Former Chief Executive Officer, Apria Healthcare Group
Dr. Payson has had a thirty-year career as Chief Executive Officer of multiple healthcare organizations including two S&P 500, publicly traded companies. He is well known for his adeptness at the payor- provider interface having managed from both vantage points. Dr. Payson has worked closely with private equity firms and others in the development or transformation of several healthcare companies. He has also been CEO of a 120-physician multi-specialty group practice, a practicing physician, and active participant in healthcare philanthropy and graduate education. Dr. Payson has been Chairman and CEO of Apria Healthcare Group since Blackstone’s purchase of the company on October 28, 2008 until November 30, 2012. Apria is a leading national home healthcare provider with 14,000 employees and $2.3 billion in annual revenue. Dr. Payson oversaw Apria’s restructuring and development of multiple innovative commercial payor arrangements and government programs. From November 2005 through 2008, Dr. Payson was Chairman of Viant Holdings and its predecessor company, Concentra Inc., overseeing its repositioning into separate operating units with consequent material increase in valuation. Concentra had owned large national PPO chains and the nation’s largest occupational healthcare provider. It was majority owned by Welsh Carson. From January through October 2005, Dr. Payson served as special consultant and financially transformed Geisinger Health Plan, an $800 million group model health plan. From 1998 through 2002 aligned with TPG, Dr. Payson was Chief Executive Officer of Oxford Health Plans. Dr. Payson led the dramatically successful turnaround of this $5 billion health plan from massive losses to record profitability. The ultimate sale of Oxford created an over ten times stock price appreciation from its lows in 1998. From 1985 to 1997, Dr. Payson was co-founder and Chief Executive Officer of Healthsource, Inc., a 3 million-member health plan located in 15 states. In this start-up operation, Dr. Payson recruited thousands of doctors as investors and providers, established multiple joint ventures with physicians and hospitals and acquired and turned around many failing health plans. The Company was publicly traded for over seven years and acquired by Cigna Corporation at an over 30% compounded annual stock price appreciation from IPO to sale. Prior to 1985, Dr. Payson was Chief Executive Officer and Medical Director of a 120-physician multi-specialty group practice. The group practice was an innovator in managed care developing its own health plan with over 100,000 members. From 1974 until 1980, Dr. Payson was a primary care physician in the United States Public Health Service at a Native American Reservation and in a physician multi-specialty group practice. In addition to caring for patients, he assumed progressively greater leadership roles in quality assurance, utilization management and then medical director. Dr. Payson is a sponsor, lecturer and mentor for students of Dartmouth’s Geisel School of Medicine and Tuck School combined MD-MBA Program and is on the School of Medicine’s Board of Overseers. He has also served as sponsor and mentor at the Biomedical Enterprise Program of the Health Sciences Technology Division of the Massachusetts Institute of Technology and Harvard Medical School and is also a graduate student lecturer at the Columbia University Mailman School of Public Health. Dr. Payson is a board member of the Business Leadership Council for a Generation Born HIV Free (ending maternal to child HIV transmission). He serves as Vice Chairman of the Board of Directors of the City of Hope, a not-for-profit corporation which, with its affiliates, operates a tertiary cancer hospital and research center. Dr. Payson also is Chair of the Board of one of the affiliates, the City of Hope Medical Foundation. A graduate of the Massachusetts Institute of Technology (MIT), Dr. Payson received his medical degree from Dartmouth’s medical school.