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PhysicianOne Executive Named Chief Financial Officer of the Year

June 12, 2018

Hartford Business Journal recognizes leaders of Connecticut company that worked with Enhanced Capital through the Invest CT program

Since Paul Falvey took over as CFO of PhysicianOne Urgent Care in 2015, the quick-service healthcare provider has doubled its number of locations in Connecticut, Massachusetts and New York from nine to 18.

He focused on building a team to tackle areas such as finance, operations and real estate, and searched for communities that lacked urgent care, including Glastonbury.

The market has been receptive to these facilities, Falvey said, which treat non-life-threatening medical conditions and are a cost-effective alternative to the emergency room.

PhysicianOne Urgent Care is owned by physicians and private equity investors and was formed in 2008 by three ER physicians in Southbury. It's growing a Greater Hartford presence and now has 12 centers in Connecticut, four in Massachusetts and two in Westchester County in New York.

Plans for expansion are ongoing and Falvey is helping lead those efforts.

While building his team, Falvey, who started his career as an accountant and has been involved in medical technology companies and healthcare services companies since the early '90s, said he's focused on financial and project management.

"It's all about making sure you have the right people in an organization because in a smaller resource limited company you have to have people who are willing to do more with less and who don't necessarily see any barriers to their job and what has to get done. That's the vision, and the way we approached it," he said.

Falvey has been instrumental in PhysicianOne's recent collaboration with Yale New Haven Health to build a continuum of care for patients in Connecticut. "People have a wide variety of healthcare needs over the span of their life cycle. And urgent care is just one of those stops along the way," he said. "In order for us to really take our business to the next level, it made sense for us to partner with a health system that had all of those other pieces that we don't have [such as primary care physicians]."

Lynne Rosen, PhysicianOne Urgent Care's CEO, said Falvey's role and impact go well beyond optimizing the company's performance. "Paul is a partner in shaping our strategy and leading our business development," Rosen said. "Paul's integrity and commitment to excellence have positioned the company to be a leader in the market."

Insurers have been very welcoming of urgent care centers because it's a low-cost alternative to the emergency room. And while value is "a big part of the equation," quality and patient care are equally important, Falvey said. And patients are happy that urgent care exists. "I think it complements the fact, from a cost-efficiency perspective, it's good care in the right place at the right time," he noted.

Falvey was tasked with securing capital to finance PhysicianOne's growth. The group is supported by PineBridge Investments and Pulse Equity Partners. In the past year, they were financed by Enhanced Capital Partners LLC.

Hitesh Shah, Enhanced Capital Partners' vice president, said Falvey has played a key role in successfully planning and implementing PhysicianOne Urgent Care's growth initiatives last year and has positioned the company to grow more rapidly in Connecticut.

PhysicianOne Urgent Care is a member of the Urgent Care Association of America. In early May 2017, Falvey traveled to Washington, D.C., to support legislation that would provide veterans greater access to urgent care centers.

"There's still limited access outside of the VA system, so they just can't up and go where they want to go [in an emergency] like maybe you and I can do," Falvey explained. "It seems almost like a no-brainer because it will be good for the veterans, and it will be good for the costs because they won't be going to the emergency room as much."

What's the vision for PhysicianOne over the next year?

"We are still very interested in growth, so growth will be another part of it," Falvey said. "We will continue to look at new locations, but I think the market is starting to shift a little bit so I think there may be opportunities from an acquisition perspective. There are smaller operators that are seeing the market starting to change, and affiliating or selling to a larger operator may be something that would be of interest. I think that will be our combined focus for next year."

On the job

Guiding business principle: Identify the key drivers within your business and then create transparency around them. Best way to keep your competitive edge: My CEO coined the term 'interrogate reality' and I think it really works for me. The CFO must be that person in the organization who understands every aspect of the business. In addition to that inquisitive perspective, I surround myself with smart, hardworking people and try to be a continuous learner. Judgment calls Best business decision: Starting my career at KPMG and transferring into their entrepreneurial services group. Worst business decision: Decision to join a venture capital firm where I was out of the day-to-day activities of operating the company Biggest missed opportunity: Earlier in my career I declined opportunities to pursue an overseas work assignment. Goal yet to be achieved: My long-term goal would be to use my skills and experience to run a business in my community. Personal touch in your office: Family photos of five kids and one favorite photo taken from edge of Grand Canyon taken last year. Personal side Favorite way to relax: Watching my son play high school baseball or basketball Hobbies: Recently became an IAABO basketball official. I enjoy bike riding with a group of weekend warriors. I'm also a Pan Mass rider alum. Currently reading: "A Hope in the Unseen," by Ron Suskind Favorite cause: Special Olympics Second choice career: General manager of a minor league baseball club