Orlando (Fla.) Health's innovation program comprises four project portfolios, each of which has been developed to contribute to the health system's overall strategic goals of improving healthcare delivery and patient outcomes.
The Orlando Health Strategic Innovations portfolios include the Orlando Health Foundry, Orlando Health Ventures, innovation grants and innovation partnerships. The Foundry, for one, was launched in 2017 as a way to bring to life ideas from the organizations' physicians and other staff members. Over the course of eight weeks, these innovators further refine their ideas and develop a commercialization and marketing strategy, after which they are given the opportunity to source funding.
Orlando Health Ventures, a dedicated $20 million fund, invests in early-stage companies and technologies with the potential to transform the healthcare industry, while Orlando Health's innovation grants award seed funding to local startups in the earliest stage of developing their own, potentially disruptive ideas, before they begin raising traditional venture capital.
The innovation partnerships, meanwhile, see the health system working with well-established outside organizations to complement Orlando Health's efforts. For example, Orlando Health recently partnered with MasterCard's Applied Predictive Technologies to use analytics to streamline marketing, operations and capital initiatives, all in pursuit of improving outcomes.
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