Behavioral health provider Summit BHC has named Todd Wyatt its next chief financial officer.
This news comes at a time when Summit is quickly expanding. In January, the provider announced the acquisition of seven psychiatric hospitals in six states from 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 health care service companies,” Brent Turner, CEO of Summit, said in a statement. “His extensive health care experience will be a valuable asset for 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 service industry for more than 20 years. He joins the company after serving as CFO and SVP at Conifer Health Solutions, a company focused on providing revenue cycle and value-based care products to health care organizations.
He had a 14-year tenure at medical equipment manufacturing company Acelity, where he served in multiple roles including SVP of business transformation and CFO. Wyatt replaces Summit’s former CFO, Chuck Edwards.
“I am excited to join the talented team at Summit and help to fulfill their vision for the future of behavioral health care,” Wyatt said in a statement. “I see a promising, growth-filled future for Summit with caring people, an innovative culture, and expanding company footprint.”
Founded in 2013, the Franklin, Tennessee-headquartered company offers psychiatric and substance use disorder treatment to adults and adolescents. Its 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 across 19 states.
In November, Patient Squares, a Menlo Park, California-based private equity firm, bought Summit from FFL Partners and Lee Equity Partners in a deal valued at over $1 billion.
This isn’t Summit’s only new hire in recent months. In June, the company named Clay Philips as its new senior vice president of strategy and managed care. Additionally, in April, the company named Dr. Brian Brooker as its next senior vice president of quality and compliance.
In addition to expanding via acquisition, Summit has also been active in opening up de novo facilities. In August, for example, it opened a 116-bed full-service psych hospital in Garner, North Carolina, near Raleigh-Durham.
The opening reflects the company’s strategy of tapping into “attractive market dynamics” in key geographies.
“There is a supply/demand imbalance across all behavioral health sectors, 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 to mental health solutions in that community.”
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