by: Larry Stofko, EVP, The Innovation Institute
Larry Stofko will present on Tuesday, June 16 at the National Healthcare Innovation Summit held June 15-17 in Chicago, Ill. The summit is focused on real-world, scalable innovations that address core components of the Triple Aim: improving healthcare outcomes, reducing costs, and driving better patient experiences.
Why is innovation crucial for improving the delivery of healthcare and fulfilling the Triple Aim?
Without innovation and creativity, we would never achieve the change that is needed to improve the experience of care and the health of populations, and reduce the per capita costs of health care. It doesn’t happen without an investment in research and innovation. Without opportunities to fail forward, we cannot achieve breakthrough change and transformation that are crucial to fulfilling the Triple Aim. Benjamin Franklin once said, “Without continual growth and progress, such words as improvement, achievement, and success have no meaning.”
Share one example, from your own experience and expertise, where an innovative technique or approach did make a difference in patient care.
Working with healthcare systems, I’ve gotten to see and experience firsthand how innovative techniques have made a difference in patient care including the use of robots that can provide patients with an extra degree of confidence when they can see their doctor checking on them, even if it’s remotely. Dr. Robert Lancey, a cardiothoracic surgeon from our member owner Bon Secours Health System uses his Mini-Me 15-pound robot (an iPad attached to self-balancing, motorized wheels that looks like a cross between a Segway and an iPad) to have a telepresence with his patients when he can’t be in the hospital. Using his own iPhone, Lancey can control the robot to look at his patients and talk to nurses on duty to go over vital statistics. I have seen that this extra touch can bring a smile to a patient.
Provide a brief preview to your session at the National Healthcare Innovation Summit and share insights that attendees will learn from your presentation.
I’ll be speaking at the National Healthcare Innovation Summit about The Innovation Institute and its unique business model. Because hospitals systems tend to be risk averse by design, The Innovation Institute was founded as an independent for-profit healthcare innovation incubator that has the resources to lead like-minded healthcare systems on a path to disruptive and transformative change. In return, these healthcare systems and their physicians and employees share in the financial success of The Innovation Institute.
The Innovation Institute business model consists of an Innovation Lab, an incubator of healthcare ideas; an Enterprise Development Group, a group of healthcare-related companies that delivers essential products and services to member owners, as well as other healthcare providers; and a Growth Fund that invests capital into innovative emerging companies on a value-added basis.
Member owner investors of The Innovation Institute include the St. Joseph Health System in Irvine, California; Bon Secours Health System in Marriottsville, Maryland, and Children’s Hospital of Orange County. All have invested in an organization that taps their physicians and employees for original ideas to improve care, and rewards them for their success. Cleveland Clinic is one of our alliance partners that works with us hand-in-hand on the cultivation of medical products at our Innovation Lab in Newport Beach, Calif. And Boston Scientific and Deloitte serve as the first underwriters for our Lab. With all of us collaborating together, we believe we have created a model for success in the healthcare sector.