As hospitals work to boost their efficiency and the quality of care they deliver, many are finding they need new ways to go about finding and creating solutions to their post-Affordable Care Act challenges. They’re also looking for new revenue streams.
With that in mind, one California health system put up $40 million to seed an independent, for-profit company that will help commercialize ideas that come from physicians and staff members while also feeding them promising new technologies and concepts from the outside.
St. Joseph Health is the founding member of the The Innovation Institute, launching today to serve as a way for health systems to develop, explore and collaborate on new innovations. And the institute’s leadership has turned to Cleveland Clinic Innovations for guidance; it has become the newest member of the Cleveland Clinic Innovation Alliance, a technology commercialization network that also includes health systems North Shore-Long Island Jewish, MedStar and ProMedica.
To read the original article: A new model for hospital collaboration & innovation: Nonprofit systems fund stand-alone Innovation Institute | MedCity News
