Orange County Business Journal | Summit Picks Brains About Healthcare Accelerators

Institute Hosts Event On Helping Efforts Succeed

Vita Reed

Tuesday, January 20, 2015

The La Palma-based Innovation Institute, a provider of business services and products and investment management services to health systems, is taking a broad role in championing its cause.

The Institute was established in 2013 with an investment by Irvine-based St. Joseph Health. It encompasses an innovation lab, an investment fund, and a group of companies that provide shared services, including Healthcare Design and Construction LLC.

It’s one of about 90 dedicated “health accelerators” in the U.S.

The accelerators serve as launching pads for healthcare technology and service companies. Industry observers credit their growth to the passage and implementation of federal healthcare reform.

The institute recently hosted an innovation center summit at its Newport Beach laboratory that drew officials from innovation centers started by hospital systems and other providers around the country.

Getting funding and succeeding in the acceleration process were among the topic areas covered by participants.

Larry Stofko, the laboratory’s executive vice president, co-chaired the event with Mike Squires, vice president of innovation and public policy for Cranbury, N.J.-based BluePrint Healthcare IT, a software and services company.

Three major themes emerged from the workshop’s breakout and brainstorming sessions, according to the Innovation Institute:

  • Engage people outside the innovation centers and healthcare systems, including chief executives, doctors and patients.
  • Examine and reinvent the healthcare delivery process, as well as innovation development.
  • Measure developed innovations in order to ensure progress and corrections, and in order to judge their success.