Health systems have been investing in healthcare startups for awhile where they see opportunities to solve certain challenges such as communication and care coordination. OSF Healthcare is the latest to make that move by formally launching an investment arm, OSF Ventures.
Update The venture program gives OSF Healthcare earlier access to companies that could benefit healthcare and support innovation. With its $75 million fund it plans to invest in four to six companies per year. An earlier version of this story said it would invest in eight per year.
Stan Lynall, director of venture investments for OSF Ventures, said its priorities are health IT, diagnostics and medical devices. “We also welcome the opportunity to partner with the companies we invest in to advance their product or service.”
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Molina-Weiger said in response to emailed questions, “Our venture investment program is part of a broader innovation strategy being deployed throughout the ministry with an emphasis on identifying new and better technology and working collaboratively to support its growth and acceptance in the marketplace.”
It has made a few investments so far. Pieces Technology, in Dallas, uses predictive analytics to trigger an early warning system to ward off adverse events in hospitals. Additionally it developed an ambitious portal to connect health systems with the resources its vulnerable populations use such as homeless shelters, job centers and food banks.
It has also invested in big data analytics business Health Catalyst in Salt Lake City, along with Pulse Therapeutics in St Louis and AVIA in Chicago.
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