Adam Boehler Explained

Adam Boehler
Office:1st CEO of the U.S. International Development Finance Corporation
Term Start:October 1, 2019
Term End:January 20, 2021
Predecessor:David Bohigian (acting president of the Overseas Private Investment Corporation)
Successor:Scott Nathan
Office1:Director for the Center for Medicare and Medicaid Innovation
Term Start1:April 2018
Term End1:October 2019
Predecessor1:Dr. Patrick Conway
Successor1:Brad Smith
Birth Name:Adam Seth Boehler
Birth Date:23 June 1979
Birth Place:Albany, New York, U.S.
Spouse:Shira Boehler
Children:4
Education:Wharton School of the University of Pennsylvania (BS)

Adam Seth Boehler (born June 23, 1979) is an American businessman and government official who was unanimously confirmed by the U.S. Senate to serve as the first chief executive officer of the U.S. International Development Finance Corporation. He is currently the chief executive officer of Rubicon Founders, a health care investment firm based in Nashville. He is the founder of Landmark Health, the largest provider of home-based medical care in the United States.

He previously served as Director of the Center for Medicare and Medicaid Innovation, as well as Senior Advisor for Value-based Transformation for Health and Human Services Secretary Alex Azar and Deputy Administrator of the Centers for Medicare and Medicaid Services. He joined CMS in April 2018.[1] [2]

Early life and education

Boehler was born in Albany, New York on June 23, 1979. Boehler's father is a physician. Boehler graduated magna cum laude from the Wharton School of the University of Pennsylvania in 2000.[3] He was a summer college roommate of Jared Kushner, with whom he would later work on a team coordinating tests for COVID-19.[4] During college, Boehler worked for a summer at the Financial and Fiscal Commission, a government agency managed by the Parliament of South Africa.[5]

Early career

Boehler started his career at Battery Ventures, a technology venture capital firm that focuses on investments in software and emerging technologies.[6] Boehler was also an Operating Partner at Francisco Partners, a global private equity firm based in San Francisco focusing on healthcare. Boehler founded and was Chairman of Avalon Health Solutions, a provider of laboratory benefit management services.[7]

Previously, Boehler was the founder and chief executive officer of Accumen, a provider of laboratory management services to health systems.[8] [9] Prior to joining CMS, Boehler was founder and chief executive officer of Landmark Health, the largest provider of home-based medical care in the country.[10] United Health Group purchased Landmark for $3.5 billion in 2021.[11]

US Government (2018-2021)

Center for Medicare and Medicaid Innovation

Boehler was appointed Director of the Center for Medicare and Medicaid Innovation at the United States Department of Health and Human Services (HHS) in April 2018.[12] While at HHS, Boehler also served as Senior Advisor for Value-based Transformation to Secretary Alex Azar.

During his tenure at CMMI, Boehler launched 16 payment models[13] designed to speed the transformation of US Health Care to value based payments instead of fee for service.[14] He launched a series of models focused on empowering primary care physicians[15] as well as transforming kidney care across the United States.[16]

During the COVID crisis, Boehler led teams focused on expanding testing, sourcing critical PPE, and ensuring that there were sufficient ventilators for the United States population (and ultimately helping emerging countries in need). Boehler was a founding board member of Operation Warp Speed. On May 14, 2020, the President of the United States signed an executive order delegating Defense Production Act authorities to Boehler, underwriting the production of various vaccines under consideration in advance of the Food and Drug Administration's approval to expand domestic vaccine supply.[17] [18]

International Development Finance Corporation

On July 10, 2019, the President of the United States announced his intent to nominate Boehler for the position of chief executive officer of the newly formed U.S. International Development Finance Corporation, a government agency formed through the Better Utilization of Investments Leading to Development (BUILD) Act as a consolidation of the Overseas Private Investment Corporation and the Development Credit Authority of the United States Agency for International Development (USAID) into one entity.[19] [20] The nomination was received by the Senate on July 22, 2019, and confirmed unanimously by voice vote on September 26, 2019.[21]

