The Hackensack Meridian Health, in collaboration with the New Jersey Innovation Institute (NJIT), will be opening a health incubator with a design akin to the popular reality show Shark Tank, in which companies pitch novel and unique ideas to a panel of experts.
New Jersey-based Hackensack Meridian Health is a top nonprofit health care body, presenting a comprehensive range of medical services, advanced research and life-enhancing care. It comprises 13 hospitals (two children’s hospitals, two academic medical centers and nine community hospitals), doctor practices, above 120 ambulatory care centers, ambulance services, home health services, long-term care, lifesaving air medical transportation, surgery centers fitness and wellness centers, rehabilitation centers and urgent care and after-hours centers and sponsored living communities.
It has a team of 28000 members, including 6000 doctors, and is an eminent leader in health care philanthropy, dedicated to the health and well-being of the communities it obliges. Hackensack Meridian Health, as part of its association with the New Jersey Innovation Institute, is assuring $25 million to Agile Strategies Lab.
According to officials, the incubator, Agile Strategies Lab, is a model for healthcare advances in New Jersey. The lab, located on the NJIT campus in Newark, aims to support the creating and unveiling of the afterward trend of problem-solving in healthcare from better devices, enriched technology and added effective services to offer high quality of care, lower costs and enhanced patient experience.
The pitches made to this point consist of an app to enables lower risk in normal surgeries and a wearable device to observe patients’ vital signs. Ultimately, four frontrunners will be selected to take along their technologies to market.
Joel Bloom president of NJIT said that the health care market has been outstanding for a new disrupting technology which will make a noticeable improvement in the approach health care technology products and services provided to consumers.
Although incubators are growingly common at academic medical centers, nonetheless officials say that this investment is distinctive because this lab assembles a remarkable collaboration of entrepreneurs and innovators from further than the clinical side, counting reformers from engineering, life sciences and technology. It will also deliver results to health care challenges in every domain, and not just only in producing further effective medicines or treatment.
Co-CEO of Hackensack Meridian Health, Robert C. Garrett said that they aim to influence the collective skills of entrepreneurs, research scientists, major corporations, NJIT faculty and students to resolve challenges with unique approaches and products.
New Jersey Innovation Institute (NJII) is an NJIT establishment that relates the intellectual and technological resources of the state’s technology, science and design university to tests acknowledged by industry partners. The NJII Healthcare Provision System’s iLab is dedicated to refining healthcare through inventive programs and services together with the Garden Practice Transformation Network which is making over 10000 doctors from paid services to value based care as part of the initiative which will save beyond $135 million in healthcare outlays and recover the lives of more than 500000 patients with chronic diseases.
The invested money will aid in unveiling designs and concepts to the point where they can become workable and procure funding through venture capitalists. And the group’s huge network of 13 hospitals in seven counties, above 100 outpatient centers and 6000 doctors will examine some of the originations after they are progressive enough as determined by the board of experts from various disciplines.
Andrew Pecora, Chief Innovation Officer, MD and President of GP at Hackensack Meridian Health said that the new lab will benefit creators to attain patents and also support to the bedside care or nursing leading improvements more rapidly.
John K. Lloyd, Co-CEO of Hackensack Meridian Health welcomes the partnership with NJII and commits to deliver new ways of consideration for patients and pulling down the total cost of health care.