Richard A. Penington
Richard A. Penington, the Chairman of Penington Ventures, has a proven track record of creating high valuations in the healthcare sector through entrepreneurship, innovative technology applications, and the deployment of disruptive business models.
As the founder and CEO of Summit Health, Richard disrupted the employee wellness program industry. Wellness programs lower healthcare costs by helping employees adopt healthier lifestyles. Yet, many programs fell short of their goals because the counseling session did not occur during the screening appointment – when employees are most open to receiving coaching. Richard saw an opportunity to innovate. Summit Health developed a one session personal experience that transformed the industry and resulted in hyper-growth for Summit Health.
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To enable this new process, Richard led the development of a proprietary Information Technology system that automated the deployment of tens of thousands of nurses and simplified the data collection & processing of millions of patient records. From 2004 to 2014, Summit Health experienced significant growth and became a leading provider of on-site wellness programs nationwide. These programs included health screenings, immunizations, flu shots, coaching, and educational seminars. Richard saw the company grow from a few employees to more than 12,000 by 2014.
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In 2014, Quest Diagnostics, the world’s largest diagnostic laboratory, acquired Summit Health, and Richard became the President of the Health & Wellness division.
2014, Richard was awarded the Ernst & Young Regional Entrepreneur of the Year Award.
Richard’s distinguished 40-year career includes successful executive leadership roles at IBM and Accenture.
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In 2015, Richard increased his equity position in Penington Painting Company, a national commercial painting firm recognized for its high safety, quality, and ecological awareness standards. Richard's strategic guidance has helped the firm achieve double-digit growth in the past three years.
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Richard earned a Bachelor of Science and Master of Science in Industrial Engineering from Purdue University and an MBA from Harvard Business School. In 2016, Richard was recognized with the Distinguished Alumni Award by Purdue's Industrial Engineering College.
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Richard is a well-known author and speaker in the wellness industry and has authored scholarly articles on healthcare, Computer-Integrated Manufacturing (CIM), robotics, and computer simulation. He also holds five provisional patents in the biotech industry.
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Richard resides in Michigan and Arizona with his wife of over 30 years, Julie, and their two sons.
