Kiran Patel Net Worth – Entrepreneur and Philanthropist
The Tampa Bay Business Journal has identified serial entrepreneur and philanthropist Kiran Patel as one of the area’s wealthiest people. Patel has amassed a fortune of about $250 million through his work in healthcare and other ventures. He has also been a major contributor to the community through his philanthropy and civic endeavors. Patel is the founder of non-profit organization Visionary Medical Systems and serves as an advisory partner with HealthEdge Investment Partners. He is also the Chairman of WellCare HMO and owns a stake in the company that operates in Florida, Connecticut and New York.
After moving to Tampa in 1982, Patel began a cardiology practice that quickly grew into 14 clinics across the region. His business acumen led to a transition from medicine into healthcare management, and in 1992 he founded WellCare HMO. The company grew to become a billion-dollar healthcare provider and now serves more than 450,000 patients.
While the business was thriving, Patel was able to use his profits to invest in other companies and make several acquisitions. His success was largely due to his ability to acquire companies that were struggling and improve them, he said. He did this without the help of lawyers or accountants, and he believes this was an important factor in his success. Patel advises others who want to be successful in business to dedicate themselves completely to their project, surround themselves with enthusiastic people and to not focus solely on the money.
In 2007, Patel established America’s 1st Choice Holdings of Florida, a new insurance holding company that acquired two Medicare Advantage HMOs, Freedom Health and Optimum Health Care Inc. These three businesses were the largest in the state and earned more than $1 billion in revenue before they were sold to Anthem in April 2019. Since then, Patel has been investing in start-ups and mentoring them through their scale-up journey. Most recently, he purchased a 50% stake in Hyderabad-based electric vehicle (EV) powertrain components manufacturing company Axiom Energy Conversion.
As for his philanthropic activities, the Patels have donated millions of dollars to many local organizations including the University of South Florida and Moffitt Cancer Center. They have also made significant donations to schools and hospitals in India and Zambia. The pair also has committed $200 million to create a Clearwater campus for Nova Southeastern University, which will include the Drs. Kiran and Pallavi Patel College of Health Care Sciences and Osteopathic Medicine. The gift will also fund the construction of a medical school in Gujarat, Patel’s home country. Patel is expected to face some hurdles establishing the college in India because of bureaucratic challenges but says he’s mentally prepared for them. He believes it will take less than 100 days to iron out all the details. In the meantime, the cardiologist and philanthropist is focused on finishing his palatial Carrollwood residence. He expects the house, which will be the largest in Hillsborough County, to be complete by March.