Under his tenure at the DFC, Boehler helped draft an executive order in response to COVID-19 that expanded the DFC to domestic projects - a break from its congressional mandate, which focused on funding projects in the developing world.[22] [23] The DFC's first domestic loan was a $765 million loan to Kodak intended to transform the photography company into a pharmaceutical company. An investigation by the DFC Office of Inspector General found no evidence that DFC staff had conflicts of interest regarding the loan, and found no "evidence of misconduct on the part of DFC officials."[23]

›› Three Seas Initiative

The DFC under Boehler publicly advocated for and invested $300 million in the Three Seas Initiative Investment Fund to bolster the energy security of East European countries and counter Russian influence.[24] [25] [26]

›› Serbia/Kosovo

Under Boehler, the DFC and EXIM signed Letters of Interest with Serbia and Kosovo to help finance projects identified under a U.S. brokered agreement to advance economic cooperation and development between Kosovo and Serbia. Serbian president Aleksandar Vucic and Kosovo prime minister Avdullah Hoti signed the agreement on September 4, 2020, in Washington.[27]

›› Afghanistan

Boehler accompanied Ambassador Khalizad to negotiate with the Taliban in a series of meetings held in Qatar touting the possibility of joint investment in Afghanistan through the Qatar Fund for Development, and promoting a commitment to peace to prioritize Afghanistan's economic growth.[28] [29] [30]

›› Southeast Asia

Boehler met with heads of state in Vietnam[31] and Indonesia[32] [33] to discuss investments in energy and infrastructure. He led the last US delegation to meet with Nobel Peace Prize winner State Counselor Aung San Suu Kyi prior to her arrest and imprisonment by the Mynamar military on February 1, 2021. [34]

Among the first equity investments made by the DFC were a $54 million investment in India's National Investment and Infrastructure Fund,[35] a direct investment in an Indian e-commerce fresh produce startup,[36] and over $200 million in solar power.[37]

›› South America and Latin America

Boehler met frequently with leaders of countries across the region, including the Caribbean,[38] Colombia,[39] Ecuador,[40] [41] El Salvador,[42] Guatemala,[43] [44] Honduras,[45] [46] [47] and Venezuelan opposition leader Juan Guaidó.[48] DFC's 2020 annual report indicated loans to women-owned or led small-medium enterprises of approximately $1 billion across Latin America.[49]

Colombian President Iván Duque and Boehler drafted an economic plan addressing the growth of cocaine farming in Colombia.[50] [51] [52] The DFC reported investments of over $1 billion in more than 30 projects in Colombia across infrastructure and financial sectors in late 2020.[53]

›› Ecuador

Boehler led negotiations with Ecuadorean president Lenín Moreno resulting in a $3.5 billion lending agreement enabling prepayment of loans to China, in exchange for Ecuador excluding Chinese telecoms services and equipment providers from its 5G telecommunications networks.[54] [55]

›› Greece

In 2008, COSCO signed a 35-year agreement with the Greek government to operate the container terminal at Piraeus, Greece's largest port. COSCO acquired a majority share in the port in 2016.[56] The docking of Chinese naval vessels in Piraeus triggered warnings from NATO, of which Greece is a member.[57] [58]

In July 2020, the DFC-backed Onex Group signed an agreement “in principle” to take over management of Elefsis Shipyards, the second largest in Greece.[59] Shipyard investing efforts started by Boehler in Greece to counter China's BRI continued following his tenure.[60] [61] [62]

›› Africa

Boehler met in November 2019 with Ethiopia's Prime Minister, President and finance ministers to discuss support of reform initiatives on the nation's developmental goals.[63] [64] [65] Through the Atlantic Council, the DFC engaged with various African presidents presenting as an alternative source to China BRI funding.[66]

Abraham Accords

Boehler was part of several delegations that traveled in 2020 and 2021 with Jared Kushner to Saudi Arabia, UAE and Qatar that ultimately resulted in the Abraham Accords,[67] [68] as well as the agreement to resolve the Gulf Rift.[69] [70] [71]

Boehler was part of a high-level delegation to Israel and Morocco to discuss the Israel–Morocco normalization agreement,[72] [73] as well as a delegation in October 2020 with Secretary of Treasury Steven Mnuchin to Israel, Bahrain, and UAE to discuss economic cooperation under the Abraham Accords.[74]

Post-government career

In 2021, Boehler started a health-care investment firm, Rubicon Founders, based in Nashville, Tennessee. The firm is focused on senior living and genomics.[75] He is also on the Board of Directors of the Atlantic Council and a member of the United States Holocaust Memorial Council.[76] [77]

Personal life

Boehler currently resides in Nashville, Tennessee with his wife, Shira, and their four children.[78] Boehler formerly resided in New Orleans.

