ROLE: Chief Strategy Office, QPID
EXPERTISE: Hospital and Medical Device Development, Healthcare Technology, Healthcare Management, Business Development, Startups
OFFICE HOURS: By Appointment
Rick Toren is an accomplished entrepreneur with extensive experience in hospital systems and medical device development. He is currently an investor in, and Chief Strategy Officer of, QPID Inc., a software-as-a-service-provider. Developed at Mass General Hospital, QPID offers a platform and clinical applications to accelerate the utility of electronic health records, and is already in use by over 5,000 clinicians.
Previously, Rick as the Founder, Chairman and President of CodeRyte, a software firm that offers physicians and hospitals an automated method of extracting billing codes from transcribed clinical records through advanced NLP (natural language processing) technology. The firm was started in 1998 and was sold in April 2012 to 3M Corp for $150million.
Rick began his career at McGaw Labs (a subsidiary of American Hospital Supply) and then joined Survival Technology Inc., a pharmaceutical device development company. As Product Manager for emergency care products, Rick developed a series of products and created an international network of distributors, increasing revenue from zero to $12million over 3 years. Later, as VP of Sales and Marketing, Rick developed and marketed 24-hr ECG recording devices and helped the government’s HCFA (Health Care Financing Administration) establish reimbursement guidelines for these new products.
As founder and CEO of Promedco Inc., Rick managed and owned outpatient imaging centers in five states; he also managed physician practices in six specialities. When Promedco was sold to Vivra in 1994 for $13 million, Rick became President of the newly formed Vivra subsidiary, Vivra Heart Partners. There he grew their medical management business from zero to $55 million and acquired 65 physician cardiology practices.
Rick later founded and served as president of e-Medx, a software company that provided tools to payors and at-risk providers of medical management services. When the company was sold to ActiveHealth Management, Rick ran the CareSystems Division, providing case management services through six different insurance companies to 2 million covered lives. (ActiveHealth Management was recently sold to Aetna for $400 million. Later, as President and COO of QED Solutions, Inc, Rick directed that software firm’s growth in marketing data analysis software for pharmaceutical companies.
Rick attended Penn State University and received a BS in marketing. He also attended the Loyal Graduate School of Business executive MBA program.