Message from the CEO
Thank you for stopping by our site! We hope you will be inspired to follow our exciting new venture in healthcare, focused on innovation and growth. Having personally worked in healthcare for over three decades, I have held a growing passion to drive innovation for years. This passion for innovation drove me and my team to form the Innovation Institute, launching operations in January 2013 with a $40 million investment from St. Joseph Health.
At a time when positive change in healthcare is critically needed, ours is a collaborative focused on advancing innovation and sustaining growth in our healthcare partners and the communities they serve. Our efforts will be balanced: we will advance the latest concepts in healthcare, driving a return for investors while maintaining a strong emphasis on innovations that bring real community benefit. Our Mission is to advance innovation in collaboration with others – doing more, with less, for more people.
When we think about innovation, we often imagine new ideas, concepts, products, and breakthroughs that have the potential to transform an organization or an industry. Most often, innovation occurs when there is a burning platform – a need for change driven by some outside source or pressure. Competition can be the driver, or the environment, an economic event, or even regulatory change. In healthcare, most leaders agree that the system is broken and there is tremendous need for innovative solutions to the complex problems facing the industry. Incremental change will not get us there.
Every system across the nation and around the world is focused on cutting costs, reducing errors, and standardization…all of which are admirable goals. However, to solve the problems facing the U.S. Healthcare System, we need new, break-through innovative solutions. Embracing risk and accepting and learning from failure are not common practices in healthcare today where the focus is on providing high quality care. We need a vehicle or model that will facilitate innovative thinking and transformation as opposed to incremental change.
Recent best-practice models have instead recognized that in order for innovation to be really successful, an organization must:
- Be willing to take risk – and fail – in order to succeed in the long run, a practice called “failing forward”.
- Operate independently, unencumbered from the day-to-day operations of large health systems.
A recent study of the 50 most successful companies in the world found that the common denominator of these companies was a focus on innovation, and the ability to reinvent themselves or adapt to the changing environment, markets, customer demands, and competition over time. The most successful, innovative companies had set up separate organizations that focused on innovation alone.
In light of these realities, the Innovation Institute has been set up as a standalone company, operating as a for-profit LLC invested in, and owned by, non-profit health systems. With no planned liquidity event or sale, the Institute will be a “perpetual” company, completely dedicated to innovation for its member systems, year in and year out. Our venture will be both profitable and self-funding, unlike traditional R&D divisions that have to return annually for additional funding.
As I look to the future, I am excited about the potential for the Innovation Institute and what we will do in collaboration with others of like mind. I hope you will join us in our efforts and check back on our progress. If you do have any questions, suggestions, or are interested in investing, partnering or bringing forth ideas, please do not hesitate to contact us. Thank you in advance for your consideration, and God bless!