Notes and References

  1. Web site: CMMI's Adam Boehler wants to 'blow up' fee for service. FierceHealthcare. November 29, 2018. en. 2019-12-23.
  2. Web site: Health Care Powerhouse Stops by CDPHPAdam Boehler Shares Vision on Future of Health Care in America . markets.businessinsider.com. 2020-04-14.
  3. Web site: Archived copy . April 8, 2021 . October 24, 2019 . https://web.archive.org/web/20191024030856/https://www.kidneynews.org/kidney-news/features/trump-administration-officials-to-receive-president%E2%80%99s-medals . dead .
  4. News: Lahut . Jake . Jared Kushner asked his college roommate to create a national coronavirus testing plan, according to a new report . 4 August 2020 . Business Insider . 31 July 2020.
  5. Web site: Opening Statement of Adam Boehler. senate.gov. 31 March 2023. September 19, 2019.
  6. Web site: Battery Ventures. Battery Ventures. en-US. 2019-12-23.
  7. Web site: Laboratory Benefit Manager. Avalon Healthcare Solutions. 2019-12-23.
  8. Web site: Accumen.com - Delivering Healthcare Performance. Accumen.com. en-US. 2019-12-23.
  9. Web site: Crisp . Elizabeth . October 8, 2019 . New Orleans resident Adam Boehler takes reins of federal foreign investment effort . 2020-04-14 . NOLA.com . en.
  10. Web site: In Home Medical Care with Doctor House Calls. Landmark Health. en-US. 2019-12-23.
  11. Web site: UnitedHealth's Optum Reportedly Strikes Deal for Landmark Health. February 21, 2021 . en-US. 2021-02-21.
  12. Web site: HHS Secretary Alex Azar appoints Adam Boehler as director of CMMI. healthcarefinancenews.com. 14 November 2023. Apr 9, 2018.
  13. Web site: Adam Boehler speaks on what's next as he reflects on CMMI tenure. fiercehealthcare.com. 15 November 2023. Oct 30, 2019.
  14. Web site: CMMI's Adam Boehler wants to 'blow up' fee for service. fiercehealthcare.com. 15 November 2023. Nov 29, 2018.
  15. Web site: CMS announces new primary care payment models aimed at greater shared risk. fiercehealthcare.com. 15 November 2023. Apr 22, 2019.
  16. Web site: Innovative New Kidney Care Model in Development Highlighted at National Quality Forum. kidneynews.org. 15 November 2023. Mar 26, 2019.
  17. Web site: Delegating Authority Under the Defense Production Act to the Chief Executive Officer of the United States International Development Finance Corporation To Respond to the COVID-19 Outbreak. federalregister.gov. 14 November 2023. May 15, 2020.
  18. Web site: Inside the Messy Race to Develop a COVID Vaccine. esquire.com. 14 November 2023. Oct 19, 2021.
  19. Web site: OPIC President and CEO Washburne Statement as President Signs BUILD Act into Law . dfc.gov. 2019-12-23.
  20. Web site: President Donald J. Trump Announces Intent to Nominate Personnel to Key Administration Posts. en-US. National Archives. whitehouse.gov. 2019-12-23.
  21. Web site: PN972 - Nomination of Adam Seth Boehler for United States International Development Finance Corporation, 116th Congress (2019-2020). 2019-09-26. www.congress.gov. 2019-12-23.
  22. News: Rappeport. Alan. Swanson. Ana. Thrush. Glenn. 2020-10-25. Kodak Loan Debacle Puts a New Agency in the Hot Seat. en-US. The New York Times. 2020-10-26. 0362-4331.
  23. News: Watchdog for U.S. Agency That Brokered Controversial Kodak Loan Deal Finds No Wrongdoing. Wall Street Journal. December 6, 2020. Rachael Levy.
  24. Web site: US offers allies energy investment without strings attached. ft.com. February 24, 2020. 2 Dec 2023.
