Baptist Health- Engineering the Future of Healthcare
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Presentation by Mark Coticchia, Chief Innovation Officer, Baptist Health, for mHealth Israel community, September, 2023. Baptist Health has internationally renowned centers of excellence in cancer, cardiovascular care, orthopedics and sports medicine, and neurosciences. A not-for-profit organization supported by philanthropy and committed to its faith-based charitable mission of medical excellence, Recognized by Fortune as one of the 100 Best Companies to Work For in America and by Ethisphere as one of the World’s Most Ethical Companies.Innovation is paramount to health system’s performance and reputation. Becker’s 2019 Advisory Board survey revealed innovation and technology ranked as the top priority among healthcare finance professionals - up from eighth in 2018. 90% healthcare/life science leaders agree that the pandemic will fundamentally change the way they do business, requiring new products, services, processes, and business models (McKinsey: Innovation Through Crisis Survey). Innovation has been proven to help health systems in many ways. A capability and culture of innovation accomplish numerous goals: Innovation capability and culture improve the care and work environment. They enhance the reputation through recognition for discoveries made at and through Baptist Health. They aid in the recruitment and retention of top talent. And they help systems harness money that otherwise would be leaving the system – licensing revenues and investment returns and corporate research support and donor revenues. Successful Programs - Common Underpinnings. Innovation as a strategic, institutional priority Program built on institutional assets and centers of excellence Experienced, professional team Technology development and sourcing, Dedicated, long term support. Doing healthcare innovation well at a large enterprise takes a highly specialized team and skill set. Collectively, they need to have deep knowledge of healthcare regulation, medical procedures, patient safety, business development, transactions, business law, innovation markets, entrepreneurship, venture capital, commercialization, tech transfer, organizational change management, and much more. Programs- services, technology management, corporate co-creation, global medical service lines and facilities; Focus on market opportunity vs. technology; Select & concentrate on winners; Operate as a business; Proactive in new company formation; Progress, milestones, preliminary results; Building New Innovation Pathways; Improving Treatment for Cancer Patients; Predicting & Preventing Heart Attacks; Improving Outcomes in Cardiac Care; Enhancing a Culture of Innovation at Baptist Health & South Florida; Cleerly, TriVentures, COTA; Innovation is paramount to health system’s performance and reputation. Baptist Health has established an innovation function predicated on best practices and tailored to its assets and the opportunities extending from Miami’s economic growth
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Baptist Health- Engineering the Future of Healthcare
- 1. 1 September, 2023 Engineering the Future of Healthcare 1 Mark Coticchia Corporate Vice President
- 2. 2 Employees: 24,000+ Physicians: 4,000 Outpatient centers, urgent care facilities and physician practices 150 Hospitals: 12 • Baptist Health has internationally renowned centers of excellence in cancer, cardiovascular care, orthopedics and sports medicine, and neurosciences. • A not-for-profit organization supported by philanthropy and committed to its faith-based charitable mission of medical excellence, • Recognized by Fortune as one of the 100 Best Companies to Work For in America and by Ethisphere as one of the World’s Most Ethical Companies. Baptist Health South Florida
- 3. 3 Innovation Matters • Innovation is paramount to health system’s performance and reputation. • Becker’s 2019 Advisory Board survey revealed innovation and technology ranked as the top priority among healthcare finance professionals - up from eighth in 2018. • 90% healthcare/life science leaders agree that the pandemic will fundamentally change the way they do business, requiring new products, services, processes, and business models (McKinsey: McKinsey Healthcare Innovation Through Crisis Survey).
