An apparatus includes a plurality of beads. Each bead includes a housing and a magnet positioned within the housing. The apparatus also includes a plurality of interconnection elements. Each interconnection element movably joins together a corresponding pair of beads. The plurality of beads and the plurality of interconnection elements are sized and configured to form an expandable loop around an anatomical structure in a patient. The apparatus further includes a decoupling element. The decoupling element is positioned along the loop and is configured to selectively release a first portion of the loop from a second portion of the loop in response to application of a threshold force to the at least one decoupling element in a circumferential direction relative to the loop.