The Innovation Institute (La Palma, Calif.). The Innovation Institute was launched in 2013 by Irvine, Calif.-based St. Joseph Health (which merged with Renton, Wash.-based Providence Health & Services in July) as a for-profit, independent collaborative of five health systems. The other four systems include Marriottsville, Md.-based Bon Secours Health System; Children's Hospital of Orange (Calif.) County; Baton Rouge, La.-based Franciscan Missionaries of Our Lady Health System; and Sioux Falls, S.D.-based Avera Health. As an incubator, The Innovation Institute allows hospitals and health systems to become investors, and then grants them access to its internal network of healthcare and technology expertise. The institute, whose president and CEO is Joe Randolph, is comprised of three elements: the Innovation Lab, the Enterprise Development Group and the Growth Fund.
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