The Innovation Institute’s headquarters is in La Palma, in Orange County, California. The Innovation Lab is located in Newport Beach, California. Our healthcare service companies are based in various locations across the U.S.
Joe Randolph is the President and CEO of The Innovation institute, a for-profit LLC structured to respond agilely to the long and short-term needs of the healthcare industry. The Institute is composed of three distinct elements– an innovation laboratory, an investment fund, and an enterprise development group. Joe’s background and experience in building successful healthcare organizations, and his passion for innovation and solving complex problems uniquely qualify him for this leadership position.
Joe has over 30 years of experience in healthcare leadership and most recently served as the Executive Vice President and Chief Operating Officer for St. Joseph Health System, one of the largest multi-state Catholic healthcare systems in the country. It has 16 hospitals and over $5 billion in revenue. Prior to this position, he served as the system Chief Financial Officer for ten years. Joe demonstrated his vision and strategic focus in his guidance of the system, and was recognized as instrumental in its operational and financial success.
He has developed a reputation of accountability and integrity. He has received recognition and several awards over the years. In January 2016, he was recognized by the Orange County Business Journal as the Healthcare Business Person of the Year for the success of The Innovation Institute. Joe believes in developing strong teams and relationships. He writes articles and speaks often on innovation. He has a passion for innovation and for looking at new ways to solve complex problems facing the US Healthcare System. Joe has been a catalyst for growth, innovation and change throughout his career.
He received a Bachelor of Science in Accounting from California State University Fullerton, and a Master of Business Administration (MBA) from Pepperdine University.
Steve comes to the Innovation Institute from a position as Senior Vice President at St. Joseph Health. Steve joined SJH as a hospital executive at St. Jude Medical Center in 1987. Promoted to the senior executive team in 1992, Steve assumed responsibilities for multiple support departments that included approximately 300 employees.
In 1998, Steve was selected to develop and implement an enterprise-wide approach to Facilities & Construction, including clinical engineering and overall capital planning at the system level.
In forming and leading the system’s Facilities & Construction Division, Steve advanced a unified strategy for the organization-wide response to the State of California’s unfunded seismic mandate and other related strategic projects, representing a multi-billion dollar capital program across the enterprise. He has overseen the design and construction of more than 4 million square feet of new and renovated acute care space in 14 SJH hospitals across California and Texas, at a total planning/construction value of more than $5.5 billion. Contrary to conventional models of healthcare construction management, Steve’s team model emphasized a broad spectrum of integrated services combined with lean workflow practices that have resulted in industry-wide regulatory change and non-linear solutions for structural retrofits.
Steve also led SJH’s real estate development strategies services, and the development, acquisition, financing and management of more than one million square feet of medical office properties. He headed multiple hospital acquisition assessment teams over the years and was instrumental in several major SJH acquisitions and dispositions. In 1999, Steve executed a system-wide technology management strategy to augment each entity’s clinical engineering and capital purchase planning, as well as help to manage the life cycle costs for high technologies.
With 33 years of experience in operational leadership within healthcare systems across most levels, Steve has a solid track record of organizational leadership and has developed a reputation for strategic vision and innovative approaches to complex challenges.
Ed Wong comes to The Innovation Institute from the St. Joseph Health (SJH) system, where he served for 23 years. He serves as Executive Vice President and Chief Financial Officer (CFO) for The Institute, and as CFO for all companies under the umbrella of The Institute. His major responsibilities include accounting, financial planning, financing/banking relationships, mergers and acquisitions, internal controls, strategic direction on the finance aspect, and cash management.
As CFO for the St. Mary Medical Center (SMMC) in Apple Valley, CA, Ed was responsible for Financial Operations, including Financial Planning, Managed Care Contracts, Admitting, Revenue Cycle, and Third Party Reimbursement. He also had oversight of key areas of Health Information Systems and Financial Planning Oversight for campus expansion.
Previous to SMMC, Ed served as Controller at St. Jude Medical Center in Fullerton, CA and as VP of Finance at SJH in Orange, CA. While serving SJH hospitals, Ed was instrumental in developing strong working relationships with physicians and local medical groups, creating new physician agreements and restructuring Managed Care Agreements.
In addition to his tenure with SJH, Ed served for 9 years in controlling, accounting and auditing roles at health systems, including Healthwest and Cedars Sinai Medical Center.
Ed received a Master of Business Administration from Claremont Graduate University, and his Bachelor of Science degree in Accounting from California State University (Los Angeles). He is a committee member on the CFO Advisory panel of the California Hospital Association, a fellow with the Healthcare Financial Management Association, and a Certified Auditor with the Institute of Internal Auditors. Ed is a Board Member for the Philip Hayden Foundation, working with international/local orphanages and adoption agencies.
Larry Stofko is Executive Vice President at The Innovation Institute where he leads the activities of the Innovation Lab, including ideation, prototyping, piloting, and commercialization of new products, technologies, and companies.
Larry has over 25 years of experience in healthcare information technology, strategy, and innovation. He was most recently recognized as one of Newport Beach Magazine’s Most Influential People for 2015. He was previously honored with CIO Magazine’s inaugural Ones to Watch award as an up-and-coming IT executive. He has been recognized as one of the 2012 Top 25 Healthcare CIOs in InformationWeek. Larry has a true passion for technology and innovation, speaking nationally on a regular basis. He has a strong reputation for leading change and gaining support for innovative solutions and change.
Most recently, he served as Senior Vice President, Chief Information Officer for St. Joseph Health (SJH) where he held corporate-wide responsibility for the development of information technology strategy and the delivery of information services. SJH ranked in the top 100 companies by Information Week through Mr. Stofko’s leadership in performance improvement and adoption of innovative clinical and business technologies.
Larry’s previous experience includes fulfilling the role of Director of Healthcare Consulting for Perot Systems Corporation, a provider of IT services. While at Perot, he led a team of managers and business consultants that provided business strategy, information technology strategy, process redesign and change management for the company’s health industry clients. He also served as a Senior Systems Analyst for Charter Medical Corporation in Macon, Georgia.
He received a Master of Science in Medical Informatics from Northwestern University, a Graduate Certificate in Health Administration from Trinity University, and a Bachelor of Science in Business Information Systems from Georgia College & State University.
He currently serves on the Board of Directors for Taller San Jose, an innovative non-profit program that walks young people out of poverty through job training, leading them to a self-reliant future. He also previously served on the Board of Directors for The Wooden Floor, a non-profit organization serving low-income youth and families.
Barry Didato serves shareholders and supports innovators to help them succeed in a rapidly changing global healthcare industry. Barry’s background and experience in investments, mergers & acquisitions and startups, combined with a global business perspective enable him to assist the Institute in reaching its highest potential in terms of volume of ideas and inventions, as well as mission, impact, value, and access to care for vulnerable populations internationally.
Barry has over 25 years of experience in due diligence, investments and M&A leadership. He previously served for 14 years as Director of Strategic Investment for the Saudi Royal Family, and their various holding companies. During his career, he has earned a values-based reputation for integrity, for creativity, and for helping deliver a continuous culture of improvement on behalf of shareholders. He has developed a global network of collaborative strategic business relationships and partnerships to help scale businesses in numerous international markets.
Barry received a Bachelor’s Degree in Environmental Design & Regional Planning from the University of Massachusetts in Amherst. He earned a Master’s Degree in Real Estate, focusing on entrepreneurial management, finance and design thinking to accelerate innovation from Harvard University Graduate School of Design in conjunction with Harvard Business School, where he was the recipient of the Aga Khan Fellowship and Gerald D. Hines Fellowship Awards.