Ohio Venture - OVA Review Newsletter
News from the Ohio Venture Association meeting on November 11, 2011

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Keynote Address:

Gary M. Fingerhut
General Manager, IT Commercialization
Cleveland Clinic Innovations

While most healthcare systems around the country are still struggling to implement electronic medical records before an impending regulatory deadline, the Cleveland Clinic, as an early adopter, has a tremendous opportunity to capitalize from its earlier innovations in this area, officials from Cleveland Clinic Innovations told OVA members at their November luncheon.

The federal government has mandated that every patient must have an electronic medical record by 2013, and has offered healthcare providers considerable financial incentives toward doing so. But with 80 percent of the hospital systems in America not yet having gotten their EMR systems up and running, said CCF's Director of New Ventures, Dr. Sam Kiderman, "we're not going to wait for the rest of the country to catch up. We see a business opportunity." He went on to say that the opportunities in this niche are almost limitless. "The scale of this is as big as your imagination."

In the last five years, CCF Innovations has had approximately three dozen spin-offs—with about two thirds of those in the medical devices area—and three exits, including the sale of the neurotechnology company Intelect Medical to Boston Medical earlier this year. But in part due to the vast opportunities flowing from electronic medical records, the number of spin-offs is likely to grow, with about 250 disclosures currently in the pipeline. "There's a lot going on in that building," said Dr. Kiderman.

With medical records digitized, the door will be open to another important wave of coming innovations—a layer of technology that will integrate digital home monitoring devices with the larger medical system. With the highest surgical volume of any provider in the country, said Gary Fingerhut, general manager of IT commercialization, the Clinic is in a position to test it on their own system before sharing it with the larger medical community. "This technology will be piloted, developed and used at the Cleveland Clinic," said.

Fingerhut said the Clinic is proud to have been selected #4 on the Fast Company magazine list of most innovative healthcare organizations. "The culture of the Cleveland Clinic has been about innovation, from the beginning," he said. "It's always patients first, but then it's about finding a way to bring in revenue." The system's advanced informatics system is a crown jewel of the organization. "Our job is to turn that data into real knowledge."

With all the exploding opportunities, the Clinic innovation staff is just focused on continuing to service its pipeline. "We have to remain focused," Gary Fingerhut said. "We have a lot of inventions in the pipeline, and they need a lot of hand-holding. So I think the key is to stay on point."

More information:

OVA's New Video Archive is Online:

OVA is pleased to have recently added an archive of program videos to its website. You’ll find the full video record of most OVA formal programs since 2008 at www.ohioventure.org/video-archive.html.

Upcoming Meeting Dates:

  • December 9, 2011
    Bob Longo
    President, School One
    Featuring a Company Showcase

See complete details and registration for these events.
 

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Newsletter Sponsors:

The Oho Capital Fund

Taft Stettinius & Hollister

Glengary LLC

Chrysalis Ventures

Early Stage Partners

Edison Ventures

Draper Triangle Ventures

Fir Hill, LLC

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