The Innovation Institute
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| ISIN | 🆔 |
|---|---|
| Industry | Healthcare |
| Founded 📆 | 2012 in La Palma, California, United States |
| Founder 👔 | |
Area served 🗺️ | |
| Members | |
Number of employees | |
| 🌐 Website | ii4change |
| 📇 Address | |
| 📞 telephone | |
The Innovation Institute is a for-profit healthcare innovation company owned exclusively by six non-profit health systems.[1][2] The institute’s headquarters is in La Palma, California while the lab is located in Newport Beach, California.[3][4]
History[edit]
The Innovation Institute was formed in November 2012, with a seed investment of $40 million from the St. Joseph Health System.[5] In October 2013, Bon Secours Health System based in Marriottsville, Maryland became its second member owner.[3][6] In May 2014, California Institute of Technology (Caltech) signed a memorandum of understanding (MoU) with the institute that gives The Innovation Institute opportunity to collaborate directly with researchers at Caltech on the development of new healthcare products.[7] In June 2014, the institute formed a new staffing business Far West Staffing Services to provide technical and non-technical support staff.[8]
As of 2018[update], the institute had six member hospital systems: Avera Health, Bon Secours Health System, Children's Hospital of Orange County, Franciscan Missionaries of Our Lady Health System, Mercy Health, and Providence St. Joseph Health.[9]
Structure[edit]
The institute consists of three primary elements: the Innovation Lab, the Enterprise Development Group, and the Growth Fund.
Innovation Lab[edit]
The Innovation Lab is an incubator and accelerator which serves as a collector for creative ideas. These ideas are then analyzed and developed. In 2014, nearly 100 innovation disclosures were under review and development at the lab.[10] The Innovation Lab hosted the Fourth Innovation Centers Summit Workshop for provider-based healthcare innovation centers on Nov. 17-18, 2014.[11]
The Enterprise Development Group (EDG)[edit]
The Enterprise Development Group is a shared services group focused on transforming hospital cost centers into revenue-generating businesses. The Innovation Institute is structured to mitigate and “de-risk” the expected short-term costs of the Lab and the Fund through the Enterprise Development Group (EDG). In August 2014, the Innovation Institute announced the acquisition of Healthcare Coding & Consulting Services (HCCS) as a subsidiary of its Enterprise Development Group.[12]
Healthcare Design & Construction (HDC)[edit]
Healthcare Design & Construction (HDC) is a subsidiary of The Innovation Institute offering construction, architectural engineering and planning services to the national healthcare market. HDC was formed through the acquisition of PDC West, a construction firm based in Orange County, California.[13] In July 2014, HDC partnered with Toshiba America Medical Systems to provide streamlined, custom design and construction housing for Toshiba’s acute care and outpatient diagnostic equipment.[14]
Petra Integrated Construction Strategies[edit]
Petra-ICS is a subsidiary of The Innovation Institute.[15] In July 2014, Petra announced the completion of the design and construction of The Herman Family Pavilion on the campus of Queen of the Valley Medical Center, Napa, California.[16][17]
The Growth Fund[edit]
The Growth Fund is a financial supporter for new ideas in healthcare and medical innovation and existing start-ups. Investors in the Innovation Growth Fund provide the capital needed to make these concepts and ideas a reality on a value-added basis.
See also[edit]
References[edit]
- ↑ Terry, Ken (2 July 2013). "California Health System Launches For-Profit Innovation Institute". Information Week Healthcare. Retrieved 20 December 2014.
- ↑ "About - The Innovation Institute". YouTube. Retrieved 18 December 2014.
- ↑ 3.0 3.1 Taylor, Betsy. "St. Joseph Health creates institute to foster innovation". Catholic Health Association of the United States. Retrieved 18 December 2014.
- ↑ "Company summary". The Innovation Institute. Retrieved 18 December 2014.
- ↑ Fernbaugh, Pete (25 October 2013). "The Innovation Institute, LLC: Joseph Randolph, President and Chief Executive Officer". HCE Exchange. Healthcareix. Retrieved 18 December 2014.
- ↑ Gamble, Molly (28 October 2013). "Bon Secours Health System Invests in Innovation Institute". Becker's Hospital Review. Retrieved 19 December 2014.
- ↑ "The Innovation Institute and Caltech Sign MOU for Future Development Projects". BioPortfolio. 27 May 2014. Retrieved 19 December 2014.
- ↑ Reed, Vita (6 June 2014). "Innovation Institute Forms Staffing Company". Orange County Business Journal. Retrieved 19 December 2014.
- ↑ "The Innovation Institute Taps 2bPrecise to Deliver Pharmacogenomics Insights at Point of Care". ClinicalOMICs. 8 March 2018. Retrieved 9 March 2018.
- ↑ Randolph, Joe (18 April 2014). "Looking to physicians as champions for change and innovation". MedCity News. Retrieved 19 December 2014.
- ↑ "Innovation Lab in Newport Beach to Host Fall Innovation Centers Summit". Physicians News Network. 3 November 2014. Retrieved 20 December 2014.
- ↑ "The Innovation Institute Welcomes Healthcare Coding & Consulting Services as New Enterprise Development Group Company". Digital Journal. 28 August 2014. Retrieved 19 December 2014.
- ↑ "The Innovation Institute Launches Healthcare Design & Construction, LLC". Medical Construction & Design. 14 August 2013. Retrieved 19 December 2014.
- ↑ "Healthcare Design & Construction, LLC Teams With Toshiba America Medical Systems". Daily Breeze. 1 July 2014. Retrieved 19 December 2014.
- ↑ "Orange County girls learn about job opportunities in construction". Orange County Register. 8 July 2014. Retrieved 20 December 2014.
- ↑ Matambanadzo, Shandi (17 July 2014). "Herman Family Pavilion Now Complete At Queen Of The Valley Medical Center". Healthcare Design. Retrieved 19 December 2014.
- ↑ DiNardo, Anne (10 October 2014). "PHOTO TOUR: Queen of the Valley New Herman Family Pavilion". Healthcare Design. Retrieved 20 December 2014.
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