CLEVELAND, Ohio — Cleveland Clinic has picked the leader of its neurological institute to lead its emerging business division.
Dr. Michael Modic led the development of the Clinic’s Lou Ruvo Center for Brain Health in Las Vegas, Nev., and the expansion of its eRediology services, according to a Clinic release. He’ll continue as chief of the Neurological Institute while serving as the system’s chief emerging business officer.
This announcement fills the final duties left vacant after the departure of David Strand and Dr. Bridget Duffy in late June. Strand was the Clinic’s chief operating officer and Duffy, its chief experience officer.
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The Clinic has used five staff members to share the duties of those two positions: Dr. A. Marc Harrison and Bill Peacock are running clinical and building operations, formerly managed by Strand, while Sarah Sinclair and Dr. James Merlino will manage duties related the Office of Patient Experience.
Peacock, who now has the title chief of operations, will also take over emerging business activities at the Clinic’s Abu Dhabi facilities.
The chief emerging business officer position is charged with finding new revenues outside of the Clinic’s core strength of medical research, and partnering with other health-care organizations. In the past year, its work has included a for-profit Wellness Enterprise, an expanded reference lab and software licensing agreements. The job is a critical one for several reasons, including that it offers the Clinic a chance to increase its revenues by selling, sometimes with little adjustment, assets that it hadn’t previously monetized.
Modic will work with Clinic executives in the next several months to review the emerging business strategy, assess new ideas and expand opportunities, according to the release.
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