Our Leadership Board

Natalie graduated with a BSBA from Kenan-Flagler in 2011 and started her career on Wall Street, first in Investment Banking at Morgan Stanley and then in Strategy, Corporate Development, and Investor Relations at ING U.S. (now Voya Financial). In these roles she worked alongside senior management to develop and execute financial and strategic initiatives including two initial public offerings, a continuous improvement transformation, a divestiture, and a full rebranding.

Eager to pursue her longstanding interest in healthcare, she earned an MBA and MPH from Columbia University and went on to deliver business development and operational improvement plans at large academic medical centers including Memorial Sloan Kettering Cancer Center, UCLA Health, and Emory Healthcare.

Most recently, she has held leadership roles in early-stage healthcare technology companies. She scaled and led client operations at Radix Health, a patient access software company, as the first non-founder executive and served as VP of Corporate Development at Lumagenics, where she focused on developing the commercial strategy for an ultraviolet surface disinfection tool for healthcare facilities. After a spinoff and subsequent acquisition of that company, she continues to consult for healthcare technology founders and investors. She enjoys living in Durham, NC with her husband and two young sons and staying active in the local community.

Troy Arnold is a Managing Principal, Echo Health Advisors, at Echo Health Ventures. Troy focuses on the opportunities that exist between Insurers and Providers to improve the healthcare system. In his role, he works directly with Echo’s portfolio companies to accelerate their success.

Before joining Echo in 2017, Troy spent 14 years at Blue Cross NC working in a range of strategic development and provider partnership roles. Troy spent several years in the Strategy and Business Development group where he helped develop a new product line for NC’s individual business and also created several value partnerships with NC’s large health systems focused on improving care and affordability. In addition, he also spent over five years in the company’s Health Delivery Redesign and the Provider Network groups helping to drive NC’s value based partnership strategy across the state.

Troy earned an MBA and a Bachelor’s degree from the University of North Carolina at Chapel Hill and an MHA from the University of Minnesota. Troy is based out of Echo’s Durham, North Carolina office.

A global health care thought leader, David was born in Lexington, Kentucky and is a citizen of Ireland through his maternal grandfather. A board-certified internist, he trained at Mayo Clinic, in addition to completing degrees with honors in economics, epidemiology, medicine, and business at UNC, where he was a Morehead Scholar and North Carolina Fellow and inductee into Phi Beta Kappa and Beta Gamma Sigma. David received the Distinguished Alumnus Awards of UNC’s School of Medicine in 2008 and UNC’s School of Public Health Department of Epidemiology in 2019 and is Adjunct Professor of Health Policy and Management at UNC. David was Consultant, Section Head and Associate Professor at Mayo Clinic, Associate Professor with tenure at University of Virginia and Professor of Epidemiology and Medicine with tenure at Emory University.

David joined Baylor Health Care System (BHCS) in 1999 in Dallas, Texas as its first Chief Quality Officer (CQO) and, upon the merger of BHCS and Scott & White Health, became CQO of Baylor Scott & White Health (BSWH), Texas’s largest health care system with > 1000 clinical care sites, > 100 joint ventures and annual operating budget > $10 billion. He served on the Board of Managers of The Heart Hospital Baylor Plano, the BSWH-Kessler/Select rehabilitation and long-term care board, the High Value Health Care Collaborative board and the xG Health Advisory Board of Geisinger Health System. Awards under David’s leadership included the 2007 Leapfrog Patient-Centered Care Award and the 2008 National Quality Award of the National Quality Forum. He founded in 2012 BSWH’s Value-Based Healthcare Global Institute, providing performance improvement solutions globally.

Ballard retired from BSWH to join Mentice AB in January 2019 as EVP/Chief Clinical Officer and President, Mentice Inc., to partner with health care systems to improve safety and efficiency through endovascular simulation performance solutions, co-led Mentice through its successful IPO, served on the Mentice AB board from 2019 – 2026 and continues as a health care system industry consultant for Mentice. In September 2019 he joined the board of AlertMD, an innovative mobile health platform powered by artificial intelligence, which was acquired in 2020 by EverCommerce, a multi-vertical portfolio of management software solutions. Ballard serves as a board member for Pascal Metrics, the world’s leader in health care harm measurement and related solutions to advance patient safety, and on the board of JEEVA Care, an MD Anderson-derived patient navigation company. In 2020, he co-founded Concentric Health Alliance, which is dedicated to the provision of safe, timely and high value Personal Protective Equipment and other relevant medical supplies for health care systems and other organizations. David also serves as Chief Clinical officer for Solomon Page, one of the world’s largest executive search companies.  He is also an advisor for Incision Care, which makes surgical knowledge accessible to empower peri-operative teams to deliver the highest standard of care and and an advisor for IKS Health, a public company (Inventurus Knowledge Solutions Limited, IKS.BO) of 13,350 employees, including 542 technologists and 2,072 clinical staff, that enables clinicians to revitalize the clinician and patient experience via a care enablement platform to enable clinicians to focus on their core purpose: delivering great care and bringing joy and purpose back to medicine.

David’s wife, Michela Caruso, M.D., a graduate with Honors of Università degli Studi di Roma “La Sapienza”, is a Mayo Clinic-trained radiation oncologist and was a partner from 1999 – 2026 with Texas Oncology, the world’s largest independent oncology group with more than 600 physician partners and more than 300 cancer treatment centers. Their dual citizen bilingual children are Elisa, a BA and an MBA graduate of the University of Denver, where she was a University Academic Scholar and Cherrington Global Scholar, who is Vice President for Operations for Volio Imports, a wine and spirits international importation company based in Denver and Alessandro, a graduate in molecular biology and Italian of the University of Denver, where he was also a Cherrington Global Scholar, and an MBA graduate of SMU, where he was a Cox Scholar and Information Technology Operations Management Distinguished Schola. Alessandro is Director of Mergers & Acquisitions for SOCOTEC USA, following roles as Principal, Corporate Development and Strategy for WCG, a family of 30 companies improving the quality and efficiency of clinical research, and a similar role with Press Ganey.

David and Michela are Mayo Laureates and Morehead-Cain Scholarship Fund donors. David and Michela are also endowment funders of the oldest student-run health care safety net, the UNC Student Health Action Coalition Clinic, which David directed in 1980. David and his family live in Keystone (Colorado), his wife’s hometown of Rome and on a small farm in Tobia, Viterbo, Lazio, Italy, where they have fruit, nut and olive orchards and produce Canino olive oil.