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The innovation institute at henry ford
The Innovation Institute is just one of the companies using the name Innovation Institute. The first one using it was established by Steven Kays in 1984. Another is the for-profit healthcare innovation company owned exclusively by seven founding non-profit health systems. The Institute’s headquarters is in La Palma, California while the lab is located in Newport Beach, California.
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Joe randolph president and ceo the innovation institute presentation 10 26 2016
History
The Innovation Institute was formed in November 2012, with a seed investment of $40 million from the St. Joseph’s Health System. In October 2013, Bon Secours Health System based in Marriottsville, Maryland became its second member owner. 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. In June 2014, the Institute formed a new staffing business Far West Staffing Services to provide technical and non-technical support staff.
The Institute consists of three primary elements:
Innovation Lab
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. The Innovation Lab hosted the Fourth Innovation Centers Summit Workshop for provider-based healthcare innovation centers on Nov. 17-18, 2014.
The Enterprise Development Group (EDG)
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.
Healthcare Design & Construction (HDC)
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. 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.
Petra Integrated Construction Strategies
Petra-ICS is a subsidiary of The Innovation Institute. 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.
The Growth Fund
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.