Two well-known physician-executives, now retired from the daily rigors of running hospitals, have landed on the boards of two national companies that sell services to the healthcare industry.
Floyd Loop, who retired last October after 15 years as chief executive officer and chairman of the Cleveland Clinic Foundation, will join the board of Cleveland-based Noteworthy Medical Systems, which develops computer-based electronic medical-record systems. Loop, 68, an expert in coronary artery surgery, is known as a savvy businessman who helped boost the clinic's annual revenue from $700 million a year to $3.6 billion a year during his tenure.
Ralph Snyderman, a nationally recognized immunologist who is the former president and CEO of the Duke University Health System in Durham, N.C., was appointed to the board of LifeMasters Supported SelfCare, a San Francisco-based provider of disease-management programs that assist some 350,000 individuals nationwide. Snyderman, 64, who also served as the health system's chancellor, stepped down from those posts in June 2004 and is now chancellor emeritus of health affairs at the university.
The two men join several other high-profile hospital executives who have found spots on the boards of private companies doing business in healthcare. Unlike many others who have done so while they are still in charge of hospitals that do business with the companies on whose boards they sit, however, Snyderman and Loop waited until they left top executive posts to lend their expertise (See related story, above).
Snyderman becomes the seventh board member at LifeMasters, which provides online education and telephone support, among other services, to chronically ill patients with diabetes, heart disease, asthma and other conditions. The company expects revenue of $75 million to $90 million this year, a spokeswoman said. Snyderman, whose appointment was announced March 4, is also a board member at Cardiome Pharma Corp.; Procter & Gamble Co.; Axonyx; and Science Applications International Corp.
Snyderman said he isn't ready to settle into a rocking chair just yet. "I'm about as un-retired as I've been in my life." He said he accepted the appointment because the company's business model squarely fit into the kind of clinical approaches he's been focusing on for years at Duke, where he still sees patients.
He will also add a wealth of clinical experience and practical business acumen to a board now composed primarily of the firm's founders. "I hope I bring a clinical perspective as well as the perspective of an individual who had a broad view of a health system with $2.2 billion in annual revenues," he said.
Loop's appointment was announced five days after Snyderman's by officials at Noteworthy, which specializes in electronic health records for medical-group practices, teaching institutions and outpatient hospital facilities. Financial figures were not made available by the private company.
Lawrence Dolin, the company's chairman, president and CEO, said in a statement, "The knowledge, experience and vision (Loop) brings to the Noteworthy board will be instrumental in guiding us toward our objective of changing the way healthcare is practiced and delivered through technology."
Both companies said board members receive compensation but would not disclose the amount of those stipends.