- 4. 4 Objectives Baptist Health Innovations Improve Care and Work Environment Enhance Baptist Health Reputation Economic Return: Equity and Royalties Talent Recruitment and Retention
- 5. 5 Innovation as a strategic, institutional priority Program built on institutional assets and centers of excellence Experienced, professional team Technology development and sourcing Dedicated, long term support Successful Programs - Common Underpinnings
- 6. 6 Seasoned Healthcare Innovation Team Barry T. Katzen, M.D. Chief Medical Innovation Officer Mark Coticchia Corporate Vice President Nila Bhakuni Assistant Vice President Joseph Jankowski, Ph.D. Senior Advisor Brittany Shaffer, MBA Senior Advisor, Market & Operations Walter DeForest IP Transactions Counsel Carrie Price Project Manager Daeanne Alvarez Cruz Executive Asst 2
- 7. 7 Services Focus on the internal drivers of invention • Education & Training • Prototyping & Proof-of-concept Technology Management Focus on the commercialization of internal inventions • Intellectual property • Opportunity assessment and business case/plan development • Contractual compliance • Commercial deal-making Corporate Co-Creation Focus on connecting external opportunities for mutual benefit • Co-development, beta test and potential adoption • Strategic or opportunistic relationships Global Medical Service Lines & Facilities Focus on licensing our technologies and know-how to global market • Packaging & licensing our know-how, services lines, (e.g. education & training, work-flows, protocols, procedures) • Bring cutting-edge technologies/ companies to the U.S. for mutual benefit Programs
- 8. 8 What Makes Us Unique Focus on market opportunity vs. technology Select & concentrate on winners Operate as a business Proactive in new company formation
- 9. 9 Progress • Baptist Health is on its way to becoming a top healthcare innovator in the nation. • Fortune named Baptist Health on its 2023 list of America’s Most Innovative Companies. • Ranked #16 out of 57 hospitals and health systems in the country, and the only Florida-based system.
- 11. 11 Milestones 2019 2020 2021 2022 Hired first Corporate Vice President for Innovation Entered major codevelopment deal with Philips First commercial IP licenses Negotiated Master Research and IP agreement with FIU Strategic venture capital investment into Triventures Led healthcare technology innovation network in South Florida Adopted first Baptist Health IP Policy Led national syndicate investment into cancer data company Entered major license deal with stem cell provider Launched Innovation Fund Launched first start-up company Executed codevelopment deal with Fujitsu Executed first international license Invested in Cleerly, a cardiology AI company Launched second cohort of Knight Fellowship 2023 Awarded 1st patent by USPTO Launched Knight Fellowship Built new team Named first chief medical innovation officer First Revenue
- 12. 12 INVEST LICENSE CONSULT TEACH / LEARN Building New Innovation Pathways CODEVELOP / USE EXPERTISE & KNOW- HOW INVENTIONS DATA Products Services Spinoffs Medical Facilities
- 13. 13 EXPERTISE, KNOW-HOW INVEST INVENTION DATA TEACH/ LEARN CODEVELOP / USE CONSULT LICENSE Improving Treatment for Cancer Patients Brings clarity to cancer care. COTA organizes real-world data to guide clinical decisions and actions. Leonard Kalman, M.D. Benefits & Results Improved treatment for cancer patients Royalty revenues ROI COTA Center of Excellence MCI Baptist Health uses the breakthrough COTA technology in its own treatment of patients, is codeveloping the technology, is an investor, and sits on the board. MONETIZING IP & DATA
- 14. 14 EXPERTISE, KNOW-HOW INVEST INVENTION DATA TEACH/ LEARN CODEVELOP / USE CONSULT LICENSE Predicting & Preventing Heart Attacks Jonathan Fialkow, M.D. CLEERLY Predicting heart attacks with interpretive reports from coronary CT scans. Ultimately, Cleerly will have a product for benchmarking the progression of heart disease and enabling interventions to prevent heart attacks. Center of Excellence MCVI Benefits & Results New patient tool for predicting, preventing heart disease Royalty revenues ROI Baptist Health has a royalty-bearing license to provide Cleerly with deidentified data from the Miami Heart Study and to codevelop the technology. Baptist also has an equity stake. MONETIZING IP & DATA
- 15. 15 EXPERTISE, KNOW-HOW INVEST INVENTION DATA TEACH/ LEARN CODEVELOP / USE CONSULT LICENSE Improving Outcomes in Cardiac Care Jonathan Fialkow, M.D. Center of Excellence MCVI LYNX.MD Center of Excellence MCVI Benefits & Results Improved insight into cardiology data Warm intros to data licensees Additional collaboration opportunities Downstream licenses & royalty revenues Baptist Health has a non-exclusive license where Lynx.MD makes introductions to cardiology companies that may benefit from Baptist Health patient data (and thus may desire future licenses with Baptist Health). A platform that connects healthcare partners with real- world clinical and operational data to drive better outcomes in cardiac care. Lynx.MD, an Israeli company, provides a secure data network and medical intelligence platform for cardiology data. MONETIZING IP & DATA
- 16. 16 EXPERTISE, KNOW-HOW INVEST INVENTION DATA TEACH/ LEARN CODEVELOP / USE CONSULT LICENSE Enhancing a Culture of Innovation at Baptist Health & South Florida Benefits & Results EDUCATION & TRAINING KNIGHT FOUNDATION FELLOWSHIP $1M grant to establish program in healthcare technology innovation. Raised an additional $1M in matching funds. Knight’s largest award to a healthcare institution Professional development program to produce next- gen innovators June 2022 – Graduated inaugural class, 26 Fellows Fall 2022 – Second cohort, 42 Fellows A teaching/learning program the provides expertise and know-how. Lifelong learning for Baptist & community Innovation curriculum and skills >200 innovators to lead regional innovation Classes consist of Baptist Health staff and South Florida community members Teaching includes contributions from experienced teaching staff (Stanford, CWRU, etc.)
