OSF Ventures supports new technology
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OSF Ventures, the corporate investment arm of OSFHealthCare, has launched a second venture capital fund of $75 million tocontinue its strategy of supporting new technology, devices and services thatoffer improved and more cost efficient health care.
Three and a half years following its first investment, OSFVentures has directly invested in 15 companies and is preparing to close oninvestment in another. Additionally, investments in two venture capital funds –Ascension Ventures and LRV Health – round out the initial OSF Venturesportfolio.
“Our venture program is strategically focused. We are onlyinvesting in technologies that improve patient care and outcomes, or reducecosts to our health care system,” said Stan Lynall, vice president of VentureInvestments for OSF Ventures. The approach includes looking for opportunitiesto collaborate with start-ups for deployment of their technology at OSF HealthCare.
“The Ventures teambrings an understanding of the changing landscape, and introductions toemerging technologies as we ramp up our work in areas such as digitaltransformation, the deployment of advanced analytics and adoption of precisionmedicine platforms,” said Michelle Conger, Chief Strategy Officer and CEO St.Gabriel Digital Health, OSF HealthCare.
One example of a strategic investment includes Regroup, aChicago-based start-up that provides telemedicine solutions to eradicate mentalhealthcare shortages across the country. A pilot program using the platform waslaunched at OSF HealthCare Saint Elizabeth Medical Center in Ottawa, Illinois,in the fall of 2017. It allowed most patients in need of mental health care tobe seen within two weeks, and 93.5 percent of patients reported they felt seenand heard by their provider during the live video appointment. Regroup is nowbeing rolled out to other communities through primary care providers.
Lynall and his four-person team have been busy since OSFHealthCare launched its first $75-million dollar venture fund in 2016 as partof its overall innovation strategy. The small group has vetted more than 700medical startup companies at early or mid-stage development. The team includesmembers with business, clinical and strong analytical skills as well as ventureexperience.
As the OSF Ventures brand has grown across the country, anever-increasing list of startups seek OSF investment because of the access toclinical expertise and ability to test effectiveness and usability in a healthcare setting. As Lynall points out, entrepreneurs appreciate having earlyadopters of their technology.
