Availity Appoints Veteran Financial Executive Frank Petito as Chief Financial Officer
Jacksonville, Fla—July 20, 2021— Availity, one the nation’s largest real-time health information networks, announced today that Frank Petito has been appointed chief financial officer. In his new role, Petito is responsible for leading Availity’s financial and accounting teams and serves as a strategic partner to the organization’s board of directors and executive leadership team regarding organic expansion, mergers and acquisitions, and capital markets opportunities.
“We are pleased to welcome an executive leader of Frank’s caliber to Availity to lead our financial teams as we continue our strategic growth and seek investment opportunities that drive additional value for providers, payers and patients,” said Russ Thomas, chief executive officer, Availity. “Frank’s role at Availity is critical as we expand our health information network and improve healthcare communications.”
Petito has already been a great addition to the Availity leadership team. Most recently, Petito led the process to secure Availity’s latest investor, Novo Holdings. As Availity underwent the recapitalization process, Petito ensured a smooth transition as the company secured a new partnership, investor, and additional board members. Petito will continue to play a strategic role in future investment opportunities as Availity experiences significant growth.
Previously, Petito served as chief financial officer of Vivid Seats, a private-equity backed online marketplace for sports, concerts, and theater tickets, where he helped drive profitable growth, optimize capital structure, and manage the strategic sale of the company.
Prior to Vivid Seats, Petito served for 14 years at Orbitz, where he was senior vice president of corporate development and president of Orbitz for Business, a business-to-business division within Orbitz Worldwide. During his tenure, Petito helped drive Orbitz’s initial public offering, mergers and acquisitions activities, and eventual sale to Expedia.
Earlier in his career, Petito worked as an investment banker in New York, Buenos Aires, and San Francisco, most recently at Hambrecht & Quist, a leading technology and growth investment bank. Petito graduated from Princeton University and earned an MBA from Stanford University’s Graduate School of Business.
“Availity has assembled a strong management team of seasoned business leaders, and I’m honored to join this group of talented professionals,” said Petito. “I look forward to contributing to the team as we pursue innovative ways to help payers and providers strengthen communications, improve financial performance, and simplify processes and systems.”
About Availity
Availity is the place where healthcare finds the answers needed to shift focus back to patient care. We work to solve communication challenges in healthcare by creating a richer, more transparent exchange of information among health plans, providers, and technology partners. As one of the nation’s largest health information networks, Availity facilitates billions of clinical, administrative, and financial transactions annually. Our suite of dynamic products, built on a powerful, intelligent platform, enables real-time collaboration for success in a competitive, value-based care environment.