- 17. 17 Investing in Our Future COTA, Inc., a healthcare technology company that uses real-world data to bring clarity to cancer care Date: November 2020 Triventures is a global multi-stage venture capital fund investing in transformational health, the convergence of big data, healthcare and technology. The firm invests in early and mid- to-late start-ups that offer data-driven innovations in areas such as genomics, ecommerce health services, wellness, robotics, decision support, cyber security for healthcare and disruptive medical devices and diagnostics Date: November 2021 Cleerly is a digital healthcare company that designs intelligent clinical technologies to help clinicians precisely identify and define heart disease Date: July 2022 Investments Details INNOVATION FUND
- 18. 18 Summary • Innovation is paramount to health system’s performance and reputation. • Baptist Health has established an innovation function predicated on best practices and tailored to its assets and the opportunities extending from Miami’s economic growth. • We focus on collaboration, co-development, investment and cultural enhancement.
Editor's Notes
- Thanks for the opportunity to present to you today about Baptist Health South Florida and its emergence as a global innovation leader. Over the next 15-20 minutes, I will introduce you the health system, explain the importance of innovation to Baptist, and then share information on the dedicated innovation team, some of its approaches and some of its success to date.
- I will start by sharing Baptist’s role as a premier medical system. As you’ll see here, Baptist has grown to now encompass 12 hospitals and 150 clinical sites. Accordingly, It serves an important position as a key provider to the South Florida population that is growing and aging. To deal with the healthcare requirements of this population, Baptist has invested into the establishment of progressive health institutes that address key chronic disease conditions in the cardiac, cancer, neural, and orthopedic sectors. We are proud that Baptist has been long recognized for not only its care, but its values. As the slide presents, we were recently designated as a top-100 company to work for and as one of the world’s most ethical companies. As I’ll share in a few moments, such accolades are now being extend to our emerging innovation capabilities.
- Having shared that Baptist in an important and capable healthcare entity serving South Florida, I want to now share that INNOVATION is an important function of any dedicated healthcare entity. While it seems obvious that innovation, as a driver of improvement can positively impact one’s care and reputation, its importance is growing. The 2019 Advisory Board survey of healthcare finance professionals designated innovation as their top priority, while 90% of leaders believe that the post-pandemic provision of care will require and IMPART innovation in the way they do business. Fortunately, as I will now share, Baptist Health committed to such innovation in the latter-part of the last decade, culminating with my recruitment and the establishment of its first formal innovation function.
- Since most of us are are in the field of innovation, it may seem obvious as to “WHY” any hospital system would benefit from an innovation function. But, remember we, and particularly Sheba ARC, are forerunners to an emerging role for innovation. At the risk of stating the obvious, I want to suggest to you that Innovation has been proven to help health systems in many ways. A capability and culture of innovation accomplish numerous goals: Innovation capability and culture improve the care and work environment They enhance the reputation through recognition for discoveries made at and through Baptist Health They aid in the recruitment and retention of top talent And they help systems harness money that otherwise would be leaving the system – licensing revenues and investment returns and corporate research support and donor revenues. We think an innovation function is a sine qua non for any serious, or major, healthcare organization.
