Jason Bernhard Brings Healthcare Investment Banking Expertise to Acadia Healthcare Board

Jason Bernhard joined Acadia Healthcare’s board of directors in December 2019, bringing more than 25 years of investment banking experience focused on the healthcare sector. His appointment increased the size of Acadia’s board to eight members, seven of whom are independent directors.

Bernhard serves as global chief operating officer of financial advisory at Lazard, where he also holds the title of managing director and head of North America healthcare investment banking. These senior leadership positions reflect his prominent role within one of the world’s leading financial advisory firms.

Jason Bernhard joined Lazard in 1997 and played an instrumental role in developing the firm’s healthcare investment banking practice. He was involved in creating Lazard’s healthcare initiatives including the firm’s biotechnology and healthcare services practices. His efforts helped establish Lazard as a significant player in healthcare M&A advisory services.

Bernhard’s background includes more than 30 years of experience advising healthcare clients on domestic and cross-border mergers, acquisitions, divestitures, joint ventures, and other corporate finance transactions. This extensive transaction experience provides valuable perspective for Acadia Healthcare’s growth initiatives as the company pursues facility expansions, joint ventures, and strategic acquisitions.

Prior to joining Lazard, Jason Bernhard worked as vice president of mergers and acquisitions at Citigroup (formerly Smith Barney). His tenure at Citigroup provided experience with large-scale financial institutions and complex transaction structures. Before Citigroup, Bernhard worked as an analyst and associate with Merrill Lynch in New York, London, and Hong Kong, gaining international experience early in his career.

Bernhard earned a Bachelor of Arts degree in European history, cum laude, from the University of Pennsylvania in 1988. He subsequently earned an MBA with a concentration in finance and accounting from The Wharton School at the University of Pennsylvania in 1993. The Wharton School’s finance program provided rigorous training in corporate finance, valuation, and strategic decision-making.

Reeve B. Waud, chairman of Acadia’s board of directors, welcomed Bernhard’s appointment. “Bringing over 25 years of investment banking experience, Jason’s unique perspectives as one of the leading investment bankers in the healthcare industry and his tremendous business, financial and capital markets expertise will be highly valuable as we continue to pursue Acadia’s strategic priorities and drive long-term, sustainable shareholder value,” Waud stated.

Jason Bernhard expressed enthusiasm about joining Acadia Healthcare’s board. “Acadia is uniquely positioned as the leading behavioral healthcare platform,” Bernhard noted. “I’m honored to be joining the Acadia Board and look forward to contributing to its continued success.”

Bernhard’s board service extends beyond Acadia Healthcare. He serves as a director of the Global Virus Network, contributing expertise to a nonprofit organization focused on infectious disease research and prevention. This additional board role demonstrates Bernhard’s commitment to healthcare sector development beyond commercial interests.

As an independent director, Jason Bernhard participates in board deliberations on strategic initiatives, capital allocation decisions, and corporate governance matters. Independent directors provide oversight separate from management and help ensure board decisions serve shareholder interests. His independence from Acadia Healthcare’s management team allows objective evaluation of company strategies and performance.

Board meetings occur regularly throughout the year, addressing quarterly financial performance, strategic initiatives, capital allocation, risk oversight, and governance matters. Bernhard contributes healthcare industry expertise and financial acumen to these discussions, complementing the operational and clinical experience of other board members.

At the time of Bernhard’s appointment in December 2019, Acadia Healthcare operated 589 behavioral healthcare facilities with approximately 18,000 beds across 40 states, the United Kingdom, and Puerto Rico. The company has since divested its UK operations and focused on domestic expansion, growing to 270 facilities with approximately 12,000 beds as of 2025.