We’re excited to announce the newest addition to the Waymark leadership team: Dan Frascella has joined Waymark as Head of Finance. As a seasoned finance leader, Dan brings deep expertise in building and scaling innovative care delivery and payment models focused on underserved populations.
In this brief Q&A, Dan discusses his background, passion for Waymark’s business, and his vision for the future of equitable care for patients receiving Medicaid.
Can you share a bit about your background?
I grew up with two physician parents, so healthcare has always been part of my daily life. Science was not my strong suit, so while I was an undergrad, I took a course about the economics of the U.S. healthcare system and became fascinated by the complexities of the healthcare market relative to other more “normal” sectors of the economy, and how these unique economic dynamics drive high costs and poor health outcomes observed in the US.
I began my career in consulting, investment banking, and private equity investing, all focused on healthcare companies. My early experience focused mostly on fee-for-service (FFS) models, but I also gained some exposure to emerging value-based care (VBC) players and became interested in the potential for these models to advance the “triple aim” of improving access, reducing costs, and improving quality & outcomes. I explored this interest in VBC in business school, and while studying had the great fortune of meeting a very seasoned physician executive who was planning to launch a value-based care platform focused on providing in-home medical care to chronically ill Medicare beneficiaries, an organization which I helped to co-found. Our value-based reimbursement model with Medicare Advantage plans enabled us to deliver very high-quality, comprehensive care in the home, in a way that would not be adequately funded by FFS reimbursement. It was incredibly rewarding to see VBC really make a difference in our patients’ lives.
When the opportunity with Waymark arose, I realized that it was a chance for me to use the skills and knowledge I gleaned during my six years at WellBe to use value-based payment models to improve outcomes for a broader population of patients receiving Medicaid, and also help Waymark scale quickly to achieve its mission.
What brought you to Waymark?
Waymark’s foundation in clinical evidence was the biggest draw initially. I love that the company was built around community-based interventions (such as community health workers) that are proven to work for the “rising risk” population that we focus on, and it’s an honor to be able to help Waymark’s physician founders build a sustainable business model that supports their unique care delivery model. The depth of talent and intellectual rigor of everyone within the company is incredible. Also, Waymark’s focus on building and leveraging AI for high-impact patient- and provider-focused use cases was very appealing to me, and I saw that as a great opportunity to learn more about this important emerging technology.
How do you see Waymark setting the standard for more equitable care in Medicaid as it pertains to our rising risk model?
When it comes to care delivery innovation, Medicaid has historically lagged behind other areas such as Medicare Advantage, and it’s ripe for change. Inherently, Waymark is advancing health equity simply by focusing exclusively on serving patients who receive Medicaid, because Medicaid patients have historically been underserved and have not had reliable access to quality care and other resources. More specifically, our “rising-risk” model is based on algorithms which intentionally correct for socioeconomic bias commonly observed in other healthcare algorithms that under-identify patients who have poor access to care.
What excites you most about the future of Medicaid and the role Waymark will play in that future?
Waymark is on the leading edge of innovation in Medicaid with our proprietary technology and care model that has been proven to improve outcomes and reduce utilization and cost. We’re well positioned to scale rapidly, as states and their Medicaid managed care plans want and need to find ways to more sustainably manage their patient populations, and in my first few weeks I’ve already seen firsthand the excitement within these Medicaid MCOs about partnering with Waymark. I’m excited to see the company continue to grow and create better outcomes for patients, health plans, and providers.
