Robert Sheehey, former CEO of UnitedHealthcare, has joined the board of Evolution1, the electronic payment and cloud computing healthcare solutions firm overseeing reimbursement accounts, the company revealed. Evolution1 is a portfolio company of private equity firm Genstar Capital Partners.
Evolution1 Names Robert J. Sheehy to Board of Directors
Former CEO of UnitedHealthcare Brings Extensive Experience, Expertise to Role
August 15, 2011 09:03 AM Eastern Daylight Time
AVON, Conn. & MINNEAPOLIS- Evolution1, the nation’s largest electronic payment, on-premise and cloud computing healthcare solution that administers reimbursement accounts, including HSAs, HRAs, FSAs, VEBAs, Wellness and Transit Plans, announced today that Robert J. Sheehy, former CEO of UnitedHealthcare, has joined its board of directors. Evolution1was created from the recent merger of Evolution Benefits and Lighthouse1.
“I’m looking forward to helping to guide the company – and its Partners – to ongoing success because of Evolution1’s innovative solutions.”
“The future of healthcare technology and services is constantly changing, and Evolution1 is positioned to be the industry leader,” said Sheehy. “I’m looking forward to helping to guide the company – and its Partners – to ongoing success because of Evolution1’s innovative solutions.”
Sheehy brings extensive experience and expertise to the board. He served with UnitedHealth Group for more than 20 years, from 1986 to 2008, becoming CEO of UnitedHealthcare in 2000. In 1986, he had his first large regional role as president and chief executive officer of Lincoln National/UnitedHealthcare Ohio, Kentucky, and Tennessee. Over the next 12 years, Sheehy held various multi-state and single-state responsibilities in the Midwest. He led all of United’s acquisitions that were health plan focused during this period of the company’s extensive growth. In 1998, Sheehy was named president and chief operating officer of UnitedHealthcare, and after serving as CEO for seven years, he became senior vice president of UnitedHealth Group in 2007.
Sheehy currently serves on Genstar Capital’s strategic advisory board and advises the firm in the area of healthcare services. Additionally, he serves on the board of directors of Univita and as an independent director for Kips Bay Medical, Inc. He is an active advisor and speaker in the healthcare industry.
“We are extremely pleased with the addition of Mr. Sheehy to our board of directors,” said Jeff Young, chairman and CEO of Evolution1. “He will be a tremendous resource for our company and our Partners as we continually strive to reduce costs and simplify the business of healthcare.”
Evolution1 serves more than seven million consumers, 50,000 employers, and 400 administrators, health plans and financial institution Partners. The company employs more than 250 people and operates offices in Avon, Connecticut; Fargo, North Dakota; Minneapolis, Minnesota; and St. Louis, Missouri.
Other Evolution1 board members include: James Nadauld, Genstar Capital principal; Eli Weiss, Genstar Capital vice president; Rob Weltman, Genstar Capital managing director; Larry Park, former CEO and co-founder of WildCard Systems, former CEO of Transglobal, former COO and CFO of National Bancard Corporation (NaBANCO) and Genstar Capital operating executive; and Robert Patricelli, founder of Evolution Benefits.
Evolution1 and its Partners serve more than seven million consumers, making it the nation’s largest electronic payment, on-premise and cloud computing healthcare solution that administers reimbursement accounts, including HSAs, HRAs, FSAs, VEBAs, Wellness and Transit Plans. It is the only solution that meets up to 1,200 unique plan designs, provides innovative auto-substantiation technologies, simplifies user experience, and automates workflow for Partners, employers, and consumers. It does all this on one technology platform comprised of Lighthouse1™, PayDirect®, the Benny® Prepaid Benefits Card, Lighthouse1 OneCard™ and integrated web portals. Evolution1 and its Partners are dedicated to delivering value, reducing costs and simplifying the business of healthcare.