About The Institute

The Innovation Institute is a healthcare incubator focused on transforming care delivery and making a difference in people’s lives.

The Institute is a for-profit limited liability company that launched January 2013.   The Institute has 15 portfolio companies with revenues exceeding $200 million, and over 650 employees.  The Innovation Institute has experienced significant growth over the past three years.  The Institute has a unique business model that funds the Innovation Lab and provides a return for investors.

The strategic purpose of the Institute is to focus on innovation and growth.  This is accomplished through the commercialization of ideas and new products. The Institute is owned today by five non-profit health systems who are the “Member Owners”.   The Institute is authorized to have up to seven.

The Institute is set up to be:

  • Independent
  • Financially viable
  • Self-sustaining
  • Collaborative with “like-minded” organizations

The Institute has strategic alliances with industry partners and others to assist in carrying out the vision!  If you would like more information about how you can participate, contact us.  If you have an idea, submit it.  There is no cost or risk and there could be significant upside if your idea has merit.

LEADERSHIP TEAM

PRESIDENT AND CEO

Joe Randolph

innovation
  • 30+ years experience in healthcare leadership.
  • Recognized by Orange County Business Journal as “Healthcare Business Person of the Year 2016.
  • MBA from Pepperdine University, CA

EXECUTIVE VP AND COO

Steve Gilbert

steve
  • 30 years experience in hospital and health system operations.
  • Reputation for strategic vision and innovative approaches to complex challenges.
  • Received numerous awards and recognition for excellence in leadership.

EXECUTIVE VP AND CFO

Edward Wong

edward-wong
  • 30 years experience in hospital and health system finance.
  • Held positions in both for-profit and non-profit settings; track record of financial stewardship.
  • MBA from Claremont Graduate University, CA.

EXECUTIVE VP, INNOVATION LAB

Larry Stofko

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  • 30 years experience in health system information technology, strategy & innovation.
  • Recognized by CIO Magazine’s inaugural “Ones to Watch” award as an up-and-coming IT executive.
  • Master of Science in Medical Informatics from Northwestern University.

CHIEF INVESTMENT OFFICER

Barry Didato

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  • 25+ years in due diligence, investment and M&A leadership.
  • 14 years as Director of Strategic Investment for the Saudi Royal Family.
  • MS Business & Real Estate from Harvard University.

VP MISSION INTEGRATION

Sister Diane Hejna

Diane Hejna (Sister Diane) portrait
  • Sister of Congregation of St. Joseph of Orange.
  • 30+ years of experience in healthcare operations including leadership and governance.
  • BSN, MA, MBA from Claremont Graduate University, CA

MEMBERSHIP COMMITTEE

PRESIDENT & CEO
FRANCISCAN MISSIONARIES of OUR LADY

John Finan

John Finan portrait

PRESIDENT & CEO
BON SECOURS HEALTH SYSTEMS

Rich Statuto

rich-statuto

PRESIDENT & CEO
AVERA HEALTH

John T. Porter

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PRESIDENT & CEO
PROVIDENCE ST. JOSEPH HEALTH

Rod Hochman, MD

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CHIEF OPERATING OFFICER
CHILDREN'S HOSPITAL OF OC

Matt Gerlach

Matt Gerlach portrait
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