IBJNews

Community to commercialize innovations

Back to TopCommentsE-mailPrintBookmark and Share

Community Health Network thinks it can help patients, engage doctors and maybe even make some money by trying to turn ideas within its organization into commercial products, service and companies.

It’s the latest in a string of efforts to capitalize on problem-solving that goes on inside local hospitals.

The Indianapolis-based hospital system last week announced a new Web portal called LaunchPad, which it aims to use to connect internal innovations with outside academic and corporate resources.

LaunchPad is being led by Pete Turner, Community’s vice president of innovation, and Kyle Fischer, chief strategic development officer, along with a six-member advisory board. The initiative is part of Community’s for-profit subsidiary, called Visionary Enterprises Inc.

VEI will be able to put money behind some of LaunchPad’s efforts, if that’s needed. But unlike the venture capital firm that rival Indiana University Health created five years ago, now called CHV Capital, Community is not creating a dedicated fund to back the initiative.

Instead, Community hopes to use LaunchPad as a place where physicians, nurses and other employees at Community’s seven hospitals and numerous outpatient locations can submit ideas to improve hospital processes or create solutions for internal challenges.

Then Community would like to form alliances with in-state universities, large corporations and individual entrepreneurs who could help the hospital system scale up those ideas and commercialize promising ventures for use by other health care groups.

“It could be a new process, it could be a new business, it could be a new technology that improves communication between our physicians and our patients. It could be an investment from VEI, where there could be a financial return,” Turner said.

Community hopes LaunchPad produces some innovations that improve patient care, giving it a competitive edge in the market.

But hospital leaders also see an effort to commercialize new ideas as a draw for physicians, for which it is in fierce competition with other hospitals, and a potential new stream of revenue if one of the ideas turns into a profitable company.

“Anything that we do we want to have a positive impact on patient care,” Fischer said. “We also think this is a great way to really engage our physicians in some really cool interactions. And if we’re really successful, we could have a health care startup come out of it.”

Hospitals have been a relatively untapped source of health care innovations in Indiana. But leaders at Indianapolis-based life sciences development group BioCrossroads have been quietly studying how Indiana might mimic the efforts of the Cleveland Clinic, which has spun out multiple companies from technologies and processes developed in its hospitals.

Also, an initiative of the Indianapolis-based technology group TechPoint has been working to match local information technology companies with hospital executives to try out their products.

For example, Indianapolis-based Diagnotes has been working with clinicians and IT heads at Franciscan St. Francis Health to improve a product that can send patient electronic medical records to the smartphone of any on-call doctor.

“It’s the right initiative at the right time,” Diagnotes CEO Dave Wortman said of TechPoint’s work.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Uh, sorry Johnnie, but you are incorrect. Despite the assertions by yourself and various defenders and captains, sports attendance is NOT off significantly at most sporting events in the US. Variances in attendance has been in the range of single digits, both + & - for years now. MLB has had most of its best overall attendance nubers in the last decade, and that trend has been consistent for most major sporting events. The number one issue cited by most fans when asked about attendance is the overall cost of attending. The presence of HD and big screen televisions in home doesn't even register, as a factor for not attending an event. VALUE in the product is the key, and apparently is something lacking in the current ICS. What other explanation is there when with what is routinely touted as the "best" racing on the planet, fans are staying away in DROVES. A "close" title battle into the last event at Fontana, with the "cars and stars" of the ICS, and who showed up? MAYBE 8K. Sorry, but HD TV isn't to blame for that kind of fan apathy.

  2. Do you need finance to establish your business ? Are you interested in getting a loan at 3% from our private company? If so please Email: suntrust_oil@blumail.org

  3. If she was worth the $ the public outcry over direct tv dropping them would have kept them on their dishes as we have seen with other companies. I too quit watching channel 13 after she showed up since I left channel 8 because of her all show rather than production results. When Randy on 8 corrected her she had a big head and incorrectly challenged his correction for pronunciation of a city. Other antics while she matures was too much for me with her very inaccurate forecasts. All the forecasters were predicting rain until Thursday except Chris. They predicted sunny on Thursday but instead of rain until Thursday upon which the sun would finally make it out in full glory Chris was right on the money just as I too predicted looking at the radar on weather.gov. One thing I love about Angela is the fear you can see in her every time it thunders in the winter. It far exceeds the entertainment value of her body language (high heel noise drags, depression, etc) when her forecasts are so incorrect. Her hair stands on end, you have to see it!!!

  4. Good Day, Apply For A Loan I am Mr Fernadez Antonio, a private Loan lender and a cooperate financial for real estate and any kinds of business financing. I also offer Loans to individuals, Firms and cooperate bodies at 3% interest rate We offer any kind of loans. email us via fernadezloaninvest@outlook.com LOAN APPLICATION FORM First name:......................... Middle name:......................... Last name:........................................ Date of birth (yyyy-mm-dd):....................... Gender:........................................... Marital status:................................... Total Amount Needed............................... Loan Duration.................................... Address:.......................................... City:............................................. State/province:................................... Zip/postal code:.................................. Country:.......................................... Phone:............................................ Fax:.............................................. Mobile/cellular:.................................. Monthly Income.................................... Occupation:....................................... Best Regard, Mr Fernadez Antonio.

  5. i will love to share my testimony to you all the people in world i got married to my husband about 2 year ago we start having problems at home like we stop sleeping on the same bed,fighting about little things he always comes home late at night,drinking too much and sleeping with other women out side i have never love any man in my life except him. he is the father of my child and i don't want to loose him because we have worked so hard together to become what we are and have today .few month ago he now decided to live me and the kid,being a single mother can be hard sometimes and so i have nobody to turn to and i was heart broken.i called my mom and explain every thing to her,my mother told me about DR.okoro how he helped her solve the problem between her and my dad i was surprise about it because they have been without each other for three and a half years and it was like a miracle how they came back to each other. i was directed to DR. okoro on his email:okorospell@gmail.com and explain everything to him,so he promise me not to worry that he will cast a spell and make things come back to how we where so much in love again and that it was another female spirit that was controlling my husband he told me that my problem will be solved within two days if i believe i said OK So he cast a spell for me and after two days my love came back asking me to forgive him i Am so happy now. so that why i decided to share my experience with every body that have such problem contact Dr okoro the great spell caster on his email addresses spellcasterforlove@outlook.com

ADVERTISEMENT