Ophelia Expands Board With Two Healthcare Powerhouses to Support Payor Growth

• Marc Russo and Trip Hofer will help Ophelia expand network coverage and deepen partnerships with commercial and Medicaid payors to drive growth
  
  
• Board expansion coincides with pivotal traction for Ophelia, which saw 40% growth in the first quarter of 2024
  
  
• In the past year, Ophelia joined eight new health plan networks on value-based contracts and was named an OUD Center of Excellence (COE) by the state of Pennsylvania, increasing access to Medicaid beneficiaries statewide

NEW YORK, June 4, 2024 /PRNewswire/ -- Ophelia, a next-generation opioid addiction treatment provider, today announced the appointment of Marc Russo and Trip Hofer to its board. With their extensive experience and proven track record in the healthcare industry, Russo and Hofer bring invaluable insights and strategic guidance to Ophelia as it continues to grow its commercial payer and Medicaid business.

Ophelia uses a virtual-first care model to improve access and retention in evidence-based treatment for opioid use disorder (MOUD) by lowering barriers to care for rural, underserved, and historically stigmatized patient populations. Ophelia works with 27 health insurance plans across Medicaid, Medicare, and commercial lines of business, with roughly 70% of its patients covered by Medicaid due to the disproportionate need within this population. In March, Ophelia published a study in Health Affairs Scholar, which found that patients using in-network insurance benefits had six-month retention rates that were 50% higher than those required to pay cash. Since retention rates correlate with positive treatment outcomes, including survival and long-term quality of life, the study highlights the importance of insurance coverage in driving treatment success rates, not just treatment access. The addition of Russo and Hofer to Ophelia's board will help expand these benefits to more Americans, focusing on rural populations with inadequate access to alternative options.

"Ophelia is redesigning opioid addiction treatment from first principles, with the goal of making evidence-based care easy to opt in to and stick with. In order to be easy, it must also be affordable, and our partnerships with forward-thinking payors make that possible," said Zack Gray, founder and CEO of Ophelia. "We're thrilled that Trip and Marc have chosen to put their experience and expertise to work on this mission with us."

Marc Russo brings over 25 years of leadership experience at payors to Ophelia, including deep expertise in Medicaid. Most recently, Russo served as the EVP, President of Medicaid Plans at Molina, one of the largest Medicaid plans in the country, covering 5.2 million lives across 19 states. Prior to Molina, Russo was the President of Medicare at Anthem. Earlier in his career, Russo held leadership roles at various payer organizations, including WellCare Health Plans, Blue Shield California, UnitedHealthcare/PacificCare/SecureHorizons, and Oxford Health Plans.

"The opioid epidemic is among our nation's costliest problems, and the root of the problem is a lack of access to proven treatment. I've been blown away by Ophelia's ability to expand access through direct-to-patient recruitment strategies, which is extremely rare to see in Medicaid," said Marc Russo, board member at Ophelia. "I'm honored to be part of Ophelia's board and to help get this treatment to everyone who needs it."

Trip Hofer is a seasoned health tech leader with over 25 years of experience as both a startup and health plan executive. Hofer was the CEO of AbleTo, a virtual behavioral health company that achieved massive scale and was eventually acquired by Optum where he then became CEO of Optum Behavioral Health. Hofer is currently the CEO of Redox, an organization committed to connecting healthcare organizations to seamlessly exchange healthcare data through reusable technology. In addition to his CEO role, Hofer is currently a Venture Partner at .406 Ventures, an early-stage venture capital firm focused on healthcare and enterprise technology. Hofer serves on the boards of two other innovative healthcare companies, Heartbeat Health, and Brightside Health, and has also held executive roles at United Health Group, CVS Health, Accordant Health Services, Novologix, and Health Dialog.

"Ophelia has created a best-in-class care delivery program that's incredibly easy to use for both patients and providers and is built for scale. In addition, it's built by a leadership team with the necessary mix of ethics, thoughtfulness, and expertise to succeed in this space," said Trip Hofer, board member at Ophelia. "I'm excited to help Ophelia continue to develop its strategic partnerships with payors and providers as we work to align all stakeholders in pursuit of the shared goal."

For more information, visit ophelia.com, and to read testimonials from Ophelia patients, visit the company's Google Reviews.

About Ophelia
Ophelia is a virtual provider of medication-assisted treatment (MAT) for opioid use disorder (OUD), committed to making evidence-based treatment universally accessible. Its mission is to remove barriers for the 80% of Americans with OUD who are unable to receive care today, focusing on rural, underserved, and Medicaid populations. At its core is the Ophelia Care Model, a team-based clinical model and technology platform developed by leading experts in addiction medicine and psychiatry. Ophelia is licensed to provide care in 30+ states and accepts Medicaid, Medicare, and Commercial insurance.

Media Contact
[email protected]

SOURCE Ophelia