The Patient Safety Movement Foundation started by Masimo (NSDQ:MASI) founder Joe Kiani is planning to hold an innovation contest to promote the creation of processes or products to help to eliminate preventable patient deaths.
Kiani made the announcement at the C2 Montreal conference this week.
Prizes of $50,000, $25,000 and $10,000 will be awarded to the top 3 contestants, respectively, the foundation said. Patients will also receive stage time at the 2016 Patient Safety, Science & Technology summit.
“While we have processes and products today that save lives from preventable errors in hospitals, we hope that new innovative ideas will be generated by people around the world to improve the processes and products that can eliminate all preventable deaths in hospitals. Our mission of zero preventable deaths by 2020 is achievable if everyone decides to get involved and lead,” Kiani said in prepared remarks.
The PSMF was established by Kiani with the goal of no preventable deaths by 2020, according to the foundation.