ALBERT WAXMAN

WAXMAN--Albert Sidney. "Al" died today, June 18, 2020, at age 79, of cancer. Given Al's profound contributions to the healthcare field and his larger than life personality, everyone who knows him recognizes that this is the end of an era. Always the center of every room he was in, Al has long been known and recognized for his intellect, his unparalleled business acumen, his creative scientific mind and his loyalty to his friends and family. He is also remembered for a wicked sense of humor, which he used to great effect in his personal and professional life. Al was born in the Bronx, NY to parents who had emigrated from Russia and Poland. His family owned the Woodycrest Grocery Store at 1044 Woodycrest Avenue, across the street from their home. It was here that Al learned his first entrepreneurial lessons, as he and his mom ran the store much of the time while his own dad was sick many times with cancer. Al studied math and physics at City College of New York and went on to get his PhD in electrical engineering from Princeton University. He had also been accepted for an MBA at Wharton and a law program at Harvard, but realized he liked being a physicist, so chose that path. While at Princeton, he joined RCA Labs where he worked on foundational technologies such as RCA's development of the liquid crystal display, which led to the development of color LCD displays. In 1968, Al co-founded his first startup company, Princeton Electronic Products Corp. (PEPCo). While at PEPCo, Al and his co-founder, Steve Hofstein, also invented the Lithocon silicon storage tube, which was used for many applications, including: supplying a low dosage portable x-ray system used by airports to inspect packages for bombs; storing and retrieving images of fingerprints for the FBI; locating and accessing library microfilm publications; and "Frame-Snatching" television pictures - storing, altering and playing back single TV frames continuously over a standard TV set. PEPCo technologies were also used by NASA to scan, capture and store images from numerous space launches, including the 1969 Apollo 11 moon landing and the 1971 Mars orbit by Mariner IX. While at PEPCo, Al also developed key technology that enabled the first diagnostic quality images taken with ultrasound for medical diagnostics. He ultimately expanded upon that invention by developing the first real-time ultrasound machine, which could be used to scan patients' bodies for immediate medical diagnosis. In 1978, Al sought venture funding from venture capital legend Arthur Rock that enabled him to become the first CEO of Diasonics, Inc., which he founded to commercialize this invention. Al and Diasonics also went on to develop and distribute the first commercial MRI machine, getting FDA approval for this revolutionary device in 1984. Diasonics was phenomenally successful and went public in 1983, having the second largest high technology initial public offering (IPO) in the early 1980s after Apple Computer. While still with Diasonics, Al started to work with entrepreneurs and engage with numerous startups, and had a particular connection with Dr. Nicholas Cummings, who coincidentally also died this month. Together they built American Biodyne, Inc. (later known as Merit Behavioral Care). The nation's first behavioral health managed care company, founded on the then heretical principal that by matching patients to the best care in the right setting for the right amount of time, delivery of mental health and substance abuse care could be more effective and less expensive. Again, the company was a massive success, growing to $800 million in revenue from its start in 1985 and through its highly successful 1991 IPO and its ultimate sale to Magellan Health. Al was driven by the concept that technology and a commitment to quality could result in better, less expensive healthcare for people and that the only way to positively move the field forward was by aligning the incentives of patients, payers and providers. He subsequently founded Psilos Group, a venture capital fund dedicated to supporting companies that were committed to this mission. Active Health, Extend Health, AngioScore, InSound Medical and HealthEdge were among the most successful such companies funded by Psilos Group throughout its operations and three funds. Everyone who worked with Al recognized him for his ever-present long flowing hair and his amazing business acumen. While he led with a tough exterior, brutal honesty and a fiscal iron fist, those who worked with him were incredibly loyal to him, learned so much from him, and knew him also to be a leader who was kind and generous and thoughtful. His motto was always "You expect what you inspect," a phrase that he meant to signify the importance of staying close to one's work, always watching, measuring and taking nothing for granted. Al loved sports and, as a young man, even tried out for the Philadelphia Phillies, his one work endeavor that he regrets was not a success. He spent almost every non-work moment watching football, baseball, basketball and hockey, noting that the 1980 victory of the U.S. Olympic Hockey Team "Miracle on Ice" victory over Russia was his favorite moment in sports. He loved music and counts "You Can Call Me Al" and "American Pie" as his favorite songs, along with a number of Beatles hits. He especially loved his Bernese Mountain Dog, Nardo and later, his faithful companion, a Maltese name Snowy. More than anything, Al took the greatest pride in his family. He was deeply in love with his wife, Margarita; together they travelled extensively and lived a beautiful life together in New York, Santa Fe and Bal Harbour, FL. He adored his five children (Lisa Suennen, Tracy Dayton, Alexis Waxman, Yuri Waxman and Alex Munoz), who cannot imagine a world without him. He loved his grandchildren (Madelyn, Jade and Jillian) and delighted in teaching them about math and science. He teased his daughters mercilessly about their inability to deliver these lessons to their children at his level, which was that of a human supercomputer. Al's passing is devastating to his family, friends and to the healthcare industry as a whole. He will be deeply missed. In lieu of flowers, please make donations to the Wounded Warrior Project. The family will be holding a memorial at a later date in light of the current travel conditions.