Joseph A. Frick, former CEO of Independence Blue Cross and still its vice chairman, has joined the board of West Conshohocken-based BioTelemetry Inc., the former CardioNet, which makes wireless heart monitors and lab tracking services.
CardioNet grew rapidly in the mid-2000s, but the company’s stock fell from the mid-$30s to around $2 a share when it was unable to get Medicare and insurers to pay as much as it had expected for its devices. Shares have quadrupled to more than $10 since April as the company reported recovering sales and lower losses.
Frick’s day job these days is managing partner at Philadelphia-based Diversified Search, an executive headhunter.
Date: October 17, 2013