Issue link: https://beckershealthcare.uberflip.com/i/1252329
68 ORTHOPEDICS Omar Ishrak retires after 9 years as Medtronic CEO: 6 things to know about his replacement By Alan Condon O mar Ishrak on April 26 retired as Medtronic CEO and transitioned to executive chairman, aer a nine-year stint as head of the medical device company. Six things to know: 1. Geoff Martha, who has been with Medtronic for nine years, assumed the position of CEO on April 27. From November through April, he served as president of the company, and joined the board of directors in November. 2. Mr. Martha previously served as senior vice president of strat- egy and business development, leading Medtronic's $10 billion acquisition of Covidien in 2015. 3. As executive vice president of the restorative therapies group, Mr. Martha was responsible for RTG's four divisions — spine, brain therapies, specialty therapies and pain therapies. Under his leadership, RTG achieved a record of $8 billion in revenue for the 2019 fiscal year. 4. Before joining Medtronic, Mr. Martha was managing director of business development at GE Healthcare, and held several other executive roles during his 19 years at the company. 5. He is a member of the Medtronic Foundation board of direc- tors and acts as executive sponsor of First Robotics, an annual international high school robotics competition. 6. Mr. Martha will be tasked with leading the company through the COVID-19 pandemic, continuing Medtronic's investment in robotic technologies and identifying opportunities for future growth. n Montana orthopedic practice cuts 25% of workforce — 5 things to know By Angie Stewart M issoula (Mont.) Bone & Joint has laid off more than 50 of its 200-plus employees since March 23, CEO Sami Spencer told the Montana Free Press. Five things to know: 1. The 25 percent workforce reduction was the result of a dramatic slowdown in business during the COVID-19 crisis. 2. Laid-off employees include physician assistants, nurses, surgical technicians, athletic trainers, patient transporters and front-desk staff. The rest of the orthopedic practice's providers are working reduced hours. 3. During the pandemic, physicians temporarily halted elective procedures at Missoula Bone & Joint's outpatient surgery center. 4. Elective procedures make up about 90 percent of the practice's case volume. Volumes at the Missoula Bone & Joint urgent care clinic have dropped about 60 percent. 5. Across the U.S., the payroll for ambulatory care providers dropped 41 percent from March 1 to mid-April, according to the Bureau of Labor Statistics. n $4.7M SBA loan given to Conformis to mitigate economic impact of COVID-19 By Alan Condon O rthopedic implant manufacturer Conformis re- ceived a $4.7 million loan through the Small Busi- ness Association to help maintain liquidity during the COVID-19 pandemic. Four things to know: 1. The loan was provided through the Paycheck Protection Program, offered by the SBA. 2. The Coronavirus Aid, Relief, and Economic Security Act authorizes the SBA to provide loans with low interest rates to small businesses. 3. All or a portion of the loan may be forgiven if the funds are used for payroll costs, interest on outstanding debt, rent and utilities, according to the terms of the PPP. 4. Conformis furloughed about 80 employees and all of its temporary workforce, effective March 23. n