  25. Web site: Transcript: A conversation with US Secretary of State Michael R. Pompeo on China, the Middle East, and the Trump administration's foreign policy. atlanticcouncil.org. September 15, 2020. 2 Dec 2023.
  26. Web site: DFC Approves Over $2.1 Billion in New Investments for Global Development. dfc.gov. December 10, 2020. 2 Dec 2023.
  27. Web site: U.S. private capital eyes investments in Serbia, Kosovo - Boehler. seenews.com. September 22, 2020. 1 Dec 2023.
  28. Web site: Taliban Ready For Compromise With Kabul to Reach Peace, US Rep for Afghanistan Says. globalsecurity.org. March 7, 2020. 1 Dec 2023.
  29. Web site: US envoy forges ahead with troubled Taliban peace deal. www.wbal.com. July 4, 2020. 1 Dec 2023.
  30. Web site: Adam Boehler: Negotiating with the Taliban – here are the lessons I learned. allmybiznews.com. August 25, 2021. 1 Dec 2023.
  31. Web site: Vietnam always supports US investors: Party official. nhandan.vn. January 8, 2020. 1 Dec 2023.
  32. Web site: Statement by DFC CEO Adam Boehler Following His Meeting With Indonesian President Joko Widodo. dfc.gov. January 10, 2020. 1 Dec 2023.
  33. Web site: Indonesia says U.S. DFC will invest $2 billion in new sovereign wealth fund. reuters.com. November 23, 2020. 1 Dec 2023.
  34. Web site: EXIM Chairman Kimberly Reed Meets With State Counsellor of Myanmar Aung San Suu Kyi to Discuss Economic Development and Job Creation. exim.gov. October 27, 2020. 1 Dec 2023.
  35. Web site: US financial body to invest USD 54 mn in India to support critical infrastructure projects. indiatvnews.com. December 23, 2020. 1 Dec 2023.
  36. Web site: India's FreshToHome raises $121 million to grow its meat and vegetable e-commerce platform. techcrunch.com. October 27, 2020. 1 Dec 2023.
  37. Web site: US DFC Okays $350 Mn for Development in India Including over $200 Mn for Solar. saurenergy.com. June 5, 2020. 1 Dec 2023.
  38. Web site: U.S. Delegation Advances Economic Growth, Private Sector Investment in Suriname, Guyana, Jamaica, Haiti, Dominican Republic. dfc.gov. Oct 15, 2020. 1 Dec 2023.
  39. Web site: Readout of Boehler's Meeting With Colombian President Iván Duque. dfc.gov. Dec 6, 2019. 1 Dec 2023.
  40. Web site: DFC and Ecuador Sign Joint Statement Highlighting Support for Investment and Development in Ecuador. dfc.gov. Dec 7, 2020. 1 Dec 2023.
  41. Web site: Adam Boehler: 'Ecuadorians need to look at what's happening in Venezuela'. expreso.ec. Dec 15, 2020. 1 Dec 2023.
  42. Web site: U.S. Finance Corporation Director to Meet with Bukele to Discuss 'America Grows'. laprensagrafica.com. Jan 30, 2020. 1 Dec 2023.
  43. Web site: US Commits $1 Billion USD To Guatemala Private Sector Development. financeamericas.com. Jan 16, 2020. 1 Dec 2020.
  44. Web site: DFC APPROVES A $200 MILLION INVESTMENT FOR GUATEMALA. usembassy.gov. June 4, 2020. 1 Dec 2020.
  45. Web site: Readout of Boehler's Meeting With Government of Honduras. dfc.gov. Dec 20, 2019. 1 Dec 2023.
  46. Web site: New $1 Billion of Private Sector Investment in Honduras. fundsforngos.org. July 23, 2020. 1 Dec 2023.
  47. Web site: Readout from the Meeting with Honduran President Juan Orlando Hernandez and DFC CEO Adam Boehler. dfc.gov. December 4, 2020. 1 Dec 2023.
  48. Web site: DFC CEO Adam Boehler's Statement on His Meeting With Interim President of the Bolivarian Republic of Venezuela Juan Guaidó. dfc.gov. Feb 7, 2020. 1 Dec 2023.
  49. Web site: A Report on DFC's First Year. dfc.gov. 1 Dec 2023.
  50. Web site: US vows to invest 'billions' in Colombia's countryside to combat drug trafficking. colombiareports.com. Jan 17, 2020. 1 Dec 2023.
