Athenahealth Loses Another CFO

Athenahealth, a cloud-based services provider for health care and point-of-care mobile apps, is looking for a new CFO — again. The publicly held, Watertown, Mass.-based IT firm announced last week that Karl Stubelis, who had been finance chief for a little more than a year, would be leaving the company to pursue other opportunities. On Tuesday, Arcadia Healthcare Solutions announced that Stubelis would be joining that company as its CFO.

Athenahealth CEO Johnathan Bush said in a statement that the company intends to focus its CFO search “on leaders who bring a record of operating discipline and value-creating capital allocation.”

While the company searches for a CFO, Jack Kane, a member of Athenahealth’s board of directors and chair of its audit committee, will serve as interim chief financial officer. Kane was once CFO of IDX Systems. Assisting with the CFO search will be board member Tom Szkutak, former CFO of Amazon.

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Stubelis, who had been with Athenahealth since 2013, took over as finance chief in May 2016 when former CFO Kristi Matus resigned. Matus’ resignation was prompted by the announcement that Athenahealth was separating the roles of CFO and chief administrative officer. Matus had assumed responsibility for both roles when she joined Athenahealth in July 2014.

Athenahealth is scheduled to report second-quarter earnings this week, but Stubelis is reportedly staying on board through the reporting of the results.

For the first quarter, Athenahealth recorded a GAAP net loss of $1.4 million and revenue of $285.4 million, an 11% increase over the prior year.

Athenahealth’s systems help medical practices and hospitals collect payments from patients, manage their electronic health records, and automate their interactions with facilities like laboratories and radiology centers.