Innovation Institute Named as Most Successful Partnership
Hospitals and health systems are constantly forming partnerships and aligning with other organizations to optimize care and reduce costs.
Here, 13 hospital and health system executives discuss some of their most successful partnerships.
Matt Gerlach. COO of Children’s Hospital of Orange (Calif.) County: “Innovation is a big part of our values here in the organization. Therefore, we were immediately attracted to becoming a partner with The Innovation Institute, especially because of their unique business model. They have a Lab where they can incubate ideas generated by our staff. They also have service companies we can tap into to save money such as biomed services, which have saved us millions of dollars. We’re both a customer and an owner partner that capitalizes on revenues we can use to fund our innovation activities.”
John Finan Jr. President and CEO of Franciscan Ministries of Our Lady Health System (Baton Rouge): “Improving performance and transforming care are foundational strategies of our healthcare organization and we know that most often the best ideas are generated by our physicians and team members. Therefore, we partnered with The Innovation Institute as a commitment to maximize the potential of those ideas and ultimately share them more broadly with our Institute partners and others. Experience tells us the more we learn and share, the greater our positive impact on the patients and communities we serve.”
Fred Slunecka. COO of Avera Health System (Sioux Falls, S.D.): “We believed that if innovation at Avera was to take off like it should, we needed a drastically different model to facilitate it. So, with The Innovation Institute, we now have an enhanced process to better nurture innovation and provide procedures for vetting, patenting, prototyping and selling innovative medical devices and healthcare-related discoveries invented by Avera employees and physicians. The idea is to create the most innovative, efficient and optimal solutions for specific, real-world challenges faced by healthcare providers and patients. The Innovation Institute gives our employees and physicians the expertise they need to develop bright ideas into real market products.”
Richard Statuto. President and CEO of Bon Secours Health System (Marriottsville, Md.): “The Innovation Institute is an exciting venture that we are pleased to be a part of. When we reviewed the business model, it became clear that our health system could benefit immensely from the valuable resources The Institute offers. As a member owner partner, our healthcare system and our patients benefit from shared research and development of new products and services.” More…