providers across the United States, focusing on value-based care to enhance patient experiences, promote healthy lifestyles, and lower preventable healthcare costs. Evolent provides a range of services, including performance-based contracts, specialty care services, and administrative solutions, supported by advanced technology and service offerings.
- Performance Suite - Delivers value-based care solutions, including risk-based contracts where Evolent assumes financial responsibility for the cost of care, ranging from shared savings to full cost accountability.
- Specialty Technology and Services Suite - Offers specialty care management solutions, such as managing orthopedic surgery costs and utilization, as well as other advanced healthcare technologies.
- Administrative Services - Provides administrative support, including insurance claims processing and management of employee benefit plans.
- Cases - Focuses on managing specific healthcare cases to improve outcomes and reduce costs for targeted patient populations.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Aammaad Shams Executive | Chief Accounting Officer | None | CAO since August 2022. Joined EVH in 2020, previously Controller and Assistant Corporate Controller. | |
Dan McCarthy Executive | President | None | Joined EVH in 2014, previously CEO of New Century Health and Chief Growth Officer. Promoted to President in September 2022. | |
Emily Rafferty Executive | Chief Operating Officer | None | Joined EVH in 2016. Previously President of Market Operations and Pharmacy Services. Became COO in July 2023. | |
John Johnson Executive | Chief Financial Officer | None | CFO since July 2019. Previously held roles at PSA Healthcare and Riverbend Analytics. Joined EVH in 2016. | |
Jonathan Weinberg Executive | General Counsel | None | General Counsel since January 2014. No other positions listed within EVH. | |
Seth Blackley Executive | Chief Executive Officer | None | Co-founder of EVH in 2011, became CEO in October 2020. Previously served as President of EVH and held roles at The Advisory Board and McKinsey & Company. | View Report → |
Brendan Springstubb Board | Independent Director | Principal at Bedell Canyon LLC | Appointed to EVH Board in February 2025. Extensive healthcare investment experience. Former board member at SunOpta Inc.. | |
Cheryl Scott Board | Independent Board Chair | Principal at McClintock Scott Group; Board Member at Progyny, Inc. | Director since November 2015. Independent Board Chair since June 2022. Former Senior Advisor to the Bill & Melinda Gates Foundation. | |
Craig Barbarosh Board | Independent Director | Chairman of Lifecore Biomedical; Board Member at Sabra Health Care REIT | Director since December 2020. Extensive healthcare and governance experience. Chairs Lifecore Biomedical and serves on Sabra Health Care REIT's board. | |
Diane Holder Board | Independent Director | EVP at UPMC; President of UPMC Insurance Services Division | Director since August 2011. EVP at UPMC and President of UPMC Health Plan. Focuses on integrating clinical delivery and financing strategies. | |
Kim Keck Board | Independent Director | President and CEO of Blue Cross Blue Shield Association | Director since January 2021. CEO of Blue Cross Blue Shield Association. Extensive healthcare and finance expertise. | |
Peter Grua Board | Independent Director | Managing Partner at HLM Venture Partners; Director at multiple organizations | Director since January 2020. Co-Chair of EVH's Strategy Committee. Extensive healthcare investment experience. | |
Richard Jelinek Board | Independent Director | Managing Partner at Czech One Capital Partners; Board Member at Altimar Acquisition Corp. III | Director since 2023. Set to become EVH Board Chair in 2025. Extensive healthcare leadership experience, including roles at CVS Health and Aetna. | |
Toyin Ajayi, MD Board | Independent Director | CEO and Co-Founder of Cityblock Health | Appointed to EVH Board in July 2023. CEO of Cityblock Health, focused on integrated care for underserved populations. |
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With oncology costs rapidly increasing and impacting adjusted EBITDA, what specific measures are you taking to mitigate this, and how confident are you in securing the additional $100 million in rate increases from payer partners to offset these costs?
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Given that only about 50% of your Performance Suite revenue includes mechanical contract protections, how do you plan to rework existing contracts to ensure adjustments become automatic and self-executing to protect against adverse trends?
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Can you provide more details on the accounts receivable slowdown from health plan partners, your expected timeline for recovery, and how this might affect your liquidity and need for additional financing?
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Considering you've seen cancer prevalence increases of up to 50% year-over-year in some markets, how are you adjusting your forecasting models and risk management strategies to account for such significant variability in medical trends?
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With the spike in medical expense trends affecting all cohorts, how does this impact your long-term margin targets for the Performance Suite business, and what steps are you taking to ensure you achieve your mid-teens margin goal under current underwriting?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Humana Insurance Company | Provides value-based care solutions | All | Accounts for 19.3% of total revenue in 2024. |
Molina Healthcare, Inc. | Collaborates on integrated healthcare services | All | Contributes 13.7% of total revenue in 2024. |
Florida Blue Medicare, Inc. | Offers specialty care management and support | All | Represents 12.9% of total revenue in 2024. |
Cook County Health and Hospitals System | Partners on patient care and cost management | All | Makes up 11.5% of total revenue in 2024 and 45.8% of short-term trade accounts receivable. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Machinify, Inc. | 2024 | Evolent Health acquired Machinify, Inc. for a total consideration of $28.5 million (comprising cash and an earn-out) on August 1, 2024, to integrate the AI-powered Machinify Auth platform into its clinical workflow automation strategy and enhance specialty condition management. |
National Imaging Associates, Inc. | 2023 | Evolent Health acquired National Imaging Associates, Inc. for $715.7 million using a mix of cash, Class A common shares, and an earn-out contingent on operating metrics, aiming to diversify revenue streams and accelerate value-based specialty care solutions while assuming significant tangible and intangible assets. |
Implantable Provider Group (IPG) | 2022 | Evolent Health completed the acquisition of IPG for $461.7 million through a combination of cash, newly issued shares, and an earn-out, to bolster its value-based specialty care offerings—especially in musculoskeletal conditions—and drive immediate accretion to its Adjusted EBITDA margins and cash flow. |
Recent developments and announcements about EVH.
Earnings
New Earnings (Q4 2024)
·Feb 21, 2025, 9:32 AMView full earnings summary →EVH sees 20%+ growth beyond 2025, boosted by a new top-5 plan contract and expanded pipeline. AI-driven margin gains of $50M and 300bps in Performance Suite also impress. However, MA exits cut 2025 EBITDA by $20M, and rising oncology costs could hit profitability.