- So when I established Baptist Health Innovations in late-2019, just intime for the global pandemic, of course, I built the function around the tenets shown as the top four bullets here, with hopes that bullet 5 would follow. I positioned our activities as a direct contributor to the System’s strategy and growth. Note we did not ‘outsource’ innovation or separate from the central leadership. I focused our outreach and sector goals on the areas where Baptist was performing best and investing the most – these are our Centers of Excellence defined as the four clinical institutes I introduced early. People matter – right? RIGHT. So, I ‘brought the ban back together’ by engaging the trusted innovation professionals with whom I have worked for decades at premier intuitions that include Carnegie Mellon University, Cleveland Clinic and Henry ford Health. I cannot tell you how important this is. Think about it, prior to my recruitment, Baptist didn’t even have an innovation function, or an Intellectual Property Policy, for that matter. Withing a few months, our innovative clinicians and admins were being served by noteble innovation leaders. On the next sldie, I’ll quickly present our team. Finally, I committed to innovation through both internal development and sourcing of external opportunities. The latter being why we spend so much time and mind share in Israel.
- Doing healthcare innovation well at a large enterprise takes a highly specialized team and skill set. Collectively, they need to have deep knowledge of healthcare regulation, medical procedures, patient safety, business development, transactions, business law, innovation markets, entrepreneurship, venture capital, commercialization, tech transfer, organizational change management, and much more. The people you see on this slide possess, collectively, the deep expertise I just mentioned. It is however an extremely lean team, and if I have one concern about our mission, vision, and goals, I would say it is that having such a lean team is in some ways a “pulling rabbits out of hats” people plan. The team has over 100 years combined experience at University of Pittsburgh, Carnegie Mellon, Harvard, Case Western Reserve, MIT, Baptist Health, other health systems, and much more.
- I humbly share with you that we are doing very well. Last year, we were named to Fortune's Most Innovative Companies ranking, showing as number 16 of 57 cited hospitals in the US. Not too shabby for an enterprise that didn’t have a formal function in 2019.
- We are pleased with our progress to date We have conducted 544 transactions. We have seen 185 inventions that are mostly medical devices, digital and data, and other know-how. We have conducted 8 codevelopment collaborations. These are with regional non-profits and universities and global healthtech companies like Philips and Fujitsu. We have done 11 license deals that generate royalties. We have spun off the first ever Baptist spin-off, a company called Gait Boost. We recently got the first-ever issued patent at Baptist Health. And we have put or are putting 68 people through our Knight Fellowship program, a comprehensive professional development program focused on the innovative arts. We developed a curriculum that aligns healthcare needs with commercialization activities, and we taught it to dozens of Baptist Health employees and others. We have generated $3.4 million in licensing revenues and actual cost savings (which are a full cash benefit) for Baptist. And we have generated $11.5 million in new, philanthropic gifts. This -- after only 3 years in, with 2.5 of those years being COVID years. We ultimately and eventually expect the overall success, in due time, to be fully transformational to Baptist Health.
- I believe that those results are heartening progress in about 3 years. I want to move you through time, albeit at warp speed, so you have a good sense of our momentum. In 2019: Barry Katzen and Baptist brought me on board as the first ever VP for corporate innovation In 2020, we put basic infrastructure in place: We created Miami Inno We did a major deal with Philips We adopted the first Baptist IP policy, a progressive policy that shares upside with Baptist inventors and subject matter experts in very generous ways. We inked the deal for the Knight Fellowship I mentioned. We did our first investment And I started hiring our team In 2021, we accelerated our progress Our team focused on doing more deals We made a strategic investment as a limited partner in Triventures And we launched our $30 million innovation fund. In 2022: We focused on doing more of everything – more deals, more investments, more codevelopments, adding more Knight fellows We also did a couple firsts: we launched that first start-up company I mentioned and we completed our first international license In 2023: We received that first-ever Baptist patent. With these many accomplishments in place, we are on our way to joining the ranks of top health system innovators like Mayo Clinic, Mass General Brigham, MD Anderson, Cleveland Clinic, MD Anderson, and more. We are fast followers in the health system innovators space, and we LOVE being in that position. Other top systems led – they are the pioneers with, as the saying goes, some arrows in their backs – and we follow and enjoy, presumably, some fantastic fast-follower benefits.
