Cleveland Clinic Ventures had 7 spinoffs, invested $10M in 10 companies last year

Cleveland Clinic launched its office of business development to grow its innovation efforts and embark on a new digital transformation strategy.

In its first quarter financial report, it outlined changes it made in the last year, including:

· Launching a digital transformation strategy to support its goal of doubling the number of patients served
· Entering into a partnership with Amwell to transform the business side of healthcare
· Creating the Office of Business Development
· Forming "Partnering," a new function that accelerates patient-benefiting technology deployments through co-development, co-investment and shared risk and returns with collaborating companies
· Diversifying the system's revenue stream

In 2019, the health system's venture arm, Cleveland Clinic Ventures, guided the formation of seven new spinoff companies as well as oversaw more than $10 million in investments in 10 companies. Overall, Cleveland Clinic Innovations and Cleveland Clinic Ventures have formed 92 spinoffs and monetized 23. Cleveland Clinic Innovations has over 1,650 issued patents.

Cleveland Clinic's Office of Business Development also operates the Global Cardiovascular Innovation Center on the system's main campus, which has incubated 30 companies and supported the development of 50 technologies.

More articles on digital transformation:
New York, Arizona hospitals complete virtual Meditech EHR go-lives
8 recent leadership changes affecting health IT
NorthShore U completes precision medicine program for Epic EHR decision support

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