DALLAS – Jan. 28, 2010 – Broadlane, Inc., the leading end-to-end cost management partner for healthcare providers, announced today that Patrick T. Ryan, Broadlane’s chairman, will assume the additional responsibilities of chief executive officer. Thomas Sherry, Broadlane’s chief operating officer and a longtime member of the company’s management team, will take on the additional responsibilities of president. David C. Ricker, Broadlane’s president and chief executive officer, has elected to step down from his full-time role, but he will continue as a member of the board of directors.
“As a founder of the company, I have achieved many of my goals over the past 10 years. I am extremely proud of Broadlane’s growth, differentiation and extraordinary client relationships,” said Ricker. “This is the right time for me to transition my responsibilities to Pat, which will allow me to focus on outside interests. Pat has more than 30 years of healthcare experience working with hospitals and the outpatient provider community to achieve clinical service excellence. He brings with him a wealth of knowledge of the supplier and device industries. He has led and worked with companies involved in various parts of the healthcare supply chain. Throughout Pat’s career, he has successfully led and grown both private and public companies which were focused on improving the quality and reducing the cost of care. I look forward to continuing to work with Pat and the entire board as we enter into what is certain to be an exciting period in Broadlane’s history.”
Prior to joining Broadlane, Ryan served as chief executive officer of Polymedica (PLMD) until its successful sale to Medco Health Solutions (MHS) in 2007. In addition, Ryan is a member of the boards of directors of Affiliated Managers Group, Inc. (NYSE: AMG) and Infusion Resources LLC.
“Pat is a proven leader, with a track record of building successful healthcare companies and delivering real value to clients, partners and shareholders,” said Ian Sacks, managing director at TowerBrook Capital Partners L.P., Broadlane’s lead investor. “Over the past seven months, Pat and Tom have been implementing an ambitious strategic growth plan that focuses on meeting the critical needs of our clients and partners as they navigate through an ever-evolving healthcare market. TowerBrook and Broadlane’s other investors have committed significant capital resources to support the company’s growth plans, as demonstrated by Broadlane’s recent acquisition of Healthcare Performance Partners, a unique healthcare consulting firm which offers Lean Healthcare and Six Sigma consulting services, training, and tools. We look forward to continuing to build the company in partnership with the entire leadership team.”