- Earlier, I promised a review of our pathways. On this graphic, our assets are BLUE Our approaches – our verbs – are GREEN. The outputs are shown on the right. The way we think about our work is that Baptist has CORE ASSETS. You see those here as the hexagons. The Baptist core assets to harness for innovation activities are: EXPERTISE and KNOW-HOW DATA and databases AND INVENTIONS like algorithms, tools, devices, and therapies. Those are the CORE ASSETS that we uncover, organize, monetize, promote, and more. We then have core continuous innovation CAPABILTIES that we apply to the assets we have uncovered and organized. Our team brings the unusual skill set to do what’s in the circles, namely: Develop and use those assets License them outwards and generate royalties Invest in them Consult based on them And Teach and Learn with them, including sitting on boards and counsels related to them Connecting these assets and capabilities with documentation and agreements and actions and words, each of them in their own way for each transaction, creates NEW PATHWAYS for innovation at Baptist Health South Florida. Every pathway is unique, but we usually think of four main paths we are creating at Baptist. Those are, we are helping all of Baptist, with its 35000 employees: Monetize IP and Data Leverage Know-how Develop and co-develop inventions and products And conduct Education and Training Those pathways are like new neuronal networks in brains or new artery connections for heart function, in terms of innovation at Baptist. We’re trying out this “pathways” visual as a way of communicating what we do, so you’ll see this graphical representation throughout my individual project updates today. And now a few examples.
- By working with COTA, Baptist is improving treatment for cancer patients. WHAT AND WHO The company is bringing clarity to cancer care. It organizes real world data, or RWD, to guide clinical decisions and actions and has a particularly exciting application for precision medicine. We think it’s among the most exciting and pioneering companies in the cancer space today. COTA is great example of a project collaboration with a Baptist Health Center of Excellence--in this case Miami Cancer Institute. The chief medical officer of MCI, Dr. Len Kalman, is the clinical leader of the Baptist-COTA collaboration. For the projects we discuss today, you’ll note that Innovations typically has a Center of Excellence, or Group, or Unit staff/clinician sponsor. They’re the ones who are dedicated to translational research and innovation, and we exist to support that dedication. DEAL - PROJECT - PATHWAY I want to bring you to the right side. In this particular project, Baptist: Has a royalty bearing license with COTA, related to data, as well as a license with Dr Kalman Uses the COTA technology in its own treatment of patients. Also, Len and MCI are co-developing the tool (and using and validating it) with the COTA team. Baptist is an investor in the company and Baptist has two representatives on its board. In general, that falls along the pathway of ensuring that Baptist Health Monetizes its IP and Data. BENEFITS AND RESULTS Ultimately, it’s all about benefits and impact. The benefit of COTA to the world is (eventually) improved treatments for cancer patients. Also, through COTA, we have generated millions in royalty revenues and collaboration fees as well as benefits of reduced data-abstraction costs. PLUS, we hope or expect to enjoy a return on our equity investment, which could raise the overall financial value of the COTA relationship.
- In working with Cleerly, Baptist is working to predict and prevent heart attacks. WHAT AND WHO Cleerly is reinventing coronary care by predicting heart attacks with interpretive reports from coronary CT scans. Ultimately, it will have a product for benchmarking against the progression of heart disease, thus enabling interventions for preventing heart attacks. The collaboration is led on the Baptist staff and clinician side by Dr. Jonathan Fialkow who has joined me this week in Israel. He is deputy director at Miami Cardiac & Vascular Institute and chief of cardiology at Baptist Hospital DEAL – PROJECT - PATHWAY Baptist Health provides Cleerly with deidentified patient data from the Miami Heart Study, a long-term observational study of ~2,400 asymptomatic Miami-area residents and their genetics, lifestyle behaviors, risk factors and cardiovascular disease. We have a royalty-bearing license to provide Cleerly with the data We also are codeveloping the technology. And we have an equity stake. We invested in the $200M+ round that was led by T. Rowe Price Associates, T. Rowe Price Investment Management, and Fidelity Management and Research. Cleerly is another example of the pathway have created for Baptist to Monetize IP and Data. RESULTS AND BENEFITS A new tool that better predicts and prevents heart disease. Royalty revenues We expect to generate a return on investment. The equity round that Cleerly raised, and we participated in, was more equity capital than almost every other healthcare IT company in the U.S. in 2022. EXTRA In 2022, we made good progress with the company. We hosted intensive interaction between Cleerly and our cardiology team, exploring new research initiatives and a role for Cleerly in expanding the Miami Heart Study clinical activities.
