Behavioral health provider Summit BHC has named Todd Wyatt its next CFO.
This news comes at a time when Summit is rapidly expanding. In January, the provider announced the acquisition of seven psychiatric hospitals in six states of Strategic Behavioral Health. This added an additional 613 inpatient psychiatric beds to its portfolio.
“Todd brings a wealth of financial knowledge and experience in high-growth healthcare services companies,” Summit CEO Brent Turner said in a statement. “His extensive experience in health care will be a valuable asset to Summit. We are excited to have him join our leadership team as we continue to advance our position in the behavioral health industry.”
A Certified Public Accountant by training, Wyatt has been in the financial services industry for over 20 years. He joins the company after serving as CFO and Senior Vice President at Conifer Health Solutions, a company focused on providing value- and revenue-cycle-based care products to healthcare organizations.
He held a 14-year role with medical equipment manufacturing company Acelity, where he served in multiple roles, including Senior Vice President of Business Transformation and Chief Financial Officer. Wyatt replaces former Summit CFO, chuck edwards.
“I am excited to join the talented team at Summit and help fulfill their vision for the future of behavioral health care,” Wyatt said in a statement. “I see a promising and growth-filled future for Summit with caring people, an innovative culture and an expanding business presence.”
Founded in 2013, the Franklin, Tennessee-based company provides psychiatric and substance use disorder treatment to adults and adolescents. Their services include residential programs, acute psychiatric care, detoxification, partial hospitalization, intensive outpatient programs, health and wellness programs, and dual diagnosis treatment.
The provider owns and operates 32 inpatient facilities in 19 states.
In November, Patient Squares, a private equity firm based in Menlo Park, California, purchased Summit from FFL Partners and Lee Equity Partners in a deal valued at more than $1 billion.
This isn’t the only new Summit hire in recent months. In June, the company named philips clay as its new senior vice president of strategy and managed care. In addition, in April, the company named Dr Brian Brooker as your next senior vice president of quality and compliance.
In addition to expanding through acquisitions, Summit has also been active in opening de novo facilities. In August, for example, it opened a 116-bed, full-service psychiatric hospital in Garner, North Carolina, near Raleigh-Durham.
The opening reflects the company’s strategy to take advantage of “attractive market dynamics” in key geographies.
“There is an imbalance between supply and demand in all sectors of behavioral health, including acute psychiatric hospitals,” Turner recently told Behavioral Health Business in an email. “Raleigh-Durham is experiencing strong growth, and we believe Raleigh Oaks Behavioral Health will be an essential solution for mental health solutions in that community.”
