Today, The Innovation Institute announced that Children’s Hospital of Orange County (CHOC Children’s) has signed an agreement to become the third member owner and investor in The Innovation Institute, a health care incubator, also based in Orange County.
The Innovation Institute, an independent for-profit LLC, is structured to facilitate innovation among physicians, employees of health care organizations, and industry partners.
CHOC’s regional health care network includes two state-of-the-art hospitals in Orange and Mission Viejo, many primary and specialty care clinics, a pediatric residency program, and four clinical centers of excellence – the CHOC Children’s Heart, Neuroscience, Orthopaedic and Hyundai Cancer Institutes.
“We are pleased to be affiliated with The Innovation Institute, and are excited to have a place where our talented physicians and employees can go to vet their ideas and bring them to life,” said CHOC President & CEO Kimberly Chavalas Cripe. “We look forward to introducing new and improved medical products that will advance care for children here and across the globe.”
Innovation is one of CHOC’s organizational values, underscored by the hospital’s recent appointment of Dr. Anthony Chang as chief intelligence and innovation officer. Dr. Chang helped establish in 2013 the Sharon Disney Lund Medical and Innovation Institute at CHOC to bring together physicians, researchers and others, across multiple disciplines, to promote innovation in research, diagnoses and treatments for children. The institute also focuses on artificial intelligence in medicine, particularly exploring data mining and predictive analyses to further transform the delivery of pediatric care.
The Innovation Institute President & CEO Joe Randolph said, “We welcome CHOC Children’s as a member owner, and we look forward to helping them advance innovation for pediatric care.”
About Children’s Hospital of Orange County
Named one of the best children’s hospitals by U.S. News & World Report (2014-2015) and a 2014 Leapfrog Top Hospital for the highest quality of care, Children’s Hospital of Orange County (CHOC Children’s) is exclusively committed to the health and well-being of children through clinical expertise, advocacy, outreach, education and research that brings advanced treatment to pediatric patients.
CHOC earned the Gold Level CAPE Award from the California Council of Excellence, the only children’s hospital in California to ever earn this distinction, and was awarded Magnet designation, the highest honor bestowed to hospitals for nursing excellence. Recognized for extraordinary commitment to high-quality critical care standards, CHOC’s Pediatric Intensive Care Unit (PICU) is the first in the United States to earn the Beacon Award for Pediatric Critical Care Excellence. For more information, please visit www.choc.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 medical 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
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