Xsolis, whose Dragonfly software scores each hospital patient's medical necessity and likely level of care for hospitals and health plans, has appointed Lee Rivas chief executive, effective immediately, according to the company's announcement on October 27. Rivas, a former CEO of Cloudmed and of R1 RCM, succeeds co-founder Joan Butters, who had led Xsolis since 2013.
Rivas's last two companies sold revenue cycle technology to healthcare providers, the field Xsolis works in: it describes its business as AI-driven technology for mid-revenue cycle management.
Lee Rivas's record
Rivas was CEO of Cloudmed, a revenue cycle technology company, when R1 RCM bought it. His path since then comes from R1's succession announcement and its closing announcement, filed with the SEC:
June 2022: joins R1 as president, after leading Cloudmed
January 1, 2023: becomes R1's chief executive, succeeding Joseph Flanagan
November 19, 2024: investment funds affiliated with TowerBrook Capital Partners and Clayton, Dubilier & Rice complete their purchase of R1, valuing it at about $8.9 billion, and Flanagan returns as CEO
October 27, 2026: named CEO of Xsolis
Before Cloudmed, Rivas spent 14 years at RELX, running a global business in healthcare and identity data as a division president at LexisNexis and Elsevier, Xsolis said. He is a West Point graduate, served as a U.S. Army officer, holds an MBA from Harvard Business School, and worked at McKinsey & Company.
What else has changed at Xsolis
The CEO change follows a new finance chief. In February, Xsolis hired Vic Pierni as chief financial officer, citing his more than 25 years as CFO of private equity-backed software companies. In September, the company said its Dragonfly platform had passed 10 billion AI predictions, its count of AI outputs tied to patient encounters.
Xsolis described itself as a portfolio company of Powered Health, a Nashville firm that puts capital and management services into early-stage healthcare software businesses, when it took a $75 million minority growth investment from Brighton Park Capital in 2021. Powered Health's founder and chairman, Jim Sohr, founded Xsolis alongside Butters, according to a 2021 company blog post. In the new announcement, Sohr said Rivas's record of scaling businesses makes him "the right leader to take Xsolis into its next chapter."
Butters said Xsolis "is in the strongest position in its history." Rivas said the team has "earned the trust of some of the most important health systems in the country."
The announcement did not say whether Butters will keep a role at the company, or what, if anything, changes for customers.
