From launching new venture funds to spearheading multimillion-dollar digital transformation projects, hospitals and health systems are making strategic investments to boost healthcare innovation.
Here are five hospitals and health systems that recently scaled innovation efforts across their organizations and venture capital funds.
1. Newark, Del.-based ChristianaCare inked a 10-year joint venture with Highmark Health in April to increase access and affordability to care for patients through technology. The organizations will create a Solution Design Center that focuses on developing healthcare tech and data tools for members.
2. In March, St. Louis-based Ascension's healthcare venture arm, Ascension Ventures, launched a $285 million strategic venture capital fund. Backed by 13 health system partners, the new fund raised Ascension Ventures' total assets to more than $1 billion.
3. UPMC Enterprises, the innovation and commercialization arm of Pittsburgh-based UPMC, incubated and launched a new digital healthcare quality company in February. The company, named Astrata, uses natural language processing and data analytics to improve value-based care.
4. In November, Tampa General Hospital created a venture capital fund, named TGH InnoVentures, to support early-stage startups and make direct investments into healthcare companies. The new fund comprises the TGH Innovation Lab, TGH Accelerator and Tampa General.
5. Miami-based Baptist Health South Florida launched a $100 million digital transformation project last August to expand its digital capabilities and online presence. The health system revamped its website, expanded its virtual care capabilities and rolled out a new scheduling and registration system.