LA PALMA, Calif., July 21, 2015 — Today, The Innovation Institute announced that the Franciscan Missionaries of Our Lady Health System (FMOLHS) in Baton Rouge, one of the largest healthcare systems in Louisiana, has signed an agreement to become the fourth member owner of The Institute.
The Innovation Institute, an independent for-profit LLC, is structured to facilitate innovation among physicians, employees of health care organizations, and industry partners.
“Improving performance and transforming care are foundational strategies of our healthcare organization and we know that most often the best ideas are generated by our physicians and team members. Our investment in The Innovation Institute is a commitment to maximize the potential of those ideas and ultimately share them more broadly with our Institute partners and others. We are especially pleased to join such notable organizations as Bon Secours Health System, St. Joseph Health and Children’s Hospital of Orange County who are well-regarded for their vision and leadership,” said FMOLHS President & CEO John J. Finan, Jr. “Experience tells us that the more we learn and share, the greater our positive impact on the patients and communities we serve,” he added.
With hospitals, clinics and physicians located throughout the state, Franciscan Missionaries of Our Lady Health System’s cares for almost half of Louisiana’s citizens. Because of its size and partnerships, including the State of Louisiana, the health system is able to pool its resources and share cost and service efficiencies, thereby accelerating the ability to improve care and solve challenges. The system also attracts top talent and engaged physicians who embrace a common mission of compassionate service emphasizing care for those most in need.
The Innovation Institute President & CEO Joe Randolph said, “The Franciscan Missionaries of Our Lady Health System is a leader in patient care that is dedicated to transforming the healthcare delivery system.” He added, “We welcome them to our family of health systems. Together, we will make great strides.”
About the Franciscan Missionaries of Our Lady Health System
The Franciscan Missionaries of Our Lady Health System was formally organized in 1984 as a nonprofit Louisiana corporation though its history in Louisiana dates back to 1911 with the founding of its first hospital. The system currently operates five hospitals and a network of clinics, physicians, senior services and integrated information and support systems. FMOLHS serves a large percentage of Louisiana’s population and employs more than 14,000 team members across its various locations. The health system is a Catholic organization sponsored by the Franciscan Missionaries of Our Lady. Corporate offices are located in Baton Rouge, LA. For more information, visit www.fmolhs.org.
About The Innovation Institute
The Innovation Institute is an independent, for-profit LLC structured to cultivate innovative solutions to transform healthcare delivery. The Innovation Institute is owned by non-profit health systems. This collaborative taps into physicians, employees, and industry business partners to incubate and commercialize new medical products and ideas. Comprised of three distinct elements – an innovation lab, an investment fund, and a shared services group (Enterprise Development Group), The Institute strives to “do more, with less, for more people.” For more information, visit lab.ii4change.com