April 21, 2023 : Evolving a limited partner in Triventures, a venture capital fund founded in Silicon Valley and Tel Aviv; providing internship in innovation not only for its workers but for other South Florida specialists; negotiating an overarching master intellectual property partnership agreement with Florida International University — these are just a rare of the ways Baptist Health Innovations is promoting healthcare innovation and supporting to establish South Florida as a healthcare innovation epicenter.
Baptist Health is evolving a top healthcare innovator in the nation. Fortune called Baptist Health on its 2023 list of America’s Most Innovative Companies. The publication partnered with market research and data company Statista to collect the list, which recognizes 300 companies “changing industries from the inside out,” according to Fortune. The inventory is based on evaluating three categories: product invention, process creation, and innovation culture. Baptist Health rated No. 16 out of 57 hospitals and health systems in the nation and is the only Florida-based system on the checklist.
Baptist Health promotes healthcare innovation.
When Dr. Barry Katzen, chief medical innovation officer at Baptist Health and chief medical executive of Miami Cardiac & Vascular Institute, founded innovation efforts at Baptist Health, he aimed to complete the organization’s culture and capability for creation. He and other Baptist Health leaders drafted Mark Coticchia as corporate vice president of creation, and the two named the latest unit Baptist Health Innovations. Paired in this way, Katzen functions as the clinical leader of innovation and Coticchia as the business manager. The complementary pairing allows Baptist Health to advance its goal of promoting healthcare innovations.
Baptist Health has set major goals for leveraging its clinical and functional know-how and data. It designed its innovative approach to complement its delivery of top-notch care.
South Florida as a hub of healthcare innovation
Today, Baptist Health Innovations is satisfying to make South Florida a healthcare innovation epicenter.
Nationally, Miami is in the top 10 metro region for venture capital, and the amount of venture capital pouring into the area is growing. “South Florida is becoming a goal region for investors, entrepreneurs and corporate growth leaders,” stated Coticchia. “We have a catbird seat as the region’s biggest healthcare system, and we’re showing the way in healthcare innovation.”
Baptist Health Innovations’ industry connections in the region include Miami-Dade Beacon Council. Greg Horowitz, vice president of economic growth, life sciences, and healthcare at The Beacon Council, follows Baptist Health Innovations as a critical partner that allows the team meet vital goals. For example, when council members journeyed to Israel last year, Baptist Health Innovations brokered engagement opportunities with medical innovation organizations.
We made many contacts, including those who focused on eldercare, a big priority for Baptist Health and us,” Horowitz said.
An priceless partner for economic development in South Florida
Baptist Health Innovations has a world-class group of experienced technology transfer and innovation specialists. This team, noted Coticchia, has powers few other U.S. innovation offices have — “Even more abilities than many healthcare systems with longer-standing innovation processes,” he stressed.
The passionate team benefits South Florida, including Coticchia and Nila Bhakuni, assistant vice president for innovation. For instance, the Knight Foundation Fellowship in Healthcare Technology Innovation, founded by Baptist Health Innovations in 2022, supplies entrepreneurial training for innovators inside and outside Baptist Health. By 2026, the agenda will have trained 150 South Florida experts in innovation and entrepreneurship.