Nick Smith is a co-founder of both Physician Improvements Consulting and Arkansas High Performance Network. Nick’s unique diversification is creating new, innovative business models in the healthcare industry. He was instrumental in the strategic growth and development of three small organizations (below $500k annual gross) which are all now multi-million dollar annual grossing organizations, two from inception and one of which is now producing in excess of $100,000,000 annually.
Nick has worked with the innovation teams of both Medicare and Walmart, as well as numerous other fortune 500 companies and large self-funded employer health plans. Nick led an innovation initiative which secured the first Medicare Innovation Center investment in Arkansas, supporting Independent Primary Care practices across the state, now successfully improving the quality of care and lowering overall costs.
Nick received his Bachelor’s Degree in Business Administration from the University of Arkansas in Fort Smith, graduating with the highest of national recognitions for business students Sigma Beta Delta.
Other Accomplishments would include:
Nick was responsible for designing new strategies and programs that diversify revenue streams for Employer’s Health Coalition, a collaborative network of large, self-funded employers across Arkansas and Oklahoma.
Nick was instrumental in the developmental growth of business model launched out of Employers’ Health Coalition, as on-site primary care and disease management clinic pilot concept for large employers to build a primary care clinic either on-site or near-site for their employees and covered family members. Successful immediately, and in its fifth year of maturation of prevention and disease management, it saved both employers and employees approximately half off previous spend on the overall cost of healthcare! IMWell Health managed to cut patients’ cost to about half what non-IMWell Health managed patients spend throughout the healthcare system; additionally approximately 65% reduction of catastrophic hospitalizations.
Nick was the lead architect of an innovative Pharmacy Benefits Management model, Employers’ Choice Rx, redesigning the adjudication process of paying traditional pharmacy claims by redirecting the formulary management responsibilities in collaboration with UAMS College of Pharmacy to implement an “Ethics first, Lowest Net Cost second” formulary decision to the top 15 utilized therapeutic drug classifications which was very successfully implemented and now a multi-state PBM initiative.