Rapidly advancing innovation in health care will require stronger partnerships among provider organizations and companies that develop solutions for the field. That’s exactly what the Innovation Institute, a for-profit company owned by six nonprofit health systems, and robotic process-automation company Olive hope will come of their new collaborative venture.
Under the partnership, the Institute’s innovation incubator will work with Olive to co-develop and commercialize new products using Olive’s automation tool set. The products will be targeted to address problems identified by clinicians, back-office staff and others who work in the Innovation Institute’s network. The institute’s Innovation Lab also will pilot the new products at member health systems.
One of the first projects being considered is whether Olive can help scale and add automation to a platform for case managers already launched through the Innovation Lab. About a half-dozen projects are being evaluated, according to a Modern Healthcare report.
The Innovation Institute began investing in Olive several years ago through the company’s health care venture fund, which invests in early growth-stage startups. The Innovation Lab will provide the clinical and operational expertise while Olive will build the technology required in the co-development process.
Given the unique workflow processes at hospitals, the automation tools developed likely will require some customization. The companies will sell co-developed solutions to Olive’s customer base and promote the products to the Innovation Institute’s members.
Equity investors in the Innovation Institute will receive a share of the venture’s profits based on their level of investment. The minimum required investment to be part of the Institute is $10 million. Among the Institute’s members are Bon Secours Mercy Health in Cincinnati, Valley Children’s Healthcare in Madera, Calif., and Avera Health, Sioux Falls, S.D. Renton, Wash.-based Providence is an affiliate health system member and pays an annual fee to be a member of the Innovation Lab.