Richmond, Virginia – -Bon Secours Health System has kicked off an innovation program that taps physicians and employees for medical product ideas that could potentially improve health care.
In late 2013, the Health System entered into an agreement with The Innovation Institute, an independent medical product incubator, to facilitate innovation among its thousands of physicians and employees. The Institute has an alliance with Cleveland Clinic Innovations to take products to market.
On January 7, 2015, at the Mid Atlantic Center for Surgical Advancement in Richmond, Virginia, Rich Statuto, president and chief executive officer, Bon Secours Health System; Joe Randolph, president and chief executive officer, The Innovation Institute, and Thomas Graham, MD, chief innovation officer and vice president of Orthopaedic Surgery, Cleveland Clinic, helped kick off the first inventor forum to over 75 leaders from across Bon Secours Health System.
Leaders from The Innovation Institute provided an overview of the process that will be implemented to engage physicians and employees. The Innovation Institute challenged the leaders of Bon Secours to embrace innovation. A panel discussion followed where best practices and experiences were shared by experts in innovation, including Cleveland Clinic. The Innovation Institute has a “strategic alliance” with Cleveland Clinic to provide support to the commercialization process for inventors.
Statuto said, “We are pleased to partner with a like-minded organization that will help us drive innovation long term.” Innovation is one of Bon Secours Health System’s eight core values.
“This partnership demonstrates Bon Secours’ commitment to innovation,” said Randolph. “We look forward to working with their physicians and employees to nurture and develop their medical product ideas.”
Inventor Forums for physicians and employees will continue across Bon Secours locations through Spring 2015.
About Bon Secours Health System, Inc.
Bon Secours Health System, headquartered in Marriottsville, Maryland, a $3.5 billion not-for-profit Catholic health system, owns, manages, or joint ventures 19 acute-care hospitals, one psychiatric hospital, five nursing care facilities, four assisted living facilities, and several home care and hospice programs. Bon Secours’ more than 23,000 caregivers help people in ten communities in six states, primarily on the East Coast. For more information, visit the website at www.bshsi.org.
About The Innovation Institute
The Innovation Institute is an independent, for-profit LLC structured to cultivate innovative solutions to transform healthcare delivery. The Innovation Institute is owned by non-profit health systems. This collaborative taps into physicians, employees, and industry business partners to incubate and commercialize new products and ideas. Comprised of three distinct elements – an innovation lab, an investment fund, and a shared services group (Enterprise Development Group), the Institute strives to “do more, with less, for more people.” For more information, visit www.ii4change.com.
About Cleveland Clinic Innovations
Cleveland Clinic Innovations (CCI) brings world-class innovation to market by bridging discoveries into commercial products. Through support of a team of professionals with more than a century of product development experience, close to 2,000 patent applications have been filed and 350+ patents have been issued. There have been 63 spin-off companies in the last decade and nearly three quarters of them have received equity investment – more than $650 million to date. Moreover, CCI has transacted nearly 450 licenses and built a community of collaborators that advances innovation in nearly every aspect of Cleveland Clinic. For more information, visit www.clevelandclinic.org/innovations.