Richard B. Toren - Healthare IT Entrepreneur
Over a 30-year career in healthcare technology, Richard B. "Rick" Toren has consistently met health and healthcare challenges with a blend of technological creativity and sound business acumen.
Currently, Rick serves as chairman and president of CodeRyte, Inc., a technology firm that automates the extraction of billing code from transcribed clinical records for physicians and hospitals. Previously, as president and COO of QED Solutions, Inc., he directed the firm's growth in developing and marketing data analysis software that identifies the causes of adverse drug events.
As the founder and president of e-Medx, Inc., Rick built a technology enterprise providing tools to payors and at-risk providers for medical population management. When the company was sold to ActiveHealth Management, he became president of the CareSystems division, which provided care oversight (case management, disease management, utilization review) to 2 million covered lives through six insurance company relationships. (ActiveHealth Management was recently sold to Aetna for $400 million.)
Earlier in his career, Rick managed and owned imaging centers in five states as the founder and CEO of Promedco, Inc., a company that also managed physician practices in six specialties. After Promedco was sold to Vivra (NYSE) in 1994 for $13 million, he became president of Vivra Heart Partners, a newly formed subsidiary, where he grew the medical management business from zero to $55 million in revenue and over 200 employees, and acquired 65 physician cardiology practices.
Rick's career began in 1968 with McGaw Labs (a subsidiary of American Hospital Supply), where he developed an IV additive anti-arrhythmic drug and a kit for administering hyper-alimentation nutrition. In 1971 he moved to Survival Technology, Inc., a pharmaceutical device development company. As product manager for emergency care products, he patented a neonatal electrode, developed an emergency care product line, established an international network of distributors, hired a direct sales force, built infrastructure and grew revenue from zero to $12 million over three years. As vice president of sales and marketing with Survival, Rick developed and marketed unique 24-hour ECG recording devices and helped HCFA establish reimbursement guidelines for these new products.
Rick attended Penn State University for pre-med studies and graduated with a bachelor of science in marketing. He also attended the Loyola Graduate School of Business executive MBA program.
A board and executive committee member for the American Heart Association's Greater Washington Chapter, Rick also works with that charitable organization nationally and is actively engaged in promoting entrepreneurship education in Washington, D.C., schools, Georgetown University and American University.
Rick is married with four children and four grandchildren, and he occasionally finds time for golf.