Spin-offs and Joint Ventures: Another way to Innovate with The Clinic by Cleveland Clinic
Posted Sep 11, 2021 from thehcbiz.com
There are many ways to innovate within an existing organization. However, it can be difficult to move as fast as you’d like within the constructs of an established business model and culture. For one, it’s difficult for your team to innovate on top of their “day job”.
On this episode we talk with Frank McGillen, CEO, and Peter Rasmussen, MD, Chief Clinical Officer of The Clinic to understand why one of the best known global brands in healthcare decided that a JV startup was the best way to bring this innovation to market quickly. We discuss:
- The problem that needed to be solved
- The benefits of the spin-off/startup approach
- The benefits of partnering with vs. hiring a technology vendor
- How they were able to get Cleveland Clinic physicians on board
- The importance of unique business models in a competitive marketplace
- How they are measuring the success of their second opinion service
- How they are measuring the success of this innovation approach
- Advice for organizations who are considering a startup/spin-off approach to innovation.