The Innovation Institute launched in January 2013. It is a for-profit limited liability company that was established with the strategic intent of focusing on innovation and growth. The Institute has a unique business model that has three distinct elements. At its “core” the Innovation Institute is an incubator that works with physicians, clinicians, employees, and the general public to evaluate ideas and help take them to market. We provide significant rewards to inventors who have successful ideas. There is no cost to submit an idea and the Institute bears all the costs for the development and commercialization. The Institute was set up to be owned by non-profit health systems. It is a collaborative with both providers and industry.
The Innovation Institute was set up to be:
- Financially viable.
- Collaborative with “like-minded” organizations.
Today the Innovation Institute has five Health System owners including Providence St. Joseph Health, Bon Secours Health System, Children’s Hospital Orange County, Franciscan Missionaries of Our Lady, and Avera Health. The Innovation Institute is looking to grow and add additional Health Systems.
Today the Innovation Institute works with business partners, including industry partners, alliance partners and affiliation partners. The Innovation Institute is looking to grow these partnerships to advance innovation as part of our collaborative.
The Innovation Institute has experienced significant growth in the four years since it began operations. The Institute was profitable within six months of launch and continues to experience growth in revenues, EBIDA, and value per share (or unit). The Innovation Institute has a unique business model with a portfolio of service companies that have grown from two at the launch to fifteen today. The Innovation Institute has operations in 19 States with offices in Newport Beach, Richmond, Baton Rouge, Sioux Falls. At the launch the Innovation Institute had five employees and today employees over 650 people.
Below is a graphic that depicts some of the growth in new health system investors (Member Owners), revenues, and value per share:
What is The Innovation Institute?
The Innovation Institute is an organization focused on transforming healthcare through the development of innovative new products, services, and ideas. The Institute is an incubator that helps nurture ideas and brings them to market to improve care delivery, eliminate waste, and extend human life. Think of the Institute as a type of “Shark Tank,” only a lot friendlier. Here, we evaluate inventors’ ideas and determine the long-term potential for each concept. We walk with the inventor to obtain patents, develop prototypes, and navigate the best way to take their idea to market as a new product, license agreement, or even a new company.
Why We Exist
The Innovation Institute exists:
- To transform care delivery.
- To help physicians, employees, and clinicians commercialize their ideas.
- To find new revenues sources and advance innovation.
- To collaborate and partner with Health Systems and Industry.
- To advance and find innovative solutions and products that help the underserved.