  51. Web site: DFC CEO Adam Boehler Explores Investment Opportunities in Colombia. dfc.gov. Jan 17, 2020. 1 Dec 2023.
  52. Web site: U.S. Government Announces Bilateral Initiative to Advance Rural Development in Colombia. dfc.gov. August 18, 2020. 1 Dec 2023.
  53. Web site: Bilateral initiative to advance Rural Development in Colombia. fundsforngos.org. August 20, 2020. 1 Dec 2023.
  54. Web site: DFC and Ecuador Sign Joint Statement Highlighting Support for Investment and Development in Ecuador. dfc.gov. December 7, 2020. 1 Dec 2023.
  55. Web site: Deal with US development bank will help Ecuador pay Chinese loans. thecuencadispatch.com. January 19, 2021. 1 Dec 2023.
  56. Web site: Boxed In at the Docks: How a Lifeline From China Changed Greece. fortune.com. July 22, 2019. 1 Dec 2023.
  57. Web site: NATO warns allies to block China buying spree. dw.com. April 17, 2020. 1 Dec 2023.
  58. Web site: European Seaports and Chinese Strategic Influence. clingendael.org. December 18, 2019. 1 Dec 2023.
  59. Web site: Onex Group set to take over Elefsis Shipyard. seatrade-maritime.com. July 30, 2020. 1 Dec 2023.
  60. Web site: Adam Boehler (DFC): Why we are investing in Greece now. capital.gr. September 22, 2020. 1 Dec 2023.
  61. Web site: A crucial Greek port will now fall under American control. elpais.com. September 22, 2022. 1 Dec 2023.
  62. Web site: The U.S. Bails Out Elefsina Shipyard in Greece with $125 Million Loan. greekreporter.com. November 8, 2023. 1 Dec 2023.
  63. Web site: DFC chief visits Ethiopia. thereporterethiopia.com. November 19, 2019. 1 December 2023.
  64. Web site: US International Development Finance Corporation (DFC) to Support Ethiopia with $5 Billion. businesselitesafrica.com. March 5, 2020. 1 Dec 2023.
  65. Web site: A Conversation With Adam Boehler. cfr.org. October 30, 2020. 1 Dec 2023.
  66. Web site: The US government makes its big push for investment in Africa. atlanticcouncil.org. October 16, 2020. 1 Dec 2023.
  67. Web site: Secretary of the Treasury Steven T. Mnuchin Abraham Accords Dinner Keynote Address. treasury.gov. October 20, 2020. 2 Dec 2023.
  68. Web site: Abraham Accords, one year later: The inside story. jpost.com. August 11, 2021. 2 Dec 2023.
  69. Web site: Trump senior aide Kushner and team heading to Saudi Arabia, Qatar. cnbc.com. November 29, 2020. 2 Dec 2023.
  70. Web site: Jared Kushner takes on Qatar blockade in Middle East 'swan song'. aljazeera.com. December 1, 2020. 2 Dec 2023.
  71. Web site: Saudi Arabia, Qatar to sign U.S.-brokered deal to ease Gulf crisis. axios.com. January 4, 2021. 2 Dec 2023.
  72. News: Kushner to lead U.S. delegation to Israel, Morocco. Reuters. Steve Holland. December 15, 2020.
  73. News: Trump senior aide Kushner and team heading to Saudi Arabia, Qatar. Reuters. Steve Holland. November 29, 2020.
  74. News: Mnuchin to lead U.S. delegation to Israel, Bahrain and UAE to support Abraham Accords. Israel National News. October 17, 2020.
  75. News: Ex-Trump Aide Boehler Launches Health-Care Investment Firm. Bloomberg.com. April 7, 2021 .
  76. Web site: Board of Directors . www.atlanticcouncil.org.
  77. Web site: President Trump to Appoint New Council Members — United States Holocaust Memorial Museum . www.ushmm.org. December 4, 2020 .
  78. Adam Boehler Announces New Healthcare Firm, Rubicon Founders, Headquartered In Nashville . www.prnewswire.com . en.

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