Newport Beach, Calif. – Innovation Lab, Innovation Institute’s nationwide healthcare incubator, announced today a strategic alliance with Olive, the automation company creating the Internet of Healthcare, to bring new products to market and drive value for their clients.
“We see potential for an unlimited pipeline of co-developed solutions developed on Olive’s robust platform to address unmet needs that we source directly from the frontlines of our vast health system network. These new products will bring long-term value to our partners and the entire healthcare community.” said Ryan Kelly, Innovation Lab General Manager.
Kelly explained that Innovation Lab plans to source opportunities from its health system member owner and affiliate network, which includes seven major health systems across the U.S., over 200,000 healthcare professionals across 21 states. The Lab will collaborate with Olive to co-develop solutions and support pilots that they will be able to scale within the Lab network and bring co-developed solutions out to Olive’s broader client base.
“Olive’s deep and flexible platform and Loop Library will enable rapid building and scaling of co-developed solutions,” said Kelly. “We will also promote co-developed solutions that are ready for market across our national footprint.”
“Our partnership with Innovation Lab gives us access to a team of innovation professionals, as well as forward-thinking health system partners that will help us evaluate and select new products for co-development,” said Mike Biselli, VP of Partnerships at Olive. “We are excited to collaborate with Innovation Lab to bring cutting edge technology and resources to the market as we work together to build the Internet of Healthcare.”
Innovation Lab and Olive are already evaluating a half dozen ideas for co-development and will share revenue from co-developed solutions that are brought to market. The Lab’s business model includes sharing of its commercialization revenue with the innovator and the innovator’s health system.
About Innovation Lab:
Innovation Lab is a subsidiary of The Innovation Institute, an independent, for-profit limited liability corporation structured to cultivate innovative solutions to transform health care delivery. Its three distinct elements include Innovation Lab, which taps into physicians, employees, and industry business partners to incubate and commercialize new medical products and ideas; an investment fund; and a shared services group (Enterprise Development Group). The Institute is owned by non-profit health systems who together strive to “do more, with less, for more people.” For more information, visit www.ii4change.com/innovation-lab/.
Olive is the automation company creating the Internet of Healthcare. The company is addressing healthcare’s most burdensome issues through automation — delivering hospitals, health systems and payers increased revenue, reduced costs, and increased capacity. People feel lost in the system today and healthcare employees are essentially working in the dark due to outdated technology that creates a lack of shared knowledge and siloed data. Olive is driving connections to shine new light on healthcare processes, improving operations today so everyone can benefit from a healthier industry tomorrow. To learn more about Olive, visit oliveai.com.