FierceHealthcare | California-Based Innovation Institute Acts as ‘Friendly Shark Tank’

Collaboration, risk-taking drive healthcare innovation [Special Report]
By Leslie Small
Joe Randolph’s idea for the Innovation Institute started when he was the chief operating officer and executive vice president at Irvine, California-based St. Joseph Health, a system that includes 14 acute-care hospitals.

The coming changes associated with healthcare reform meant many in the healthcare provider community were looking for ways to trim costs, Randolph (pictured right) told FierceHealthcare in an exclusive interview. But instead of focusing simply on “incremental cost reduction,” Randolph wanted his organization to ensure that it filled that gap by using innovation to find new revenue sources.

So following a St. Joseph-led summit that brought together leaders from the technology, business and healthcare spheres, Randolph decided to carry the idea even further. Thus the Innovation Institute was born, but not before Randolph tried to mold his new model to succeed where other innovation ventures have sometimes struggled. More…