The Innovation Institute (La Palma, Calif.). The Innovation Institute came to fruition in 2013 as a for-profit limited liability company, and now encompasses 15 portfolio companies with revenues exceeding $200 million. The Institute's mission involves developing solutions via collaboration and providing more care with fewer resources. The Innovation Institute comprises three elements: The Innovation Lab, The Enterprise Development Group and The Fund. Five nonprofit health systems — Avera, Bon Secours Health System, CHOC Children's, Franciscan Missionaries Of Our Lady Health System and Providence St. Joseph Health — are member owners of The Institute. In September, Mercy Health, a Catholic health ministry serving Ohio and Kentucky, signed on as the sixth member owner, bringing its experience as a 23-hospital, $6.3 billion health system to the collaborative.
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