How hospitals can turn innovation labs into commercial profit centers
December 11, 2018 / Bill Siwicki
Some U.S. hospitals and health systems have turned their successful in-house work in health IT into commercial offerings that other hospitals and health systems can benefit from. This work is typically done in what is called an innovation lab. This is not necessarily an easy task. First one must have the talent to come up with great IT. Then the IT must be proven. Then the IT must be packaged as a product. And then the package must be commercialized and marketed to turn the healthcare organization’s IT operations into a profit center. Some healthcare organizations have been very successful in these efforts. Two include: Sinai AppLab at the Icahn School of Medicine at Mount Sinai Health System in New York; and UPMC Enterprises, the commercialization and innovation arm of UPMC in Pittsburgh, Pennsylvania. Executives at these two organizations offer advice to C-suite executives at healthcare provider organizations considering commercializing in-house health IT.