Orange County Business Journal | Institute Adds Owner

The Innovation Institute in La Palma added Mercy Health in Cincinnati to its member-owner board, bringing the number to six. The Catholic health system, which serves Ohio and Kentucky, joins Renton, Wash. based Providence St. Joseph Health, Bon Secours Health System Inc. in Marriottsville, Md., Children’s Hospital of Orange County, Franciscan Missionaries of Our Lady Health System in Baton Rouge, La., and Avera Health in Sioux Falls, S.D.

The institute is a for-profit LLC owned by nonprofit hospitals. It’s structured to facilitate innovation by doctors, hospital employees and industry partners. The institute is comprised of a lab that serves as its incubator and accelerator; a healthcare venture capital fund; and an enterprise development group that owns a portfolio of cash-flowing companies.

Mercy Health is the largest health system in Ohio, with more than 33,500 employees across 500 care sites, including 23 hospitals and eight senior-living communities.

Excerpt from OCBJ