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SOURCE The Innovation Institute; Bon Secours Health System, Inc.
LA PALMA, Calif. and MARRIOTTSVILLE, Md., Nov. 4, 2013 /PRNewswire/ -- Today, Bon Secours Health System President and Chief Executive Officer Richard Statuto released a video statement about an exciting new venture the system has invested in to facilitate innovation and explore new ways to make healthcare more affordable. This follows an announcement on October 24 by The Innovation Institute that Bon Secours Health System, a $3.4 billion dollar not-for-profit Catholic health system with headquarters in Marriottsville, Maryland, has signed an agreement to become the second member owner to invest in the for-profit organization.
The Innovation Institute, an independent business platform, facilitates cultures of innovation among physicians and employees of each health system, separate from day-to-day operations. St. Joseph Health, a $6 billion system, based in Orange County, Calif. was the first founding member owner of The Innovation Institute.
"The Innovation Institute is an exciting new venture that we are pleased to be a part of. When we reviewed the business model, it became clear that our health system could benefit immensely from the valuable resources that The Institute offers," said Richard J. Statuto, president and chief executive officer of Bon Secours Health System. "As member owners, our healthcare system and our patients will benefit from shared research and development of new products and services."
"We look forward to implementing an innovation strategy across Bon Secours' six-state hospital system, and tapping into the best ideas from their more than 25,000 physicians and employees," said Joe Randolph, The Innovation Institute president & CEO.
The Innovation Institute is structured to be owned exclusively by seven founding non-profit health systems, supported by three self-sustaining primary business units: (i) the Innovation Lab, an incubator for new, disruptive breakthrough solutions in alliance with Cleveland Clinic Innovations, an internationally recognized leader; (ii) the Enterprise Development Group, a group of shared services offering high-quality, cost-effective solutions; and (iii) the Growth Fund, a portfolio of investments in emerging businesses and assets.
"We have set out to fundamentally alter the way hospitals think about their business assets and strategic relationships," added Randolph. "We are pleased that Bon Secours Health System has joined us in this unique endeavor focused on progressive health."
About Bon Secours Health System
Bon Secours Health System, Inc. based in Marriottsville, Maryland, is a $3.4 billion dollar not-for-profit Catholic health system that owns, manages or joint ventures 19 acute care, 5 long term care, 4 assisted living, 6 retirement communities/senior housing, 14 home care and hospice services, and other facilities, primarily on the East Coast. Bon Secours Health System consists of more than 23,000 caregivers helping people in six states. Its vision is to be a prophetic Catholic health ministry partnering with communities to create a more humane world, build health and social justice and provide exceptional value for those served. For more information, go to www.bshsi.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 will be owned by seven non-profit health systems. This collaborative will tap into physicians, employees, and industry business partners to incubate and commercialize new 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 www.ii4change.com
Video with caption: "Richard J. Statuto, President and CEO, Bon Secours Health System, talks about investment in The Innovation Institute." Video available at: http://youtu.be/hQpFgfg6DyM
Video with caption: "The Innovation Institute Featured in BSN Headline News." Video available at: http://youtu.be/4l0fWFLM0Ug
Image with caption: "The Innovation Institute Business Model." Image available at: http://photos.prnewswire.com/prnh/20131104/MM09318
Image with caption: "The Innovation Institute, La Palma, California." Image available at: http://photos.prnewswire.com/prnh/20130205/LA54060LOGO
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