Spin-offs and Joint Ventures: Another way to Innovate with The Clinic by Cleveland Clinic
There are many ways to innovate within an existing organization. However, it can be difficult to move as fast as you’d like within the constructs of an established business model and culture. For one, it’s difficult for your team to innovate on top of their “day job”. Second, it can be difficult to hire and incentivize the right people to drive the innovation within your existing constructs. These are the types of issues that the folks at Cleveland Clinic identified as reasons for not innovating fast enough in telemedicine. They decided that if they were going to pick up the pace, they were going to have to take a different approach.
The Clinic is a joint venture between Cleveland Clinic and Amwell that connects patients with Cleveland Clinic physicians for online second opinions. Together they are using the latest telemedicine technology to, as CEO Frank McGillen put it, “unlock access to the world’s best medical care”.
On this episode, we talk with Frank McGillen, CEO, and Peter Rasmussen, MD, Chief Clinical Officer of The Clinic by Cleveland Clinic to understand why one of the best known global brands in healthcare decided that a JV startup was the best way to bring this innovation to market quickly. We discuss:
- The problem that needed to be solved
- The benefits of the spin-off/startup approach
- The benefits of partnering with vs. hiring a technology vendor
- How they were able to get Cleveland Clinic physicians on board
- The importance of unique business models in a competitive marketplace
- How they are measuring the success of their second opinion service
- How they are measuring the success of this innovation approach
- Advice for organizations who are considering a startup/spin-off approach to innovation
About The Clinic by Cleveland Clinic
The Clinic is a visionary joint venture that combines the unrivaled clinical expertise of Cleveland Clinic with Amwell’s industry-leading telehealth platform. Through innovative solutions like our Virtual Second Opinions, we enable easy, secure access to the highest quality medical expertise.
Patient-centric and deeply collaborative, we are passionate about realizing the global possibilities of digital health, providing advanced solutions that help tame the costs of care while enabling patients to achieve better outcomes and the greatest degrees of hope.
Full show notes and links: https://thehcbiz.com/172-spin-offs-and-joint-ventures-with-the-clinic-by-cleveland-clinic