GreenSky Credit is one of the more innovative companies to have come out of the fintech industry over the last few years. Although the company has followed a very conservative business model, only going after prime borrowers in markets where there is demonstrated value creation taking place, GreenSky has pioneered a new business model, the likes of which have never been seen before.
Big bets on a sure thing
GreenSky Credit’s revenue model is so unique and the business itself so novel that the company’s founder and CEO, David Zalik, found himself having a great deal of difficulty in convincing bankers to help him finance it. Back in 2005, Zalik went on the road to pitch the idea of GreenSky to bankers and other investors across the country. But the entire business model was so unique that he couldn’t find any bank that was willing to back him. He was eventually forced to liquidate his more than $12 million real estate empire and completely fund the new business himself. This would turn out to be a huge net positive for both Zalik and GreenSky.
The problem that the bankers could not overlook was that Zalik was claiming that he could get both his lending partners and his retail partners to pay GreenSky for originating instant loans while also avoiding taking on any lending risk. The bankers and prospective investors wanted to know why on Earth any lender would pay someone to originate a loan if that party was already receiving a large amount of compensation for their services from a third party, and they had no intention of taking on any downside risk at all relating to the possible non-performance of the loans. Zalik had one answer: money. And it turned out that the company was able to generate lots of it.
The secret behind the company’s ability to get its retail partners to pay 6 percent while getting its lending partners to pay a 1 percent annual carrying fee on every dollar loaned is that all of these parties are getting additional high-quality business that they never would have otherwise had.
InnovaCare Health has set itself out to be a unique healthcare organization that is dedicated to offering the best medical services to its members. To further improve its reputation and to ensure that it achieves success in the coming years the organization added to its leadership ranks three new members who come on board with rich background and experience in the medical sector. Jonathan Meyers, Penelope Kokkinides, and Rick Shinto are three new additions at InnovaCare. The announcement was made in 2016, and three are tasked with steering the organization to even greater heights.
Rick Shinto joined in the capacity of Chief Executive officer and President of the organization. He has a rich medical background that has seen him serve in various positions at different reputable organizations. Before joining InnovaCare, Rick Shinto served as the CEO of Aveta Inc. and MMM Healthcare Inc. He has also worked as pulmonologist and internist during his early career days. Rick Shinto holds a Bachelor of Science degree, MBA and a medical degree from different universities across the United States. Due to his dedicated service in the healthcare sector, Rick was honored with the 2018 award for the top 25 minority executives in the healthcare by the Modern Healthcare.
Penelope Kokkinides also joined the InnovaCare family and currently serves as the organization’s chief administrative officer. She brings a wealth of experience as she has a rich background in the medical sector. Before joining InnovaCare, Penelope worked for Touchstone Health, AmeriChoice and Center Light Healthcare where she served in various capacities. The University of Binghamton, Columbia University school of public health and New York University where she graduated with a biological science and classical languages, public health and social work degrees respectively.
InnovaCare Health is dedicated to offering cutting-edge medical services that are well-coordinated and cost-effective to the people of Puerto Rico. The organization announced its new partnership plan to develop a new and alternative payment for its members to have a quality-based system. It is for this reason that, InnovaCare and Health and Human Services joined hands to create a payment system that is set to streamline the payment aspect of the medical industry. The new payment model will allow patients to pay for the healthcare services they receive according to the quality of service. This model will enhance service delivery and reduce readmissions. The service is expected to be ready by the end of 2018.
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