A system for treating regurgitation of blood through a diseased heart valve having at least two leaflets can include an implantable, lollipop-shaped device and an adjustment mechanism. The device can have a proximal end portion, a distal end portion, and an intermediate portion extending therebetween. The intermediate portion can include an expandable occluding member having a selectively adjustable diameter and a biocompatible layer attached to at least a portion thereof. The distal end portion can include an anchoring member. The adjustment member can include a distal connecting end that is operatively connected to the proximal end portion of the device. Operation of the adjustment member, after implantation of the device, can cause the diameter of the occluding member to change so that at least one of the heart leaflet coapts with a portion of the occluding member to mitigate or prevent regurgitation of blood through the diseased heart valve.