- In working with Israel’s Lynx.MD, Baptist Health is improving outcomes in cardiac care. WHAT AND WHO Lynx.MD, is a venture-stage entity committed to driving driving better patient outcomes It has a data and medical intelligence platform that connects healthcare partners with real-world clinical and operational data for improved cardiac care Most importantly, it does this securely and safely, so health providers can more easily share and gain better information about cardiac care around the world. Dr. Fialkow is also the lead on this collaboration. DEAL – PROJECT - PATHWAY In the collaboration, Baptist has a non-exclusive license where Lynx would introduce Baptist to cardiology companies that may benefit from Baptist cardiology data, especially the Miami Heart Study. Lynx is another example of the pathway we have created for Monetizing Data. RESULTS & BENEFITS Improved insight into our own cardiology data Warm intoductions to potential cardiology firm data licensees. And downstream licenses & royalty revenues
- In closing, I want to share that while we focus on near-term, action- and return-oriented activities, we also selectively invest “upstream” in oour innovation capacity by nurtuting a culture of innovation. Our flagship program for such is our Knight Foundation Fellowship, under which we develop innovation capabilities across Baptist Health and the South Florida community OVERVIEW Baptist received a $1 million grant to establish a program in healthcare technology innovation and raised an additional $1 million in matching funds. It was an exciting milestone for us because it represented the Knight Foundation’s largest award to a healthcare institution. We established a professional development program that offers tremendous benefits throughout our community and is producing next generation innovators. The program couples an innovation curriculum with experiential learning to highlight the importance of, and opportunities for, innovation in healthcare. In the inaugural year, world-class lecturers shared their innovation experiences with the 26 fellows. The speaker roster has included: John Abele, founder of Boston Scientific Peter Fitzgerald, international venture capitalist and co-founder of the Stanford BioDesign program and co-founder of Tel Aviv’s TriVentures Rich Wilmot, global head of Philips Ventures Several local entrepreneurs and inventors who share their innovation stories. At the second cohort’s graduation, teams of fellows presented their ideas for filling unmet healthcare needs. Among other projects, they had ideas for: Reducing burnout among care providers Improving access to mental health resources for individuals suffering from PTSD, and Easing administration of information entry into medical records by care providers. Most impressive, however, are the fellows themselves, who represent diversity at its best. They came from many education levels; many areas of government, industry and academia; many levels of accomplishment; and many ages, ethnicities and backgrounds. In June 2022, we graduated that inaugural cohort of 26 people. Lat year, it expanded to 40 fellows, balanced among Baptist and community employment. We just recently selected our 3rd Cohort of fellows, and we are excited to meet them and to support their contributions to the burgeoning South Florida entrepreneurial landscape. In summary, the Knight Foundation Fellowship in Healthcare Technology Innovation surpassed even the high expectations set for it by Baptist Health Innovations. We are teaching the lifelong learning mindset and a continuous innovation mindset By five years in, the Program will have graduated approximately 200 South Florida innovators who will lead regional healthcare innovation for years to come. They can serve as the conduit and active network for healthcare innovation in the burgeoning South Florida region, with Baptist at its center.
- Continuing on the theme of investing, an important component of Baptist Health Innovations is our Innovation Fund, CRITICALLY, this is a fund for making investments in organizations for which we have ALREADY established a working relationship with innovative companies via one of the innovation pathways I have described. Equity investments are a key aspect of our investment strategy, and we have about $21 million remaining in our Innovation Fund.
- I have really appreciated a chance to share a bit about Baptist Health and what we’ve begun in the innovations sector. I look forward to questions and, more importantly, continued interaction with you, Sheba and its affiliates.