Formativ Health is redefining the ambulatory patient and provider experience, relieving the administrative burdens on physicians and enabling them to focus on what they do best – taking care of people.
A Service-First Organization Enabled by Technology
“Consumerism is on the rise in every industry,” Nick Stefanizzi, the chief administrative officer of Formativ Health, said. “It is all about how you tailor the experience to the need of that consumer. Frankly, I think it is time for healthcare to catch up with some of the other industries that are out there. Formativ Health is uniquely positioned to help our clients achieve that goal.”
With a focus on patient-centered access, Formativ Health coordinates scheduling and registration by connecting patients to the right provider and location, at a convenient time. By handling all inbound and outbound calls on behalf of its clients, as well as patient outreach, these services keep patients informed of financial support and payment options.
Formativ Health offers operational support by managing administrative functions that enable providers to focus on practicing medicine. Running an efficient practice requires a specialized subject matter expertise that Formativ Health has developed through its experience in supporting physicians. Moreover, Formativ Health ensures providers and patients protection through compliance policy development and monitoring.
To optimize the provider’s revenue cycle, Formativ Health develops solutions intended to ensure physicians are appropriately paid for the services they provide patients. Formativ Health does not require clients to rip and replace the technology installed. Instead, the company works with systems already in place, interfacing directly with the Formative Health’s platforms.
“We exist to serve physicians and patients,” Stefanizzi said. “That is a critical part of our DNA, and it is one of the most important things we look for when bringing people into the organization: Are you service-oriented?
“I truly believe in the mission, and acknowledge our products and services are different from any others in the market,” Stefanizzi added.
The Product of Two Companies with Shared Values
Formativ Health is a growing company with a startup vibe that benefits from the resources and expertise of two culturally aligned parent companies.
Before joining Formativ Health, Stefanizzi spent eight years working at Northwell Health, New York’s largest healthcare provider. Within Northwell, his team regularly questioned: How as an organization can we advantageously, proficiently and competently support physicians, and best serve patients?
“We felt we had a distinct opportunity to create something in a more comprehensive way that could address the needs of physicians and patients, and at the same time potentially create new revenue streams for the health system,” Stefanizzi said.
Northwell built a relationship with Pamplona Capital Management, and the two created a joint venture what is now Formativ Health.
“Courage is a core competency needed to work at a place similar to Northwell or Pamplona,” Stefanizzi said. “These companies are led by progressive and forward-thinking leaders who work to push boundaries and think differently about the challenges existing in healthcare.”
Drawn to the Collaborative Spirit of North Florida
Today, Formativ Health has roughly 500 employees across the country. This year, the company announced the opening of a state-of-the-art patient access center in Jacksonville, Florida, and in six months has hired more than 160 employees.
“My plan is to have between 400 and 500 additional employees hired in Jacksonville by the end of 2018,” Stefanizzi said. “That is how significant the market opportunity is for the company, and how confident I am in our growth as an organization.”
The Jacksonville facility will serve as the hub for physician practices and healthcare organizations across the nation that are served by Formativ Health.
When discerning expansion along the east coast, Stefanizzi’s team dug through the standard data points you would look at in perspective markets: workforce availability, educational institutions, and real estate costs. But it was the energy and buzz of Jacksonville that caught their attention.
“When you come to Jacksonville, there is just this palpable feeling of a city on the move, a city on the rise,” Stefanizzi said.
Then, there was the overwhelming sense of pride in the community.
“It felt greater than an opportunity to just set up our flagship operation – it felt like an opportunity to become part of a broader community,” Stefanizzi said.
So far, all expectations have been validated.
“We are very pleased with the workforce in Jacksonville and are excited by the energy and reciprocity witnessed toward building Formativ Health,” Stefanizzi said.
To ease the expansion into Florida, Formativ Health partnered with JAXUSA, the regional economic development organization serving the seven counties of Northeast Florida: Baker, Clay, Duval, Flagler, Nassau, Putnam and St. Johns.
“JAXUSA has been a tremendous support resource for us as we got up and running,” Stefanizzi said. “We can go to them with any question, and they are receptive and responsive. They connected us with other business leaders in the area, which is important because you need to have other people you can integrate with and kick ideas around. They are truly a great partner.”