Tom Monteleone, new chief financial officer at Minneapolis-based Provation, is supporting the launch of its cloud-based platform for documenting patient procedures while also playing a leading role in its reorganization as an independent company.
Provation’s clinical productivity software is in use in more than 1,500 hospitals and 1,000 ambulatory surgery centers. Doctors use it to document procedures such as colonoscopies while performing them. Reports are easier to understand and enable providers to get reimbursed properly and track quality metrics.
The company’s new Provation Apex technology will make those capabilities available through a cloud-based, software-as-a-service (SaaS) model, Monteleone said.
That will make it easier for Provation to expand beyond its focus on gastrointestinal procedures to offer procedure documentation for other specialties, Monteleone said. The cloud-based service will be more easily accessible to practices that don’t have the technical support to adopt Provation’s more complex licensed product.
Monteleone’s responsibilities also include financial oversight of Provation’s carve out or emergence as an independent company after its acquisition in March by Santa Monica, Calif.-based Clearlake Capital Group from Wolters Kluwer.
Monteleone, a CPA with nearly two decades of experience in strategic finance, most recently was chief financial officer for Ancile, a developer of human and operational performance improvement software that he helped go independent after its sale. He previously was CFO at AirVersent Inc., Corestar Financial Group and Ascend One Corp. He earned an MBA from Loyola University, Maryland.
Q: What brought you to Provation?
A: The combination of a carve out and migrating to a cloud-based SaaS model in software was unique and something I’ve done in the past. The opportunity to expand and capture additional market share and move into difference specialties also is very exciting.
Q: What are some of the advantages of Provation’s software and the new cloud-based platform?
A: Our product is mission critical to the patient procedure. It helps streamline and automate that process. It touches patient care and makes that experience better. (Provation Apex) will be easier to buy, easier to implement, easier to use and easier to expand than current legacy technologies. It will allow us to innovate. It will allow our customers to adopt that innovation at a much faster and easier pace.
Q: What appeals to you about the role of chief financial officer?
A: Early in my career I realized that if you understood the finances of the business you can provide a lot of value in driving that business to success. That’s necessarily not true if you j understand the technological aspects of the business. You need to understand the economics. That’s what drove me to the profession and the finance side of the business.